Sensex, Nifty open a tad lower amid consolidation phase
Mumbai: Indian equity indices opened a tad lower on Tuesday as heavyweights like L&T and Bajaj Finance were trading in the red.
At 9:24 am, Sensex was down 152 points or 0.19 per cent at 81,221.39 and Nifty was down 36.40 points or 0.16 per cent at 24,680.40.
Buying was seen in the midcap and smallcap stocks. Nifty midcap 100 index was up 167.85 points or 0.29 per cent at 57,943.40 and Nifty smallcap 100 index was up 107.85 points or 0.60 per cent at 18,202.05.
On the Sectoral front, auto, PSU Bank, pharma, metal, realty, media were major gainers. Financial services, FMCG and energy and pvt bank were major losers.
According to analysts, after a flat opening, Nifty can find support at 24,700 followed by 24,600 and 24,500. On the higher side, 24,800 can be an immediate resistance, followed by 24,900 and 25,000.
In the Sensex pack, Eternal (Zomato), Tata Steel, M&M, IndusInd Bank, Tata Motors and Asian Paints were major gainers. L&T, Bajaj Finance, Bharti Airtel, HUL, ICICI Bank, Axis Bank, Maruti Suzuki were major losers.
Most of the Asian markets were trading in the green. Tokyo, Shanghai, Jakarta and Hong Kong were top contributors.
Analysts said that during a consolidation phase, where the market moves within a range, buy on dips is the ideal strategy.
'And this strategy is working well now. With a lot of uncertainty in geopolitics, tariffs and trade the market will continue to remain volatile. Therefore, investors may persist with the strategy of buying on dips," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Meanwhile, foreign institutional investors (FIIs) extended their selling for a second consecutive session on June 2 as they sold equities worth Rs 2,589 crore, while domestic institutional investors (DIIs) extended their buying on the tenth day as they bought equities of Rs 5,313 crore on the same day.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
23 minutes ago
- Time of India
Top metros dearer than Pune in co-living rent, except Chennai
Pune: Co-living rentals in Pune are easier on the wallets of renters compared to other metro cities in the country but are marginally costlier than those in Chennai. This is due to the correspondingly lower average rent of entry-level apartments in the city, data from real estate services firm Colliers India showed. Tired of too many ads? go ad free now The average co-living rent in Pune ranges from Rs 9,500 to Rs 15,700 per month, while the average rent of a premium co-living facility in a city like Bengaluru or Mumbai is Rs 23,700 and Rs 27,500 per month, respectively. The differential in rent between co-living and regular apartments for all cities is around 25-35%. Despite being the cheaper option, availability of co-living facilities is very limited as it is a relatively untapped market. Colliers India estimated that the overall capacity of the co-living segment is very low at 3 lakh beds compared to 5 crore migrant population moving within the country. However, it is expected to grow to 10 lakh beds by 2030 as more developers enter the segment. In Pune, developers are increasingly incorporating co-living units into standalone or mixed-use developments to cater to the growing demand, Manish Jain, president, Credai's Pune chapter, said. Co-living involves tenants sharing common facilities and spaces while having their own private rooms. It is particularly suitable for single occupants who are not immediately looking to buy a home, want to save on rent, and desire flexibility in the duration of their stay. Typically, the duration of stay ranges from eight to 12 months. "This sector has seen a rebound in Pune post-pandemic, especially during the last couple of years, with most companies from the IT sector adopting a flexible model for work from home and office," Saurabh Garg, co-founder, NoBroker, said. Tired of too many ads? go ad free now Co-living is mostly favoured among the service industry-intensive areas, such as Hinjewadi and Kharadi, on the western and eastern sides of the city, and in some pockets, including Vimannagar and Kalyaninagar. Besides single professionals, industry experts expect demand from postgraduate students, as not all educational institutes can accommodate the increasing number of students in their hostels. Rising migration to the top metro cities and the growing preference of white-collar workers for professionally managed spaces are also driving growth in the co-living sector. "With over 1,400 colleges and thriving job opportunities in areas like Hinjewadi, Kharadi, and Chakan, the city continues to attract young professionals and students aged 25–35. For this segment, co-living offers an ideal solution that is affordable, well-maintained, and in preferred locations," said Jain.
Time of India
24 minutes ago
- Time of India
Soon, a policy to help position UP as hub of sustainable aviation fuel
Lucknow: Finding potential in the evolving Sustainable Aviation Fuel (SAF) sector, which is emerging as a key solution in the global effort to decarbonise aviation, the Uttar Pradesh govt is set to come up with a SAF manufacturing policy. A draft version of the policy, which will be effective for a period of five years from the date of promulgation, is now up for comments and suggestions. "The policy aims to position UP as a leading hub for SAF manufacturing in India, enhance energy security, support decarbonisation of the aviation sector, and generate green employment opportunities through innovation, investment, and public-private partnership," said a senior officer in the state govt. The officer informed that Invest UP will be the nodal agency for sanction and disbursement of fiscal incentives to SAF units that come up under the policy. As per the draft, in addition to the primary goals, the policy also aims to support research, innovation, and technology partnerships in SAF feedstock processing and fuel conversion. It seeks to create rural and urban green employment opportunities through feedstock supply chains and processing facilities, contribute to national climate goals and India's SAF blending targets, while enhancing energy security, among others. To achieve the goals, the state govt would roll out several fiscal and non-fiscal benefits to willing investors. For this, the draft policy first describes large and mega SAF units based on minimum capital investment. While those with a minimum investment of Rs 50 crore and up to Rs 199 crore will be called large, those with an investment of Rs 200 crore or more would be called mega. The incentive framework also spells out eligibility criteria to elaborate on the fiscal benefits the state govt would extend. The list includes a front-end land subsidy of 50% to units that come up in Gautam Budh Nagar and Ghaziabad and 75% in the rest of western UP and central UP districts. For districts in the eastern UP and Bundelkhand region, the incentive would be 80%. The list also includes stamp duty exemptions, waiver for land use conversion, exemption from developmental charges, capital subsidy, state GST reimbursement, interest subsidy, skill development subsidy, and reimbursement of patent registration fees, among others. The non-fiscal benefits include the development of aggregated feedstock procurement platforms to ensure a steady and quality supply of biomass, used cooking oil, and municipal waste. It will facilitate linkages with farmers, waste management bodies, and industries for feedstock supply contracts, and the development of dedicated SAF storage, blending, and distribution infrastructure at airports and fuel depots at strategic locations having high biowaste production in proximity to aviation zones. The state govt will promote feedstock certification and sustainability standards to ensure compliance and market acceptance, among others. Companies like Indian Oil Corporation (IOC), Bharat Petroleum, and Hindustan Petroleum are actively exploring partnerships and pilot projects to commercialise SAF technologies. Moreover, global players like Boeing and Airbus have entered collaborations with Indian institutions to develop indigenous SAF solutions.
Time of India
31 minutes ago
- Time of India
Zimbabwe Takes Tech's Help To Track Starving Elephants, Prevent Deadly Invasions
Elon Musk's Tesla Not Interested to Make Electric Cars in India, Only Showrooms Coming Up: Minister Despite India's aggressive new EV policy and Tesla's local hiring spree, Heavy Industries Minister H D Kumaraswamy has confirmed that Tesla has no immediate plans to manufacture electric vehicles in India. Tesla is preparing to launch its first EV in the Indian market in 2–3 months, but only as imports. India's EV policy offers duty cuts in exchange for local investment, yet Tesla remains cautious amid its global slowdown. Will this impact India's vision to become an EV hub?#teslaindia #elonmusk #electricvehicles #evpolicy #teslaupdate #indianeconomy #hdkumarswamy #automotiveindustry #toibharat 12.0K views | 2 days ago
