Sensex, Nifty end lower as renewed global trade concerns weigh on sentiments
Mumbai, Jun 2 (PTI): Benchmark equity indices Sensex and Nifty on Monday ended marginally lower, following sluggish trends in global markets amid renewed global trade concerns.
Besides, the Russian-Ukraine conflict, sharp jump in Brent crude oil prices and foreign fund outflows dented investors' sentiment, experts noted.
After tumbling 796.75 points or 0.97 per cent to 80,654.26 in intra-day trade, the 30-share BSE Sensex witnessed volatile trends and later ended 77.26 points or 0.09 per cent lower at 81,373.75.
The NSE Nifty dipped 34.10 points or 0.14 per cent to settle at 24,716.60. During the day, it dropped 224.55 points or 0.90 per cent to 24,526.15.
"Benchmark indices closed lower with marginal losses in a volatile start to June. Markets started the week on a cautious, range-bound note, with Nifty-50 sharply lower at open on fresh trade tensions after the US announced the doubling of steel and aluminium tariffs to 50 per cent. Despite positive domestic cues after surprisingly strong GDP growth in the January-March 2025 quarter, markets were dragged lower in the morning on worsening global headlines ranging from trade to war.
"US and China traded barbs with each other over the weekend while Russia Ukraine conflict worsened after drone attacks. Markets soon staged a strong recovery erasing the sharp morning losses, as investors look forward to RBI meet and widely expected rate cut," Satish Chandra Aluri, Analyst, Lemonn Markets Desk, said.
From the Sensex firms, Tech Mahindra, Tata Steel, Tata Motors, Titan, HDFC Bank, IndusInd Bank, Infosys and Kotak Mahindra Bank were among the biggest laggards.
On the other hand, Adani Ports, Mahindra & Mahindra, Power Grid, Eternal and Hindustan Unilever were among the gainers.
The BSE midcap gauge jumped 0.58 per cent and smallcap index went up by 0.36 per cent.
Among sectoral indices, BSE Focused IT dropped 0.70 per cent, metal (0.58 per cent), teck (0.45 per cent), consumer durables (0.40 per cent), commodities (0.18 per cent) and oil & gas (0.13 per cent).
Realty surged 2.38 per cent, services (1.20 per cent), FMCG (0.65 per cent), utilities (0.57 per cent) and power (0.35 per cent).
In Asian markets, Japan's Nikkei and Hong Kong's Hang Seng settled lower, while South Korea's Kospi ended in positive territory. Markets in China were closed for a holiday.
European markets were trading lower in mid-session deals. US markets ended on a mixed note on Friday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,449.74 crore on Friday, according to exchange data.
US President Donald Trump on Friday said he would double tariffs on steel and aluminium to 50 per cent.
"The domestic market continued its consolidation phase for the third consecutive week, influenced by renewed concerns over a potential tariff war and escalating geopolitical tensions between Russia and Ukraine.
"While global uncertainties have led investors to adopt a risk-averse approach, the Indian market has demonstrated resilience, underpinned by robust institutional inflows and selective sectoral strength like FMCG, real estate, and financial stocks," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Meanwhile, India's manufacturing sector growth fell to a three-month low in May, restricted by inflationary pressures, softer demand and heightened geopolitical conditions, a monthly survey said on Monday.
The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell from 58.2 in April to 57.6 in May, highlighting the weakest improvement in operating conditions since February.
Supportive domestic macro indicators include a potential RBI rate cut, a better monsoon, Q4 GDP data and better GST collection, Nair added.
Indian economy expanded at a faster pace than expected in the last quarter of the 2024-25 fiscal, helping clock a 6.5 per cent growth rate in the year that elevated its size to USD 3.9 trillion and held promise of crossing the world's fourth-largest economy Japan in FY26.
The Indian economy grew at 7.4 per cent in January-March - the fourth and final quarter of April 2024 to March 2025 fiscal (FY25) - reflecting a strong cyclical rebound that was helped by a rise in private consumption and robust growth in construction and manufacturing.
Gross GST collections remained above the Rs 2 trillion mark for the second straight month, rising 16.4 per cent in May to over Rs 2.01 lakh crore.
Global oil benchmark Brent crude jumped 3.28 per cent to USD 64.84 a barrel.
On Friday, the BSE Sensex declined by 182.01 points or 0.22 per cent to settle at 81,451.01. The Nifty dipped 82.90 points or 0.33 per cent to 24,750.70.
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Oppn, X users flag concerns over US envoy Sergio Gor’s visit to Army’s western command
New Delhi: A visit by the US Ambassador to India, Sergio Gor, to Chandigarh on Monday has triggered sharp criticism from opposition leaders and social media users, raising questions about national security and foreign policy.
On X, Ambassador Gor announced his visit, writing, “Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army.”
Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army
— Ambassador Sergio Gor (@USAmbIndia) February 16, 2026
Soon after, opposition voices questioned the broader implications of the visit. Congress Kerala, in a post, commented, “Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings. Didn't they say then ‘Modi ne kiya ho to kuch soch samajh kar kiya hoga?’ Compared to that, this is very small.”
Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings.
— Congress Kerala (@INCKerala) February 16, 2026
Didn't they say then "Modi ne kiya ho to kuch soch samajh kar kiya hoga?"
Compared to that, this is very small. pic.twitter.com/gNNuAGQBPC
Shiv Sena (UBT) leader Priyanka Chaturvedi also weighed in, writing, “Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that.”
She further added, “India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to know from their own government. US Ambassador is doing the job for his nation, who is doing for us? The answer is blowing in the wind.”
Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that. India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to… pic.twitter.com/rYMq5NhJHA
— Priyanka Chaturvedi🇮🇳 (@priyankac19) February 16, 2026
The visit comes against the backdrop of the growing US-India defence partnership.
Writer and political analyst @rajuparulekar commented on ‘X’, “East India Company is back!”
“Is it allowed for an ambassador to visit any army unit in india?” asked another user.
Several X users expressed concerns over the appropriateness of the visit.
One asked, “Is it allowed for an ambassador to visit any army unit in India?” Another wrote, “Why an ambassador visiting our army places? To talk to Chandigarh lobby for F-35?”
Why an ambassador visiting our army places ? To talk to chandigarh lobby for f-35 ??
— Rohan Sagar (@RohanSagar03) February 16, 2026
“We have completely sold Indian sovereignty. Rothschild the evil Bankers will now control NSE. Modi sold Bharat Mata to Trump . And now American imperialist is visiting our army command . Scary,” wrote another user.
“The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?,” opined another.
The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?
— Aditya Pratap Singh (@Adi_IIMCIAN) February 16, 2026
On Sunday, Gor welcomed Admiral Samuel Paparo, Commander of the United States Indo-Pacific Command (INDOPACOM), highlighting efforts to expand the growing US-India defence partnership.
In a post on X, Gor wrote, “Delighted to have @INDOPACOM Commander Admiral Samuel Paparo in India to expand the U.S.-India defense partnership. Now is the time to strengthen vital cooperation between our two nations.”
On Monday, Admiral Samuel J. Paparo Jr visited the headquarters of India’s Western Army Command along with the American envoy Sergio Gor. The delegation was briefed on the formation’s capabilities, its past operations, and future plans.
The American delegation also visited Bengaluru, where they met three start-ups, two in the space sector and one in defence, and participated in an Indo-US conference.
