MARKETS BLEED RED

Indian equities began the first trading day of June with a stumble, surrendering early morning gains and ending sharply lower as fag-end selling hammered frontline indices. The BSE Sensex closed at 74,267.34, down 508.40 pts or 0.68%, while the NSE Nifty 50 settled at 23,382.60, down 165.15 pts or 0.70% on Monday, June 1, 2026, as per data at 3:30-3:31 pm IST.The session was a tale of two halves. Both indices opened in the green, tracking positive global cues and optimism around the start of four-day India-US trade negotiations. Sensex jumped nearly 600 pts to touch an intraday high of 75,367.93, and Nifty climbed 185 pts to 23,733.70 in early trade. But the cheer faded quickly. Profit booking intensified post-noon, dragging benchmarks to day’s lows of 74,203.68 on Sensex and 23,357.95 on Nifty before the closing bell.CHART CHECK: FROM GAP-UP GLOW TO RED ZONE FLOW- Nifty 50: Opened strong at 23,654.50 vs previous close 23,547.75. Touched high of 23,733.70, then slipped steadily to close 165 pts lower at 23,382.60. The 52-week range sits at 22,182.55-26,373.20.- BSE Sensex: Kicked off at 75,203.02 vs prev close 74,775.74. Hit day’s high of 75,367.93 but crumbled to 74,267.34 at close. 52-week band: 71,545.81-86,159.02.Technical charts flashed caution. Nifty broke below its 20-day SMA and a rising trendline, with analysts pegging immediate support at 23,400–23,250. A breach could extend losses toward 23,000. For Sensex, 75,300 is now stiff resistance; below that, 74,100–73,800 is on the cards.SECTOR SCORECARD: IT SHINES, FMCG & FINANCIALS DENTWinners: IT stocks led the charge early. Nifty IT emerged top sectoral gainer, rising ∼2%. Infosys +2.65%, TCS +1.63%, Tech Mahindra +1.73% were among Nifty’s top gainers. Asian Paints +3.80% and IndiGo +3.87% also lifted sentiment.Losers: FMCG, banks, and PSUs bled. Nifty FMCG fell 0.57% with HUL -0.98% leading the fall. NTPC -0.75%, Tata Consumer -0.68%, M&M -0.48% dragged Nifty. Banking majors HDFC Bank and ICICI Bank added pressure. Broader markets stayed resilient though: Nifty Midcap +0.6% and Smallcap +1% last week.CORPORATE CORNER: EARNINGS PAIN, BLOCK DEALS GAIN- IndiGo Turbulence: The airline posted a Q4 FY26 net loss of Rs 2,536.3 cr vs profit of Rs 3,067.5 cr YoY, hit by weaker operations and Rs 250 cr exceptional charges. Yet brokerages see 18-37% upside on pricing power and capacity growth.- PB Fintech Block: Co-founders offloaded shares worth Rs 665 cr to institutional investors on Friday, keeping the counter in focus.- Asian Paints Rebound: Q4 saw strong recovery with FY26 standalone net sales up 4.3% to Rs 30,680 cr; declared Rs 27.50 total dividend.- AvenuesAI: Infibeam Avenues Q4 net profit jumped to Rs 88.9 cr vs Rs 54.6 cr YoY.GEOPOLITICS & GLOBAL JITTER: OIL SPIKES, US-IRAN TALKS EYEDMarkets stayed edgy as crude oil prices rose 2% and geopolitical tensions in West Asia lingered. Traders tracked US–Iran peace talks closely; hopes for a deal to reopen the Strait of Hormuz kept dollar steady. Uncertainty around the pact capped recovery attempts on D-Street.Global cues were mixed. Japan’s Nikkei topped 67,000 for the first time on AI boost, while Hong Kong’s Hang Seng rose 1.2%. But MSCI’s May 2026 index rebalancing triggered heavy passive flows on Friday, spiking volatility.WEEK AHEAD: RBI, GDP, MONSOON ON RADARAnalysts expect volatility to persist this week. Key triggers: RBI monetary policy decision, India’s GDP data, monsoon progress, crude, and FII flows. Gift Nifty signalled a flat start at 23,726, down 22 pts.Morgan Stanley remains bullish long term, projecting Sensex at 89,000 by June 2026 on India’s re-rating story, lower inflation volatility, and policy stability. For now, traders are advised to keep positions light until clarity emerges.BOTTOMLINE: BEARS GRIP THE OPENING DAY, BUT BROADER MARKET SHOWS GRITJune began with a shakeout in largecaps as fag-end selling erased a 600-pt Sensex rally. IT and select midcaps cushioned the fall, but FMCG and financials weighed heavy. With US-Iran talks, RBI policy, and monsoon in focus, expect choppy moves. As the Street says: Protect capital, and let the trend be your friend.