Sensex, Nifty Remain Stable Ahead of RBI Policy, Consumer Durables and Capital Goods Sectors Show Strength

Indian Benchmark Indices End Range-Bound Session

The Indian benchmark indices, Sensex and Nifty, ended with little change in a range-bound session on June 4, as investors remained cautious ahead of the Reserve Bank of India's (RBI) monetary policy decision due on June 5.

The uncertainty surrounding a potential U.S.-Iran peace deal and ongoing negotiations over a U.S.-India trade agreement also weighed down sentiment.

At Close, the Sensex was up 13.84 points or 0.02 percent at 74,360.01, and the Nifty was up 10.95 points or 0.05 percent at 23,416.55.

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The broader market continued to outperform the frontline indices, with the Nifty Midcap 100 and Nifty Smallcap 100 indices advancing 0.5 percent, each.

On the Nifty, Titan Company, Eternal, Coal India, Cipla, and Adani Enterprises emerged as the top gainers, while Infosys, Bajaj Finserv, Hindalco Industries, SBI Life Insurance, and UltraTech Cement were among the major laggards.

Sectorally, buying interest in consumer durables, capital goods, media, pharmaceuticals, oil & gas, banking, and energy stocks lent support to the market. However, weakness in information technology and metal shares capped the upside and kept benchmark indices range-bound.

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More than 120 stocks touched their 52-week high on the BSE, including Cemindia Projects, Nippon Life India Asset Management, Jindal Saw, HFCL, Syrma SGS, Laurus Labs, Polycab, Vodafone Idea, Federal Bank, IFCI, JK Bank, Welspun Corp, RBL Bank, and others.

Among individual stocks, Indian Energy Exchange (IEX) gained 1 percent after the company reported strong growth in electricity trading volumes for May. Agarwal Industrial Corporation surged 20 percent after securing a Rs 477.5 crore order from Hindustan Petroleum Corporation (HPCL).

On the downside, Rajesh Exports declined 5 percent after SEBI issued an interim ex-parte order against the company and its Chairman and Managing Director, Rajesh Mehta, over alleged financial misrepresentation and fund-routing irregularities.

Meanwhile, Jain Irrigation Systems jumped 6 percent after commissioning a high-tech, industrial-scale biochar facility, while JBM Auto advanced 3.4 percent on the back of its 49 percent market share in the electric bus segment and strong growth in North American Class 8 truck orders.

Atlanta Electricals nearly 5 percent after the company bagged an order worth Rs 285 crore from Punjab State Transmission Corporation.

The outlook for June 5 is uncertain, with a bearish bias in the short term, as long as the index remains below 23,500. On the other hand, a decisive move above 23,500 could trigger a rally towards 23,700. On the downside, immediate support is placed at 23,370; a decisive breach below this level may drag the Nifty towards 23,200 and lower levels.