Dalal Street snapped a four-session slide on Monday, 2 June 2026, as late buying in tech and energy counters helped benchmarks defy morning blues. The BSE Sensex finished at 74,649.84, climbing 382.50 points or 0.52%, after touching an intraday low of 73,815.12 and a high of 74,862.19. The NSE Nifty50 closed at 23,483.55, up 100.95 points or 0.43%, bouncing smartly from the day’s open at 23,229.15.The recovery was sharp. Both indices had gapped down at the open, with Sensex starting 322 points lower at 73,945.20 and Nifty down 153.45 points. By 3:30 pm IST, the damage was reversed, with Nifty holding above 23,480 and Sensex adding nearly 700 points from the day’s low. Previous close for Nifty stood at 23,382.60 and for Sensex at 74,267.34.Sector Spotlight: IT Flexes Muscle, Midcaps SulkTech exporters rally 2%, but broader market breadth stays negativeNifty IT was the star of the show, jumping close to 2% even as the broader market struggled. The IT pack has now rallied 6% over three sessions while the Nifty slipped 2.5% in the same period. Infosys, TCS, and HCL Tech led from the front on hopes of resilient US demand and a weaker rupee.Contrast that with the mid and smallcap space. Nifty MidCap and Nifty SmallCap indices fell 0.95% and 0.96% respectively in early trade, reflecting risk-off sentiment. FMCG, auto, realty and chemicals each lost nearly 1%. Bajaj Finance, Eternal, Apollo Hospitals, Power Grid, NTPC and SBI Life were the top Nifty laggards.Corporate Corner: Big Bets And Beat EstimatesFrom data centres to OFS street, India Inc keeps the ticker busyBig money moves dominated headlines. Anant Raj signed an MoU with Haryana for a massive ₹25,000 crore data centre infrastructure push across the state. NHPC’s offer-for-sale kicked off for non-retail investors on June 2-3 with a floor price of ₹71 per share.Earnings season ended on a high. Nifty 50 companies posted a 6.6% YoY jump in Q4FY26 net profit, trouncing estimates of 2% growth, thanks to banks, metals and OMCs. Hero MotoCorp sold 570,068 units in May, up 12% YoY, with exports soaring 78%. Gujarat Gas rallied over 6% after Q4 volumes beat the street.Yet, the FII meter flashed red. Foreign investors dumped ₹14,261.41 crore recently and built aggressive short positions in index futures, signalling rising bearish bets. Year-to-date outflows stand at $26.4 billion, already higher than 2025’s record $18.91 billion.Geopolitical Crosswinds: Hormuz Choke Point, Oil JittersIran threatens strait closure; crude volatility keeps RBI on watchWest Asia remains the market’s biggest overhang. Peace talks between Washington and Tehran hit a wall after Iran threatened to shut the Strait of Hormuz following Israel-Lebanon ceasefire violations. Tehran’s parliament is pushing a bill to force all vessels to seek IRGC Navy clearance.The US responded with strikes on Iranian radar sites after a drone was shot down over international waters. President Trump said he “did not care” if talks ended, calling them “boring”. Brent crude eased 0.67% to $94.34, but analysts warn every $10 spike could widen India’s CAD by 0.3% of GDP.Macro Watch: Monsoon Math, RBI D-Day LoomsIMD pegs rains at 90% of LPA; MPC meet begins June 3The IMD’s first long-range forecast pegged June-September rainfall at 90% of the long-period average, the weakest in 11 years. A sub-par monsoon could fan food inflation and dent rural demand, complicating RBI’s policy calculus.The central bank’s MPC meets June 3-5. Consensus expects a pause, but MUFG sees a 25 bps hike if crude and rupee pressure persist. The rupee traded around 95.10-95.15 per dollar, with traders eyeing 98-100 levels on escalation.Technical Lens: 23,250 Is The Line In The SandNifty formed a bearish candle but defended 23,250 support. A breach could open 23,100, while 23,550-23,700 are near-term caps. India VIX cooled 2% to 16, hinting at fading panic.Final Word: Relief Rally Or Real Turnaround?Monday’s bounce repaired some damage after four days of cuts that wiped out ₹6 lakh crore in investor wealth. But with oil on the edge, FIIs selling, and monsoon clouds gathering, the market is not out of the woods yet.History offers some comfort. Nifty has closed June in the green in six of the last ten years, averaging 1.6% gains. Whether seasonality wins will depend on RBI’s tone, crude’s next move, and a de-escalation in West Asia. Until then, volatility is the only certainty.
