India’s benchmark indices opened on a subdued note on Tuesday, mirroring cautious investor sentiment amid a phase of consolidation.
The BSE Sensex dropped by 152 points or 0.19 per cent to 81,221.39, while the NSE Nifty slipped 36.40 points or 0.16 per cent to 24,680.40 in early trade.
Despite the weak opening in frontline indices, midcap and smallcap stocks bucked the trend.
The Nifty Midcap 100 index rose 167.85 points (0.29 per cent) to 57,943.40, while the Nifty Smallcap 100 gained 107.85 points (0.60 per cent), closing in on the 18,200 mark.
Gains were recorded in auto, PSU banks, pharmaceuticals, metals, real estate, and media sectors. Conversely, financial services, FMCG, energy, and private banking stocks were under pressure.
The mixed sectoral performance indicates an ongoing rotation of investor interest as the broader market consolidates.
Market Trends & Support Levels
Analysts noted that Nifty could find immediate support at 24,700, with further support zones at 24,600 and 24,500.
On the upside, resistance is expected at 24,800, followed by 24,900 and 25,000. With markets trading within a tight band, many investors are adopting a ‘buy on dips’ approach.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “With heightened global uncertainty over geopolitics and trade tariffs, volatility is likely to persist. A buy-on-dips strategy seems prudent in the current market scenario.”
In the Sensex pack, top gainers included Zomato (listed as Eternal), Tata Steel, M&M, IndusInd Bank, Tata Motors, and Asian Paints.
Laggards were L&T, Bajaj Finance, Bharti Airtel, HUL, ICICI Bank, Axis Bank, and Maruti Suzuki.
Most major Asian markets were trading in positive territory, with Tokyo, Shanghai, Jakarta, and Hong Kong providing support to regional sentiment.
On the institutional front, foreign institutional investors (FIIs) continued their selling spree, offloading equities worth ₹2,589 crore on June 2.
In contrast, domestic institutional investors (DIIs) maintained their bullish stance, buying shares worth ₹5,313 crore, marking their tenth consecutive day of net purchases.
With consolidation prevailing, market participants are likely to remain cautious ahead of any major global or domestic triggers.
Experts suggest that maintaining selective positions in fundamentally strong midcap and smallcap stocks could be beneficial as the broader indices trade sideways.
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