Sensex falls over 500 points, Nifty ends below 23,400; banks, autos drag markets

The equity benchmark indices BSE Sensex and NSE Nifty erased opening gains and closed near the day’s low on Monday (June 1) amid broad-based selling pressure led by banking, auto and heavyweight stocks.

The Sensex fell 508 points to close at 74,267, while the Nifty declined 165 points to settle at 23,383, slipping below the 23,400 mark. Market breadth remained weak, with declines outpacing advances and the NSE advance-decline ratio standing at 1:2.

Among key indices, the Nifty Bank index dropped 596 points to 53,643 and ended near the day’s low, with all constituents closing in the red. The midcap index also underperformed, falling 896 points to 60,828.

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From the Sensex basket, Tech Mahindra Ltd, Infosys Ltd, Coal India Ltd, Tata Consultancy Services Ltd, JSW Steel Ltd and Wipro Ltd were the major gainers. Tata Consumer Products Ltd, Shriram Finance Ltd, Hindustan Unilever Ltd, Max Healthcare Institute Ltd, ITC Ltd and Kotak Mahindra Bank Ltd were the biggest laggards.

ICICI Bank, Larsen & Toubro, Mahindra & Mahindra, ITC and SBI were among the top drags on the Nifty. Broader markets also remained under pressure through the session.

The Nifty IT index emerged as the only outperforming sector in an otherwise weak market. All stocks in the index ended higher except L&T Technology Services. Auto stocks closed lower after mixed May sales numbers, with Ashok Leyland falling nearly 4%.

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Among individual stocks, PTC Industries surged 14% after reporting strong fourth-quarter results. The company’s EBITDA margin expanded 862 basis points year-on-year to 32.2%.

Zee Entertainment Enterprises gained more than 5% after announcing a partnership with FIFA. Indian Renewable Energy Development Agency fell over 5% after reporting a 2% decline in fourth-quarter net profit to ₹493 crore.

Wockhardt jumped nearly 7% after receiving US FDA approval for its Zaynich antibiotic drug. NMDC emerged as the top midcap gainer, rising 5% following healthy fourth-quarter results. Among midcap losers, L&T Finance, Adani Total Gas, Suzlon Energy and Adani Power were the top laggards.

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