Stock market today: Indian equity markets opened lower on Tuesday, 2 June as concerns over the ongoing conflict in the Middle East and continued foreign investor selling weighed on sentiment.
The Nifty 50 declined 0.66% to 23,229.15, while the Sensex fell 0.43% to 73,945.20 in early trade at 9:15 IST. The benchmark indices have already lost 2.7% and 2.9%, respectively, over the previous four sessions.
Selling pressure was broad-based, with 15 of the 16 major sectoral indices trading in the red. The broader market also remained weak, with the small-cap and mid-cap indices slipping 0.5% and 0.6%, respectively.
Brent crude oil prices hovered near $94 a barrel as uncertainty persisted over US-Iran negotiations aimed at ending the three-month-long conflict. Elevated oil prices have heightened concerns about inflation and its potential impact on global growth.
Foreign portfolio investors (FPIs) continued to exit Indian equities, selling shares worth ₹3,912 crore on Monday, according to provisional exchange data. So far in 2026, overseas investors have pulled out approximately ₹2.51 lakh crore (about $26.4 billion) from Indian equities, surpassing the previous annual record of around ₹1.80 lakh crore ($18.91 billion) set in 2025.
Nifty 50 Outlook by Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group
Nifty 50
Nifty 50 lost another 165 points on Monday after a 350+ point cut on Friday, bringing its two-day decline to over 500 points. A higher-low formation support is emerging on the daily charts, which will be breached if the index closes below 23,320. Until then, a reversal possibility remains for the index to march towards 23,700/23,900. On the weekly charts as well, the current zone of 23400 is a 50% retracement of the strong 11% rally seen in April.
Bank Nifty
Bank Nifty is currently at a rising trendline support at Monday’s low, which passes through the lows made in April and May 2026. Given that there are no confirmations on the daily or weekly charts at the current price, this supports our neutral view. Once a rejection from sliding further or a breakdown is confirmed, a fresh / broader view shall unfold.
Stocks To Buy on Tuesday
On stocks to buy on Tuesday, Sagar Doshi of Nuvama recommended three stocks – Cyient Ltd, Timken India Ltd, and JBM Auto Ltd.
Cyient Ltd (BUY): LCP: ₹908; SL: ₹875; TGT: ₹985
A 4-month bullish cup-and-handle breakout above the 900 signalled the completion of a strong accumulation pattern. Following the breakout, the stock rallied sharply, validating the bullish setup. After the initial up move, the stock has now retraced to retest the this breakout zone, which is acting as a key support area. As long as the stock sustains above the breakout level, the overall structure remains positive, with the potential for further upside in the coming weeks.
Timken India Ltd (BUY): LCP: ₹3,549; SL: ₹3,950; TGT: ₹3,380
The stock has formed a strong base over the past several weeks, indicating an end of consolidation and accumulation. This base-building phase has turned into a rounding-bottom breakout above 3,500, a pattern that signals a transition from a consolidation phase to a sustained uptrend. With the breakout now confirmed, the stock appears well-positioned for the next leg of its upward move, and the pattern projects an upside of approximately 8–10% from current levels.
JBM Auto Ltd (BUY): LCP: ₹646; SL: ₹616; TGT: ₹700
The stock broke out of a two-year correction phase in April and successfully crossed its 200 DMA, signalling a potential long-term trend reversal. Since then, it has been consolidating, forming higher lows on the daily chart and holding its neck above the 200 DMA for the past 6-8 weeks. The improving price structure suggests accumulation is complete and the stock is now well positioned for further upside once fresh triggers emerge.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
