The domestic equity benchmarks staged a sharp recovery from intraday lows on Wednesday as bargain hunting emerged after the morning selloff. The Nifty, which slipped to an intraday low of 23,151.50, rebounded nearly 250 points and climbed back above the 23,400 mark in late trade. Sentiment improved as investors accumulated beaten-down stocks. However, caution persisted amid uncertainty surrounding U.S.-Iran ceasefire negotiations, which kept global energy markets volatile and crude oil prices elevated. Despite the recovery, the index settled below the 23,450 level, weighed down by weakness in IT and FMCG stocks. Analysts said the Nifty remains technically weak, with immediate support seen at 23,300 and resistance at 23,600.

The S&P BSE Sensex declined 303.67 points or 0.41% to 74,346.17. The Nifty 50 index slipped 77.95 points or 0.33% to 23,405.60.

TCS (down 8.39%), HCL Technologies (down 5.19%) and Infosys (down 3.79%) were major drags today.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index fell 0.50% and the BSE 250 SmallCap Index rose 0.01%.

The market breadth was negative. On the BSE, 1,573 shares rose and 2,732 shares fell. A total of 217 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 6% to 16.28.

Economy:

The HSBC India Services PMI was revised higher to 59.8 in May 2026 from the preliminary estimate of 58.9 and 58.8 in April, indicating a stronger expansion in the services sector. According to HSBC, business activity continued to grow on the back of sustained gains in new orders, while overseas demand for Indian services rebounded sharply after declining in April. Input cost inflation eased during the month, helping reduce pressure on selling prices.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.11% to 7.025 compared with previous session close of 7.017.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.6775 compared with its close of 95.3650 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement fell 0.93% to Rs 154,100.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.14% to 99.35.

The United States 10-year bond yield added 0.63% to 4.485.

In the commodities market, Brent crude for August 2026 settlement added $2.35 or 2.45% to $98.35 a barrel.

Global Markets:

U.S. Dow Jones futures fell 203 points, signalling a weak start for Wall Street later in the day.

European shares traded lower as investors assessed U.S. proposals to impose sweeping new tariffs on 60 countries.

Most Asian indices ended higher on Wednesday, with investors largely looking past uncertainty surrounding U.S.-Iran negotiations aimed at ending the conflict in the Middle East.

Geopolitical tensions remained elevated after U.S. Secretary of State Marco Rubio said on Tuesday that Iran had mined large segments of the Strait of Hormuz. A White House official, cited by media reports, said the Pentagon had destroyed numerous mines and more than 40 minelaying vessels.

The Strait of Hormuz remains a crucial artery for global energy supplies, with around 20% of the world's oil shipments passing through the waterway before the conflict escalated.

Overnight, Wall Street closed at fresh record highs as investors monitored developments in the Middle East and gains in major technology stocks.

The S&P 500 rose 0.13% to a record closing high of 7,609.78, marking its first finish above the 7,600 level. The Dow Jones Industrial Average gained 228.91 points, or 0.45%, to 51,307.79 after touching a new intraday record earlier in the session. The Nasdaq Composite edged up 0.03% to close at 27,093.90.

Stocks in Spotlight:

IndusInd Bank declined 1.38% after the following a media report about a fresh whistleblower complaint against the private lender. The complaint reportedly seeks an investigation into alleged insider trading, governance failures and shortcomings in forensic and audit reviews. The allegations are linked to the discovery of a Rs 2,000-crore discrepancy at the bank. The report said the complaint names Samir Agarwal, former zonal head of eastern India at IndusInd Bank.

Meanwhile, IndusInd Bank has clarified that it has not received any communication from any government or regulatory authority regarding the whistleblower complaint cited in recent media reports. The bank said all issues mentioned in the report had already been examined and appropriate action taken in line with internal policies and regulatory requirements. It added that certain matters had been proactively reported to relevant authorities and that it continues to cooperate fully with regulators. The lender also stated that conclusions based on unverified allegations may not present a complete or accurate picture of the matter.

Tata Consultancy Services (TCS) tumbled 8.39% today after rising 8.32% in the past two session. The company has announced the expansion of its long-standing partnership with Euroclear Group to support the next phase of transformation for Sweden's Central Securities Depository (CSD).

John Cockerill India surged 20% after the company announced a major order from JSW Vijayanagar Metallics with an aggregate contract value of approximately Rs 1,250 crore to Rs 1,300 crore.

Varroc Engineering rallied 3.36% after the company said that it has entered into a strategic cooperation agreement with China-based TOLYY OPTRONICS to localise and supply next-generation digital cockpit display solutions for global passenger and commercial vehicle platforms.

NMDC rose 0.77%. The company announced that it increased the prices of its key iron ore products, Baila lump iron ore and Baila fines with effect from June 3, 2026. The company has revised the price of Baila Lump ore (65.5%, 10-40 mm) to Rs 5,700 per ton, up Rs 200 per tonne from Rs 5,500 per ton fixed on May 6, 2026. Similarly, the price of Baila Fines (64%, -10 mm) has been increased to Rs 4,850 per ton from Rs 4,700 per ton, reflecting a hike of Rs 150 per ton.

Concord Biotech advanced 3.03% after the company received an approval from the U.S. Food and Drug Administration (USFDA) for its ANDA, Mycophenolate Mofetil for oral suspension USP, 200 mg/mL.

Mycophenolate mofetil is an antimetabolite immunosuppressant used to prevent organ rejection in adult and pediatric patients aged three months and older who have undergone kidney, heart, or liver transplants, in combination with other immunosuppressants. According to market estimates, the U.S. market for Mycophenolate Mofetil is approximately $30 million.

Zydus Lifesciences shed 0.16%. The company said that it has received a warning letter from the United States Food and Drug Administration (USFDA) relating to its formulation manufacturing facility located at Baddi, Himachal Pradesh. The warning letter was issued in response to a request for records pursuant to a section of the Federal Food, Drug, and Cosmetic Act, and does not pertain to any on-site inspection of the facility by the US FDA.

Diamond Power Infrastructure (DPIL) slipped 3.07%. The company said that it has announced the successful commissioning of its eighth Medium Voltage (MV) / Extra High Voltage (EHV) power cable production line at its manufacturing facility in Vadodara, Gujarat.

Marsons fell 7.32%. The company announced that it has received a letter of intent (LoI) worth Rs 31.27 crore from Assam Electricity Grid Corporation.

Capacite Infraprojects rose 0.65%. The company said that it has received letter of intent (LOI) from Ten X Realty East, a subsidiary of Raymond Realty, for a total contract value of Rs 589 crore.

RIR Power Electronics shed 0.46%. The company announced that Ramesh Gopal Trasi has resigned from the position of chief financial officer (CFO) with effect from 2 June 2026.

Powered by Capital Market - Live News