At around 9:15 am, the Nifty 50 trades at 23,675, up 127 points or 0.54%, while the Sensex gains 423 points, or0.57%, to 75,198.

At around 9:15 am, the Nifty 50 trades at 23,675, up 127 points or 0.54%, while the Sensex gains 423 points, or 0.57%, to 75,198. Market Updates Today: The domestic equity markets opened in the green on Monday, June 1, recovering from Friday’s sharp selloff that was largely driven by MSCI rebalancing-related passive outflows. At around 9:15 am, the Nifty 50 was trading at 23,675, up 127 points or 0.54%, while the Sensex gained 423 points, or 0.57%, to 75,198. The broader market also participated in the rebound, with the Nifty Smallcap 100 rising 0.61% and the Nifty Midcap 100 advancing 0.49%. The India VIX, often referred to as the market’s fear gauge, cooled over 3% to 15.67, indicating easing volatility concerns despite lingering geopolitical uncertainty in West Asia. IT Stocks Lead the Charge Sectorally, IT stocks emerged as the biggest gainers in early trade. The Nifty IT index surged nearly 2%, supported by positive global technology cues after Wall Street ended May on a strong note. Technology shares also featured prominently among the top gainers on the Sensex heatmap, with Tech Mahindra, TCS and Infosys trading firmly higher. Pharma stocks also witnessed buying interest, with the Nifty Pharma index rising 0.84%, while metal stocks gained 0.77%. Oil & Gas, Media and Healthcare indices were also trading in positive territory. On the other hand, FMCG remained subdued and was the only major sectoral index in the red. Among Sensex constituents, IndusInd Bank, Titan, Infosys, Maruti Suzuki, TCS and Hindustan Unilever were among the top gainers, while Kotak Mahindra Bank, Adani Ports and Bharti Airtel traded with mild losses. Broader Markets Continue to Outperform Small-cap and mid-cap indices outperformed benchmark indices, extending a pattern that has persisted for several months. The Nifty Smallcap 50 rose 0.74%, while the Nifty Microcap 250 gained 0.58%, reflecting sustained investor appetite beyond large-cap stocks. Why Markets Are Rising Today Market participants brushed aside Friday’s steep decline, which analysts largely attributed to one-off MSCI rebalancing-related outflows rather than any deterioration in fundamentals. “With the uncertainty over the US-Iran deal continuing and Brent trading at about $93, there are no major triggers for the market at the start of this week. A significant market trend since the start of the West Asia conflict on February 28th is the outperformance of the broader market, which, in turn, was led by better-than-expected Q4 results," said V K Vijayakumar, chief investment strategist at Geojit Investments. He added that expectations of strong earnings from mid- and small-cap companies and sustained FPI selling in large caps have widened the valuation gap between large caps and the broader market. “Large caps are now fairly valued and valuations in segments like banking are attractive. But this segment will test the patience of investors," Vijayakumar said. According to him, Friday’s 1.5% decline in benchmark indices was primarily due to MSCI rebalancing-related passive outflows and should not necessarily be viewed as the start of a fresh downtrend. Rajesh Palviya, head of research at Axis Direct, said the domestic market could witness a recovery after Friday’s correction as global cues remain supportive. “The resilience in global equities and improving sentiment across Asian markets could help domestic benchmarks recover from Friday’s corrective move," Palviya said. Technical View From a technical perspective, Palviya sees immediate support for Nifty at 23,400, followed by 23,200. “A sustained move above 23,850 could trigger fresh short covering and strengthen the recovery momentum towards the 24,000 mark. Overall, the bias remains cautiously positive, supported by favourable global cues and a strong indication from GIFT Nifty," he added. Key Triggers This Week Investors will closely track May auto sales data due later in the day, which could trigger stock-specific action in the automobile sector. Attention will also remain on the RBI Monetary Policy Committee meeting beginning June 3. The central bank’s policy decision and commentary on growth and inflation, scheduled for June 5, are expected to set the tone for market direction in the near term. With benchmark indices recovering, volatility easing and broader markets remaining resilient, investors will now watch whether Nifty can reclaim the 23,850-24,000 zone during the week. Meanwhile, the June-September southwest monsoon rainfall over India is expected to be 90 per cent of the long-period average with a model error of 4 per cent, the India Meteorological Department said on Friday. While the Northeast is likely to witness normal rainfall this monsoon season, the remaining parts of the country may see below normal rainfall, the weather office said. LPA refers to the rainfall recorded over a particular region for a given interval, such as a month or season, averaged over a long period of time, typically 30 to 50 years.

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