Markets end lower after nearly hitting five-month highs

1 Jun 2023 , 03:46 PM

Indian equity markets settled in a negative zone after nearing five-month highs. Nifty 50 ended 46.65 points lower. Sensex closed down by 193.70 points.

The tone in domestic equity was positive, however, markets faced resistance due to profit booking at higher levels. Markets reached near their five-month highs after a positive start today, but later in the last trading hour, markets moved downward to register a decline.

Apollo Hospitals and Divis Lab emerged as the top gainers in today’s trade. Tata Motors, Bajaj Auto, and Hero MotoCorp were also seen on the gainers’ chart as May auto sales data is around the corner.

Coal India was the top loser on NSE today as the centre announced its plans to sell about a 3% stake. Kotak Bank, Bharti Airtel, SBI Life, and HDFC Life were the other losers on NSE today.

Markets maintained a positive momentum until the afternoon trading session, following which it erased all the recovery. Nifty Bank and Financial Services indices closed lower. Nifty Metal and FMCG packs also closed lower. All other sectoral indices held positive ground. The Midcap 50 index closed on the positive side.

In terms of value, HDFC Bank, ICICI Bank, and Reliance were the most active stocks today. Coal India was the most active stock in volume terms. HDFC Bank and ICICI Bank took the lead in terms of volume as well.

On the NSE today, 119 stocks hit new 52-week highs, and 22 stocks plunged to hit 52-week lows.