SENSEX drops over 400 points, NIFTY50 opens at 23,229 amid mixed global cues; Bajaj Finance, Eternal among top losers

The mixed cues from the Asian markets also failed to uplift the sentiment of the Indian stock market investors resulting in a gap down opening for the benchmark indices on Tuesday’s trading session.

At 9:15 am, the NIFTY50 index opened 0.66% or 153 points lower at 23,229.15 points on Tuesday, compared to 23,382.60 points at the previous stock market close, according to the exchange data.

Meanwhile, the BSE SENSEX index opened 0.43%% or 423 points lower at 73,945.20 points on June 2, compared to 74,267.34 points at the previous market close, as per the website data.

Key triggers for stock market today

Before the opening bell on Tuesday, the GIFT NIFTY futures were trading 0.85% lower at 23,242.50 points, as investors estimated a gap-down open amid the continued fund outflows and a lack of positive trigger in the equity markets.

On Tuesday, the market Investors are expected to maintain their focus on any developments from the negotiations between the United States and Iran, while also keeping a check on the oil prices which have increased from their last week levels.

The stock market investors also remained cautious on June 2 amid the mixed sentiment from the Asian markets which were facing momentum from AI push in the United States and the downward pressure from West Asia conflict.

Key pressure remain from the foreign investors selling stocks, as the FIIs sold ₹3,911.68 crore worth of assets across the exchanges in a single day on Monday, as per NSE data. This shows a continued selling streak from emerging markets like India amid the heightened uncertainity in the market.

The crude oil prices rising to above $97 per bbl levels on Monday evening also weighed down the market sentiment.

However, the Brent crude oil prices were trading 0.71% lower at $94.31 per barrel (bbl) on Tuesday’s market as of 9:36 am (IST), compared with $94.98 per bbl at the previous commodity market close, as per Investing.com data.

On the US-Iran agreement front, US President Donald Trump told local media that an agreement to reopen the Strait of Hormuz while extending the ceasefire deal is reachable ‘over the next week.’

Top gainers & losers today

As of the early market session, only 5 out of the 50 stocks listed under the NIFTY50 benchmark index were trading in the green, while 45 others were trading in the red zone, as per NSE data.

Stocks like Infosys up 3.7%, TCS up 2.9%, Tech Mahindra up 1.6%, HCL Tech up 1.6%, Tata Steel up 1%, and Hindalco up 1% were among the gainers on Tuesday.

While others like Asian Paints, Wipro, M&M, Jio Financial and JSW Steel were trading near flat but positive levels on June 2.

Other stocks like Bajaj Finance down 2.7%, NTPC down 1.8%, Coal India down 1.8%, Power Grid Corp. down 1.6%, Bajaj Finserv down 1.5%, and Eternal down 1% were among the top losers on Tuesday’s market.