Indian benchmark indices slipped on Tuesday, 3 June, as profit booking and fresh geopolitical worries snapped a brief recovery.
NIFTY 50: Closed at 23,405.60, down 77.95 pts or 0.33%. The index opened weak at 23,415.95, hit an intraday low of 23,151.50, before recovering some ground. Prev close: 23,483.55. 52-wk high/low: 26,373.20 / 22,182.55.
BSE SENSEX: Ended at 74,346.17, shedding 303.67 pts or 0.41%. Opened at 74,507.73, touched a low of 73,492.60 and high of 74,515.65. Prev close: 74,649.84. 52-wk high/low: 86,159.02 / 71,545.81.
Both indices had rebounded on Monday, 2 June, ending a four-session losing streak buoyed by IT stocks and value buying. Tuesday’s fall was flagged early by GIFT Nifty futures, which traded 119-147 pts lower pre-market.
The Drag Factors: Hormuz Tensions Rattle D-Street
Geopolitical Pulse: Strait of Hormuz Flashpoint
Global risk sentiment soured after US Secretary of State Marco Rubio said Iran had mined large segments of the Strait of Hormuz. The development spooked investors, triggering a selloff that saw Sensex plunge 929 pts and Nifty 266 pts in late morning trade before paring losses.
Asian markets were mixed: Nikkei surged 2% to a record high, CSI 300 gained 0.79%, but Hang Seng fell 0.8%. Wall Street had closed at fresh records overnight, but the Hormuz news shifted focus to oil and safe havens.
FII Play: Sustained foreign institutional selling had weighed on markets over the past week, though Monday saw some value buying.
Corporate Street: Movers, Shakers & Block Deals
Stocks In Focus Today
– Adani Ports: Cargo volumes rose 15% YoY, but rail volumes fell 19%.
– Canara Bank: Board okayed Rs 8,500 cr fundraise via debt in FY27. Brajesh Kumar Singh appointed new MD & CEO.
– Vedanta: ED conducted raids at Vedanta Group and Hindustan Zinc sites in Delhi, Mumbai.
– Alkem Labs: Launched semaglutide pre-filled syringes at Rs 350/unit. Promoters likely sold 1.5% stake via block deal at Rs 5,200/share. Shares worth Rs 5200 apiece changed hands. ICICI Pru MF, HDFC MF among buyers.
– Natco Pharma, Lupin: Got USFDA nod for Eribulin Mesylate Injection. Natco fell 4%, Lupin flat.
– Patanjali Foods: Slipped 3% to Rs 438.90 after Rs 73 cr tax demand for FY23.
– Ola Electric: Launched QIP at Rs 37.74 floor price.
– TCS: Expanded Euroclear partnership to modernize Sweden’s CSD.
IPO Street Buzz: CMR Green Technology IPO opens today, 3 June, with price band Rs 182-192. Issue size: Rs 631 cr, 100% OFS. Closes 5 June, listing on 10 June.
Corporate Actions: Anand Rathi Wealth: 1:1 bonus, ex-date 3 June 2026. DEE Development, Ideaforge Tech, Skipper board meets today for fundraising.
Macro & Policy Tailwinds
Services PMI Hits Six-Month High
India’s services sector accelerated in May, with HSBC India Services PMI rising to 59.8 from 58.8 in April. Composite PMI climbed to 59.3, signaling resilient domestic demand even as global headwinds persist.
Solar Shift: June 1 Rule Kicks In
From 1 June, rooftop solar projects must use only domestically made solar cells under ALMM List-II. Move aims to cut China dependence but may raise installation costs near-term.
SBI’s AI Bet: Chairman Chella Srinivasulu Setty said India could become the world’s biggest AI use case market. He pegged investment needs at Rs 200 trillion by 2030 for infra and growth.
Commodities Check: NMDC hiked iron ore lump price to Rs 5,700/tonne and fines to Rs 4,850/tonne from 3 June.
Global Diplomatic Desk
Venezuela’s Acting President In India
Delcy Rodriguez, Venezuela’s acting President, begins a five-day India visit from 3-7 June. Talks with PM Modi to focus on energy, trade, and tech. Rodriguez took charge after Nicolas Maduro’s detention by US forces in January.
Street View: What’s Next?
Technicals: Nifty defended 23,150 support but faces resistance at 23,450-23,500. Sensex needs to hold 74,000 to avoid deeper cuts. GIFT Nifty’s negative trend suggests a gap-down opening likely.
Watch List: US-Iran developments, crude oil prices, FII flows, and Q1 advance tax numbers. Stocks in focus: Hero MotoCorp, IndiGo, Meesho, HUL, and Adani Ports on corporate updates.
