On June 2, Indian stock markets experienced a sharp decline, with the BSE Sensex falling 420 points to close at approximately 81,031, representing a 0.52% drop.
Meanwhile, the NSE Nifty 50 settled around 24,650, down about 100 points or 0.4%, according to market updates from Business Standard and LiveMint.
The downturn, milder than the morning’s 800-point Sensex crash, was driven by heavy selling in IT, financial, and metal stocks, triggered by global concerns over U.S. President Donald Trump’s proposed steel tariffs, rising COVID-19 cases (2,710 active cases in India, per Times of India), and foreign institutional investor (FII) outflows. Posts on X, like @bsindia’s, also cited Reserve Bank of India (RBI) policy uncertainties and Russia-Ukraine tensions as factors.
Despite the day’s losses, experts suggest Nifty remains range-bound between 24,650 and 24,900, with support at 24,600 (20-day EMA), per LiveMint. A break below 24,650 could push Nifty toward 24,450, while a move above 24,900 might target 25,150. Midcap and smallcap indices outperformed, with the Nifty Midcap 100 down just 0.1% at 57,400, per Upstox. Investors are advised to adopt a “buy on dips” strategy unless Nifty decisively falls below 24,600, per Financial Express.
