POST-MARKET SUMMARY 2nd June 2025

On June 2, Indian equity markets opened the week on a volatile note but ended nearly flat, continuing their consolidation phase. Despite an initial dip, strength in key heavyweights and a steady recovery across sectors helped pare losses and close near the day’s highs. 

Sector-wise, PSU Banks and Realty outperformed with gains around 2% each, while Consumer Durables, IT and Metals slipped approximately 0.5%. The Nifty Bank index traded close to record highs.

NIFTY:  The index opened 81 points lower at 24,669 and made a high of 24,754 before closing at 24,716. Nifty has formed a small bullish candle on the daily chart. Its immediate resistance level is now placed at 24,750 while its immediate support is at 24,640.

BANK NIFTY: The index opened 151 points lower at 55,598 and closed at 55,903. Bank Nifty has formed a bullish candle on the daily chart. Its immediate resistance level is now placed around 56,000 while immediate support is around 55,700.

Stocks in Spotlight

▪  Godrej Consumer Products: Stock surged over 4% intraday after the government cut customs duty on crude palm, soy and sunflower oils from 20% to 10%. The company uses palm oil in soaps and detergents. This move is expected to boost demand and lower edible oil prices.

▪  Spandana Sphoorty Financial:  Stock faced heavy selling pressure, declining over 6%, following the announcement of a net loss of Rs 434.3 crore for the March quarter.

▪  Ircon International: Stock rose over 2% as the company secured an EPC order worth Rs 1,068.3 crore from East Central Railway.

Global News

▪  Asian markets declined on Monday amid renewed US-China trade tensions, triggered by President Trump’s plan to double steel and aluminium tariffs and China’s pledge to retaliate.

▪  European markets also closed lower on Monday, weighed down by broad sectoral losses. Investor sentiment weakened due to escalating trade tensions, with accusations of agreement violations denied and strong retaliatory measures promised.

▪  Gold prices rose over 1% on Monday, crossing $3,340 per ounce, as investors sought safe-haven assets amid fresh tariff threats from the US and escalating Russia-Ukraine tensions.

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