The BSE Sensex closed at 81,374, down by just 77 points or 0.09%, despite falling as low as 80,654 during the day, marking a 719-point intraday recovery.
The NSE Nifty50 wasn’t far behind in staging a rebound. It settled at 24,717, slipping 34 points or 0.14%, after dipping to an early low of 24,526.
So, what caused the morning panic?
The main trigger came from overseas. US President Donald Trump announced fresh tariffs on steel imports, hiking them from 25% to 50%, effective June 4. Combine that with escalating Russia-Ukraine tensions, rising Covid-19 cases in India, nervous foreign fund movements, and uncertainty ahead of the RBI policy decision, and you have a lot of reasons for early market anxiety.
Broader markets outperformed the large-caps:
- Nifty MidCap 100: +0.62%
- Nifty SmallCap 100: +1.1%
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Impact on the stock market
The sectoral indices offered a mixed bag today.
- Top gainers:
- Nifty PSU Bank: +2%
- Nifty PSU Bank: +2%
- Top losers:
- Nifty Metal: -0.7%, directly impacted by Trump’s tariff move
- Nifty Metal: -0.7%, directly impacted by Trump’s tariff move
| Sector/Index | Performance |
| IT & BPM sector | -0.70% |
| Healthcare sector | 0.12% |
| Oil & Gas sector | -0.21% |
| Real estate sector | 2.31% |
| PSU Bank in India | 2.15% |
Top gainers today
| Company | Price (in ₹) | Change % |
| Adani Ports Share Price | 1,468.00 | 2.46 |
| M&M Share Price | 3,025.90 | 1.65 |
| TATA Cons. Prod Share Price | 1,120.40 | 1.27 |
| Eternal Share Price | 241.20 | 1.21 |
| Power Grid Corp Share Price | 293.05 | 1.14 |
Top losers today
| Company | Price (in ₹) | Change % |
| Hero Motocorp Share Price | 4,232.30 | -1.79 |
| Tech Mahindra Share Price | 1,549.10 | -1.58 |
| JSW Steel Share Price | 978.80 | -1.48 |
| HDFC Life Share Price | 766.70 | -1.31 |
| Tata Steel Share Price | 159.04 | -1.23 |
Market aftermath: Impact on stocks
FMCG stocks rise on edible oil duty cut
A big policy change on May 30 turned the tide for FMCG companies.
The Indian government slashed import duty on crude edible oils, palm, soy, and sunflower from 20% to 10%. This move directly reduces raw material costs for major FMCG players.
- Godrej Consumer Products (GCPL) jumped nearly 3%, leading the FMCG pack. GCPL, which uses palm oil in its soaps and detergents, had earlier cited high palm oil prices as a reason for margin pressure.
- Patanjali Foods rose 2%+, driven by expectations of better margins in edible oils and packaged foods.
- Britannia Industries, Varun Beverages, and Tata Consumer Products gained 1%+ each.
- HUL and Colgate-Palmolive also edged up, both benefiting from the crude oil-linked cost reduction.
Interestingly, the Nifty FMCG index turned green even after being the worst performer last week.
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Q4 Earnings: Titagarh Rises 3%, Puravankara & Spandana Drop Up to 7%
The earnings scoreboard delivered a mixed bag today. Titagarh Rail Systems emerged as a clear winner, with the stock rising nearly 3% after the company posted a 13.2% QoQ increase in net profit to ₹78.06 crore and an 11.2% rise in revenue to ₹1,002.75 crore for Q4 FY25. After facing selling pressure in recent sessions, strong financials helped the stock bounce back to an intraday high of ₹914.75 – its best level in weeks.
But not all earnings stories had a happy ending. Spandana Sphoorty Financial tumbled 6.34% to ₹271.85 after reporting a massive net loss of ₹434.3 crore in Q4. Similarly, real estate player Puravankara fell 8.15% to ₹243.75 after posting a widened net loss of ₹88 crore for the quarter.
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CDSL and capital market stocks rally despite volatility
CDSL (Central Depository Services Ltd) was the star of the day, rallying 9% after a 2x surge in daily trading volumes, crossing 1.2 crore shares, up from 57 lakh in the previous session.
Why is this significant?
CDSL hit its highest level in nearly five months, up nearly 60% from its March low of ₹1,047.
This bullish sentiment spilt over to other capital market stocks:
- KFin Technologies: +6%
- CAMS, Anand Rathi Wealth, Angel One: +4% each
- 360 One WAM, Nuvama: +2%
- Motilal Oswal, MCX, BSE: +1% each
All this while the India VIX, a volatility index, jumped 6%, hovering around 17.12, driven by growing geopolitical uncertainty. Typically, rising VIX implies fear, but capital market stocks seem to be bucking that trend this time.
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Crude oil: Global tensions push prices higher
Rising tensions in Eastern Europe had another major impact—crude oil prices surged on Monday.
- Brent crude futures: $64.30 (+2.42%)
- WTI crude futures: $62.53 (+2.86%)
- MCX June crude: ₹5,349 (+2.81%)
- MCX July crude: ₹5,287 (+2.57%)
This spike followed Ukraine’s drone attacks on Russian airbases, reportedly damaging over 40 aircraft. The move added fresh tension just before peace talks scheduled this week.
There’s also growing talk in the US Senate about 500% tariffs on nations that buy Russian oil, which could be a game-changer if approved.
On a related note, OPEC+ announced a 411,000 barrel per day output increase for July, but the markets seemed more influenced by immediate conflict concerns than supply news.
Conclusion
Monday’s market action was a perfect combination of domestic resilience and global jitters.
While benchmark indices ended slightly in the red, their intraday comeback was notable, with the Sensex bouncing back over 700 points from its day’s low. A combination of sector-specific triggers, strong earnings, and policy reforms in FMCG helped restore some balance.
However, investors should remain cautious. Geopolitical tensions, volatile oil prices, and the RBI policy decision later this week may continue to sway sentiment. For now, today’s recovery signals that India’s market isn’t just reacting, it’s adapting.
For more stock market insights, check out the StockGro blog.
