So market finally showed some positive movement on June 2 . It seems IT stocks really came through to lift everything up,along with some help from metal and consumer durables.
And the numbers look decent too. The Nifty index closed at 23,483.55,which is jump of 100.95 points or 0.43% . At same time,Sensex went up by 382.50 points,or 0.52%,ending the day at 74,649.84 .
But it feels like everyone is a bit cautious rn. The main thing everyone is watching are these big trade negotiations happening between India and the United States . Those talks could change everything for the market .
And honestly,this is where things get little tense.
Analysts are saying that Nifty has immediate resistance in the 23,500 to 23,550 range . If it can break past that properly,we might see better sentiment and maybe even a recovery towards 23,750 to 23,800 levels. On other side,the 23,300 to 23,250 zone is the big support area we need to watch. It's a very delicate balance .
Couple of things are clear from the day's action:
- Heavyweight IT stocks like TCS,Infosys,and HCL Technologies were the main drivers.
- Broader markets were also positive,with Nifty MidCap up 0.18% and SmallCap up 0.40% .
- But not all sectors did well,Pharma indices were actually under some pressure.
On the Sensex,TCS was the top gainer,with Infosys and HCL Tech right behind . But then you have laggards like NTPC,Axis Bank,and Bajaj Finance who didn't have good day at all.
This all comes as a US delegation,led by Assistant US Trade Representative Brendan Lynch,started three-day talks in New Delhi . They are trying to finalize first part of a bilateral trade deal,which would obviously be good for investor confidence if it goes well.
With company earnings season mostly over,people are now looking at other big things . Macroeconomic stuff like how the monsoon progresses and what inflation trends look like will be next big triggers for market .
So yes,the market is up,but it feels like it’s all hanging on these US trade talks… if that doesn't go smoothly,all this upward movement could disappear very fast ah…
