Mumbai – Indian equity benchmarks opened slightly lower on Tuesday, signaling a consolidation phase in the market. While frontline indices dipped, strong buying interest was seen in midcap and smallcap segments.
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Sensex and Nifty Edge Lower in Early Trade
At 9:24 am, the BSE Sensex dropped 152 points or 0.19% to trade at 81,221.39, while the NSE Nifty 50 fell 36.40 points or 0.16% to 24,680.40. Market heavyweights like L&T and Bajaj Finance were among the top drags on the indices.
Midcap and Smallcap Stocks Outperform
Despite weakness in large-cap stocks, the broader markets remained resilient:
- Nifty Midcap 100 rose 167.85 points or 0.29% to 57,943.40
- Nifty Smallcap 100 jumped 107.85 points or 0.60% to 18,202.05
This shows a strong interest among retail and institutional investors in non-index stocks amid ongoing consolidation.
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Sectoral Trends: Auto, PSU Banks, Realty Lead the Gains
On the sectoral front, a mixed trend was observed:
Top Gainers:
- Auto
- PSU Bank
- Pharma
- Metal
- Realty
- Media
Major Losers:
- Financial Services
- FMCG
- Energy
- Private Banks
Top Gainers and Losers in the Sensex Pack
Gainers:
- Zomato (Eternal)
- Tata Steel
- M&M
- IndusInd Bank
- Tata Motors
- Asian Paints
Losers:
- L&T
- Bajaj Finance
- Bharti Airtel
- HUL
- ICICI Bank
- Axis Bank
- Maruti Suzuki
Support and Resistance Levels for Nifty
Market analysts expect Nifty to find support at:
- 24,700
- 24,600
- 24,500
Immediate resistance levels are seen at:
- 24,800
- 24,900
- 25,000
Analyst View: “Buy on Dips” Strategy Working Amid Volatility
According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
“During a consolidation phase, the ‘buy on dips’ strategy continues to work well. With geopolitical uncertainties, tariffs, and trade tensions, markets are likely to remain volatile.”
FIIs Continue Selling, DIIs Remain Net Buyers
- Foreign Institutional Investors (FIIs) sold equities worth ₹2,589 crore on June 2, marking their second consecutive day of selling.
- Domestic Institutional Investors (DIIs) bought equities worth ₹5,313 crore, extending their buying streak to 10 days.
Asian Markets in the Green
Most major Asian stock markets opened higher:
- Tokyo, Shanghai, Jakarta, and Hong Kong contributed positively to regional sentiment.
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