Synopsis : Indian markets traded under pressure on June 3 as rising geopolitical tensions, higher crude oil prices, foreign fund outflows and sharp profit booking in technology stocks weighed on investor sentiment. While IT heavyweights dragged benchmark indices lower, select stocks such as Concord Biotech, NHPC, Gujarat Alkalies, DEE Development Engineers and Bajel Projects bucked the trend with strong gains.
Indian benchmark indices remained under pressure during the midday session on June 3, with the Nifty 50 slipping below the 23,300 mark and the Sensex trading nearly 1% lower. Investor sentiment was impacted by continued foreign institutional selling, rising crude oil prices and escalating geopolitical tensions in the Middle East. The sharp correction in information technology stocks emerged as the biggest drag on the market, although select pharma, PSU and industrial stocks managed to outperform.
Concord Biotech emerged as one of the top gainers, surging more than 8% after receiving approval from the US Food and Drug Administration (USFDA) for its Mycophenolate Mofetil for Oral Suspension USP, 200 mg/ml. The drug is used to prevent organ rejection in kidney, heart and liver transplant patients, strengthening the company's regulated-market portfolio and boosting investor confidence.
Technology stocks witnessed heavy selling pressure as investors booked profits following the sector’s recent three-day rally. The Nifty IT index plunged over 5%, making it the worst-performing sectoral index of the day. Tata Consultancy Services (TCS) led the decline with losses of nearly 8%, while Infosys, HCL Technologies, Tech Mahindra, LTIMindtree, Coforge, Wipro and Mphasis also traded significantly lower. Analysts attributed the selloff to profit booking, broader market weakness and continued foreign institutional investor outflows.
Renewable energy stocks also remained under pressure despite operational updates. Adani Green Energy declined nearly 3% even after commissioning a new 50 MW solar project at Khavda, Gujarat, taking its operational renewable energy capacity close to 20 GW. ACME Solar Holdings slipped around 2% after launching a ?2,800 crore Qualified Institutional Placement (QIP), while NTPC Green Energy and Waaree Energies also traded in the red amid broader sector weakness.
Among the outperformers, Gujarat Alkalies & Chemicals gained more than 5% after announcing a renewable energy partnership with Clean Max Enviro Energy Solutions. The project is expected to generate approximately 36.9 crore units of clean energy annually, supporting the company's sustainability and energy security goals.
NHPC climbed over 5% as retail investors participated in the government’s Offer for Sale (OFS), through which the Centre plans to divest up to a 6% stake in the hydropower PSU. The move attracted renewed buying interest after initial pressure following the announcement.
InterGlobe Aviation (IndiGo) fell nearly 2% after announcing plans to discontinue direct flights to Manchester from August 31 due to operational challenges and rising costs. The airline will also return one leased Boeing 787-9 aircraft as part of its network optimization strategy.
DEE Development Engineers advanced over 4% after approving a preferential issue worth approximately ?300 crore. The fundraising initiative is expected to support growth plans and strengthen the company’s financial position.
Bajel Projects also gained more than 4% after securing a major EPC contract worth ?300–400 crore for extra-high-voltage transmission infrastructure linked to a data centre project in Mumbai, reinforcing optimism around India’s growing data centre and infrastructure sectors.
Despite weakness in benchmark indices, stock-specific action remained strong, with pharma, PSU and industrial counters attracting investor interest amid a volatile trading session.
Disclaimer : This article is for informational purposes only and should not be considered investment advice. Investors should consult a qualified financial advisor before making any investment decisions.
.jpg)
