Stock market today: The benchmark stock market indices, NIFTY50 and SENSEX, ended lower after a subdued trading session on Wednesday, June 3, as investors booked massive profits in IT stocks amid the foreign investor outflows, a weaker rupee rate, and elevated oil prices in the market.
After the trading session on Wednesday, the NIFTY50 index closed 0.33% or 77.95 points lower at 23,405.60 points, compared to 23,483.55 points at the previous market session, according to the NSE data.
The BSE SENSEX index closed 0.41% or around 303 points lower at 74,346.17 points after the trading session on June 3, compared to 74,649.84 points at the previous market session, as per the exchange data.
The benchmark indices were set to decline for a fifth straight session after today’s lower close; however, Tuesday’s recovery amid the IT stock rally supported the index for a single day amid the continued foreign investor outflows.
As foreign investors continued to remain bearish on emerging markets like India, the FIIs sold ₹8,362 crore worth of assets on June 2. In the month of May, the FIIs sold a total of ₹55,963 crore in assets.
The investors were also closely monitoring the crude oil prices in the global market as the latest reports on fresh attacks on Iran have increased the cautious sentiment. The benchmark, Brent crude oil prices, were trading above $98 per bbl amid the absence of an agreement between the United States and Iran.
On Wednesday, India said that the country is still engaged in talks with the United States after the Donald Trump administration proposed additional duties on imports over alleged shortcomings in curbing goods produced with forced labour.
If implemented, India, along with 54 other countries in the world, will face an additional tariff of 12.5%, as per the recent reports.
The investors were also focusing their attention on the weakening Indian rupee against the dollar as the domestic currency dropped to 95.52 levels against the greenback on higher demand for the global currency in times of uncertainty.
Top gainers & losers on June 3
Apollo Hospital, Tata Motors PV, InterGlobe Aviation (IndiGo), Max Healthcare, State Bank of India, and ICICI Bank were among the top gainers as of the end of the trading session on Wednesday, June 3.
Apollo Hospital up 2.5%, Tata Motors PV up 2%, IndiGo up 1.8%, Max Healthcare up 1.7%, State Bank of India up 1.5%, and ICICI Bank up 1.3%, according to NSE data.
While others like TCS, Tech Mahindra, HCL Tech, Infosys, Wipro, and ITC were among the top laggards on the benchmark NIFTY50 index on June 3.
TCS lost 8.2%, Tech Mahindra lost 6.4%, HCL Tech lost 5.3%, Infosys lost 3.9%, Wipro dropped 2.8%, and ITC down 2.2% were among the top losers as of Wednesday’s stock market close.
Disclaimer: This article is purely for informational purposes and should not be considered investment advice from Upstox. Please consult with a financial advisor before making any investment decisions.