The Indian stock market continued trading lower in the afternoon session on Monday, June 1, with the NIFTY50 ending below 23,400 level for the first time since May 13, closing 0.70% lower at 23,382.60 after touching an intraday high of 23,733.70 earlier in the session. The SENSEX fell as much as 0.68% to 74,267.34, nearly 1,000 points below the day's high of 75,357.93, marking the fourth consecutive day of decline for NIFTY50. According to The Economic Times, the market showed high volatility amid mixed corporate developments, with 36 NIFTY 50 stocks trading in the red and broader market indices underperforming significantly.
Wockhardt shares surged 19.2% to hit their 52-week high of ₹2,422.30 on Monday after the pharmaceutical company secured approval from the US Food and Drug Administration (FDA) for its new antibiotic drug named Zaynich. As reported by The Economic Times, the company disclosed that Zaynich is a novel intravenous antibiotic used for the treatment of adults with complicated urinary tract infections (cUTI), including pyelonephritis, caused by susceptible Gram-negative pathogens. The FDA approval represents a significant milestone for the pharmaceutical company's US market expansion, with the stock continuing to rally amid positive sector momentum.
Asian Paints shares continued trading higher for the second consecutive session after the company reported strong Q4 FY26 results. As reported by The Economic Times, the paint-making firm's consolidated net profit jumped 69% to ₹1,172 crore compared to ₹692 crore in the same period last year, while revenue from operations increased 10.6% to ₹9,247 crore. Coal India shares jumped over 4% after the state-run firm recorded positive growth of 2.2% in monthly offtake performance to 66.7 million tonnes in May 2026. Conversely, Inox Wind shares slipped 9% following a 45% decline in consolidated net profit to ₹105.68 crore during the March quarter, impacted by higher expenses. Zee Entertainment shares rose 6.41% to ₹99.08 after the company partnered with FIFA for the 2026 and 2030 World Cups, covering 39 global football events.
NIFTY IT emerged as the top-performing sector, rising 2.98%, while NIFTY Media gained 2.66% and NIFTY Pharma and NIFTY Metal also traded higher. However, NIFTY FMCG was the top losing sector, down over 2.25%, with HUL and Dabur among the top losers, both down over 3%. According to The Economic Times, NIFTY PSU Bank fell 1.10%, followed by NIFTY India Defence at 1.04%, while NIFTY Energy declined 0.87%. The market breadth remained weak with 36 NIFTY 50 stocks trading in the red, indicating broad-based selling pressure across sectors. NIFTY Midcap 150 fell for the second day in a row, down almost 1.5%, while NIFTY Smallcap 250 declined for the second consecutive day, down almost 1%.
For NIFTY, the options chain points to a near-term range of 23,500-24,000, with the highest Put open interest concentrated at 23,500-23,600 levels and fresh Put writing visible at 24,200. As reported by The Economic Times, the 24,500 strike continues to attract sizeable Call open interest, making 24,500 the next major resistance zone beyond 24,000. For Bank NIFTY, the key range remains 54,000-55,000, with the highest Put open interest at 54,000 and strong Call open interest at 55,000. The accumulation basket shows a clear technology bias with Tech Mahindra, Tata Elxsi, Coforge, Persistent Systems and OFSS attracting fresh long positions, while fresh Put writing below spot levels and continued Call additions above spot levels indicate traders are favoring range-bound positioning rather than breakout moves.
