The headline equity indices traded with significant losses in the mid-afternoon trade, weighed down by uncertainty surrounding the US'Iran ceasefire. Investors are awaiting TCS' quarterly numbers for cues on the IT sector. Volatility remained elevated due to the weekly expiry of Sensex derivatives contracts, adding to the cautious undertone in the market. Nifty slipped below the 23,750 mark. PSU bank shares tumbled after advancing in the past trading session.
At 14:30 IST, the barometer index, the S&P BSE Sensex tumbled 1,150.53 points or 1.47% to 76,420.65. The Nifty 50 index plunged 295.30 points or 1.23% to 23,703.00.
In the broader market, the BSE 150 MidCap Index dropped 0.21% and the BSE 250 SmallCap Index fell 0.02%.
The market breadth was positive. On the BSE, 1,979 shares rose and 2,227 shares fell. A total of 155 shares were unchanged.
Economy:
The World Bank has raised India's growth forecast to 6.6% for the current financial year, up from 6.3%, citing strong domestic demand, resilient exports and recent free trade agreements. The report estimates India's growth accelerated to 7.6% in FY26 from 7.1% in FY25, supported by robust private consumption driven by low inflation and GST rationalisation.
While lower GST rates are expected to support demand in early FY27, elevated global energy prices may pressure household incomes. The World Bank said India will remain the key growth driver for South Asia, with the region's outlook largely anchored by its performance.
Buzzing Index:
The Nifty PSU Bank index fell 1.44% to 8,590.85. The index surged 5.46% in the past trading session.
State Bank of India (down 1.66%), Bank of India (down 1.56%), Indian Bank (down 1.23%), Punjab National Bank (down 1.07%), Canara Bank (down 0.96%), Indian Overseas Bank (down 0.9%), Central Bank of India (down 0.85%), Punjab & Sind Bank (down 0.78%), UCO Bank (down 0.73%) and Bank of Baroda (down 0.54%) advanced.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.58% to 6.938 compared with previous session close of 6.898.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 92.7800 compared with its close of 92.5400 during the previous trading session.
MCX Gold futures for 5 June 2026 settlement added 0.15% to Rs 152,003.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 98.85.
The United States 10-year bond yield shed 0.05% to 4.286.
In the commodities market, Brent crude for June 2026 settlement gained $3.39 or 3.58% to $98.14 a barrel.
Stocks in Spotlight:
GM Breweries slipped 1.79% after the company reported a 10.57% decline in standalone net profit of Rs 54.07 crore in Q4 FY26, compared to Rs 60.46 crore posted in Q4 FY25. However, revenue from operations (excluding excise duty) jumped 19.49% YoY to Rs 202.33 crore for the quarter ended 31 March 2026.
Signatureglobal (India) shed 0.85%. The company announced that during Q4 FY26, pre-sales amounted to Rs 1,540 crore, which is lower by 5% as compared with the pre-sales value of Rs 1,620 crore recorded in Q4 FY25.
Bharat Forge slipped 2.95%. The company said that its board has approved a proposal for phased restructuring of its wholly owned German subsidiary, Bharat Forge CDP GmbH, including a potential orderly wind-down and solvent liquidation under applicable German laws.