Sensex Tumbles Over 600 Points, Nifty Ends Above 24,500 As Market Extends Losing Streak For Third Session

Sensex Nifty Market Decline: On June 3, the benchmark indices extended losses for the third straight day with the Nifty 50 index and the BSE Sensex closing lower by 0.7 per cent each. The Nifty 50 finished lower by 174.1 points or 0.7 per cent at 24,542.5 levels. The Sensex tanked 636.24 points or 0.78 per cent at 80,737.51 levels.

Adani Group Stocks Among Top Drags

Shares of Adani group companies such as Adani Ports and Special Economic Zone Ltd and Adani Enterprises Ltd emerged as top drags among Nifty 50 constituents. Adani Ports and Adani Enterprises ended lower by as much as 2.32 per cent on June 3. Other major losers included Coal India Ltd, Bajaj Finserv Ltd and Power Grid Corporation of India Ltd which closed lower by up to 1.85 per cent. Conversely, shares of Grasim, Shriram Finance and Bajaj Auto and four other stocks closed higher by up to 1.28 per cent amid declines in the overall market.

SmallCap Stocks Extend Gains

The Nifty SmallCap 100 extended gains on June 3 amid a decline in the broader market. The Nifty SmallCap 100 closed higher by 0.1 per cent. On the other hand, other broader market indices such as Nifty MidCap 100 ended lower by 0.45 per cent. Nifty Realty bucked the trend closing higher by 1.2 per cent even as most other sectoral indices closed in the red. The Nifty Oil & Gas and the Nifty Bank closed lower by as much as 0.77 per cent.

Global Markets on June 3

US indices ended trade mixed on June 3 as the S&P 500 ended higher by 0.41 per cent at 5,935.94 level and the Nasdaq Composite closed higher by 0.67 per cent at 19,242.61. However the Dow Jones Futures closed lower by 0.35 per cent at 42,159.22 levels. European indices like the CAC 40 and the FTSE 100 witnessed declines as they traded lower by 0.07 per cent and 0.31 per cent, respectively, at the time of writing. At the time of writing Asian indices traded in the green such as the Hang Seng, Shanghai Composite and traded higher by 1.51 per cent, on the other Japan’s Nikkei 225 index slumped 0.06 per cent.

Four New D-Street Debuts

Shares of Nikita Papers made a weak debut on the NSE SME platform as the stock listed at Rs 104 with a discount of 13.46 per cent compared to the scrip’s issue price of Rs 104. Prostarm Info Systems shares debuted on the BSE at Rs 125 apiece at a premium of 19.05 per cent compared to the issue price of Rs 105 apiece. Shares of Blue Water Logistics made their debut at Rs 141 apiece on the NSE SME platform reflecting a premium of Rs 4.4 per cent compared to the issue price of Rs 135 per share. Shares of Astonea Labs also debuted on the BSE SME platform at a premium of 1.81 per cent compared to the issue price of Rs 135.

Market Cues

D-street investors are looking forward to the Reserve Bank of India’s Monetary Policy Committee meeting which is expected to announce its stance regarding further repo rate cuts on June 6.