BSE, Nifty Mid-Day Report, June 2, 2026: Sensex, Nifty Pare Losses; IT Surge Cushions Markets as Middle East Tensions Persist

Mumbai, June 2: Indian equity benchmarks trimmed early losses by midday on Tuesday, with the BSE Sensex trading at 74,067.16 down 200.18 points or 0.27% and the Nifty 50 at 23,311.45, shedding 71.15 points or 0.30% as of 11:43 am, as a powerful rally in information technology stocks partially offset broad-based selling across financials, healthcare, and energy names.

The indices had opened sharply lower the Sensex shedding around 244 points at the open and the Nifty breaching the 23,300 mark but the IT-led recovery steadied the market through the first half of the session and brought both benchmarks back from their intraday lows. Despite the partial recovery, market breadth remained negative, with selling continuing in rate-sensitive and infrastructure sectors, while the overall tone stayed cautious as investors kept a close eye on developments in the Middle East that have defined the macro mood for the past several sessions.

Gainers & Losers

Among the Nifty 50 gainers, TCS led the board with a 6.61% surge, rising from a previous close of ₹2,297.40 to an LTP of ₹2,449.30, while Infosys jumped 6.10% to ₹1,275.90 from ₹1,202.50. HCL Technologies gained 4.03%, climbing to ₹1,243.30 from ₹1,195.10, and Tech Mahindra added 2.46% to ₹1,581.20 from ₹1,543.20. Wipro rounded out the gainers with a 1.16% rise to ₹208.80 from ₹206.41 the entire top five dominated by IT stocks, reinforcing the sector’s role as the lone outperformer in an otherwise pressured market.

On the losing side, NTPC was the worst performer among Nifty 50 constituents, falling 3.78% to ₹364.40 from a previous close of ₹378.70, followed by Bajaj Finance which declined 2.17% to ₹869.75 from ₹889.05. Eicher Motors dropped 1.98% to ₹6,960.00 from ₹7,100.50, while Cipla shed 1.91% to ₹1,363.80 from ₹1,390.30. Power Grid Corporation and Axis Bank also featured among the day’s notable losers, falling 1.90% each to ₹280.70 and ₹1,251.60 respectively from their Monday closing prices of ₹286.15 and ₹1,275.90.

Broader & Sectoral Markets

Among the broader market indices, the Nifty 100 was down 0.41%, the Nifty 200 declined 0.45%, and the Nifty 500 fell 0.44% in morning trade suggesting that the selling pressure was fairly uniform across market capitalisation tiers. On the sectoral front, Nifty IT stood head and shoulders above the rest with a 4.59% gain, while Nifty Midsmall IT & Telecom added 2.01% and Nifty Metal inched up 0.05% the only three sectoral indices trading in positive territory at midday. On the downside, Nifty Financial Services Ex-Bank was the sharpest decliner at -1.79%, followed by Nifty Pharma at -1.45% and Nifty Healthcare at -1.34%, with Nifty Financial Services also shedding 1.18%.

Middle East Conflict

The Middle East conflict remained the defining macro headwind for global markets on Tuesday, with diplomacy between the United States and Iran described by both sides as deeply troubled. Iran’s foreign ministry accused Washington of constantly changing its position and putting forward contradictory demands, while also blaming continued Israeli strikes in Lebanon for holding up a ceasefire deal. Iran’s Revolutionary Guards claimed to have struck a US base in Kuwait, while the US said it had hit Iranian military sites over the weekend making this one of the most openly confrontational exchanges between the two sides in recent weeks. Tehran further complicated the path to resolution by insisting any agreement must include a halt to Israeli operations in Lebanon, a condition that ties the fate of the Iran-US conflict directly to the separate Israel-Hezbollah front.

Oil Prices

Crude oil prices held near elevated levels in Asian trade, with Brent crude futures trading at around $95.04 a barrel and US West Texas Intermediate at $91.99, both benchmarks consolidating close to the sharp 5%-plus gains recorded in the previous session. The persistence of oil above $90 per barrel has been a key source of pressure on Indian equities, given the country’s heavy dependence on crude imports and the resulting impact on inflation, the current account deficit, and corporate margins across fuel-sensitive sectors. US President Donald Trump’s statement that he expects a deal to reopen the Strait of Hormuz within a week offered some relief, but conflicting signals from Tehran including reports that it had suspended indirect negotiations kept traders from pricing in a swift resolution.

Asian Markets

Asian markets traded on a predominantly negative note on Tuesday, tracking the same geopolitical anxieties that weighed on Indian equities. Japan’s Nikkei 225 was among the region’s sharper losers, falling 1.62% to 65,851.75, while Pakistan’s KSE 100 dropped 1.93% to 1,70,600.20 and Australia’s S&P ASX All Ordinaries slipped 0.49% to 8,925.70. Against the tide, Hong Kong’s Hang Seng bucked the trend with a 0.98% gain to 25,646.73, while Thailand’s SET advanced 0.58% and Vietnam’s HNX 30 edged up 0.27%. China’s Shanghai Composite was broadly flat, easing just 0.04% to 4,056.24, suggesting that mainland investors were less rattled by the Middle East developments than their counterparts in Japan and South Asia.

Tuesday Opening

Indian markets opened Tuesday’s session on a weak note, with the Sensex shedding approximately 244 points to trade near 74,023 at 9:36 am and the Nifty 50 slipping to 23,295.05 breaching the 23,300 support zone that technical analysts had flagged as a key level to watch. Selling was broad-based from the opening bell, with financials, defence, infrastructure and consumption names all under pressure even as IT stocks moved sharply higher on sustained investor interest in India’s technology sector.

Source:

• nseindia.com
• Bseindia.com
• https://www.nseindia.com/market-data/top-gainers-losers