Stock Market June 1, 2026, Close Report: Sensex Slides Over 500 Points, Nifty Ends Below 23,400 as Oil Surge, Sloppy Monsoon Weigh

Mumbai, June 1: Indian benchmark indices ended lower for a fourth straight session on Monday, with the Nifty slipping below the 23,400 mark as rising crude oil prices due to escalating tensions in the Middle East and projections of a weak monsoon outweighed a strong rally in information technology stocks.

The Sensex closed down 508.40 points, or 0.68%, at 74,267.34, while the Nifty 50 fell 165.15 points, or 0.70%, to settle at 23,382.60. Market breadth remained firmly negative, with 2,665 stocks declining against 1,505 advances on the NSE, while 180 shares ended unchanged.

Oil Prices, Weak Monsoon Hurt Sentiment

Investor sentiment remained under pressure after crude oil prices surged following escalating tensions in the Middle East. Brent crude traded above $93 a barrel, raising concerns about inflationary pressures, higher import costs and the potential impact on India’s current account deficit.

Sensex slid as rising oil ruined sentiment for everyone except IT. Source: BSE

The cautious mood was reflected across several domestic sectors, with investors trimming positions in consumer, auto and financial stocks despite positive global cues from Asian markets and Wall Street’s record highs.

Monsoon-related concerns weighed heavily on consumer-facing sectors, with the Nifty FMCG and Nifty Auto indices dropping. Forecasts of the weakest monsoon in 11 years sparked worries about crop output, food inflation and rural consumption, prompting investors to pare exposure to consumer goods and automobile stocks amid concerns over the broader economic growth outlook.

IT Stocks Buck the Trend

Information technology stocks emerged as the standout performers, helping limit losses in the benchmark indices.

The Nifty IT index jumped 2.6%, driven by gains in Tech Mahindra, Infosys and Tata Consultancy Services (TCS). The rally mirrored strength in global technology shares amid continued optimism surrounding artificial intelligence-related spending and digital transformation investments.

Media stocks also witnessed buying interest, with the sector index rising 1.3%, while the metal index gained 0.5%.

Autos, FMCG and Banks Lead Declines

Nifty turned negative despite positive global cues from Asian markets and Wall Street’s record highs. Source: NSE

Selling pressure was concentrated in auto, power, FMCG, PSU bank, consumer durable and realty stocks, with sectoral indices falling between 1% and 2%.

Among the biggest losers on the Nifty were Hindustan Unilever (HUL), Tata Consumer Products, ITC, Shriram Finance and Mahindra & Mahindra. Investors booked profits in several defensive and consumption-oriented names amid concerns over rising commodity prices and stretched valuations.

On the gaining side, Tech Mahindra, Infosys, TCS, Coal India and JSW Steel provided support to the benchmark indices.

Midcaps, Smallcaps Underperform

The broader market remained under pressure, with midcap and smallcap stocks witnessing sharper declines than frontline indices.

The Nifty Midcap 100 index fell 1.4%, while the Nifty Smallcap 100 index declined 0.9%, indicating risk aversion among investors despite stock-specific buying in select counters.

Several high-volume stocks witnessed significant moves during the session. Jaiprakash Power Ventures plunged 14% despite remaining one of the most-traded stocks on the NSE, while Vodafone Idea became the most traded stock, edging down after gaining amid optimism surrounding its fundraising and network expansion plans. Textile stocks rallied after the government waived customs duties on cotton imports for five months, while PTC Industries soared following a bullish note from Goldman Sachs.

With markets now nursing four consecutive sessions of losses, investors are expected to closely track crude oil prices, foreign fund flows and upcoming domestic economic data for fresh direction in the days ahead.

Source:

• NSE
• BSE