Indian benchmark indices remained under pressure by midday on June 3 as persistent foreign fund outflows, rising geopolitical tension in West Asia, higher crude oil prices and sharp profit booking in technology stocks weighed on sentiment. The Nifty 50 was hovering around the 23,280 mark, down nearly 0.87%, while the BSE Sensex was trading near 73,940 levels, lower by about 0.95%. The steep correction in IT stocks emerged as the biggest drag on the broader market, though select pharma, PSU and industrial counters managed to buck the trend.
Here are the top movers and shakers at this hour:
Concord Biotech
Concord Biotech share price surged more than 8% by midday after the pharmaceutical company received approval from the US Food and Drug Administration for its Mycophenolate Mofetil for Oral Suspension USP, 200 mg/ml.
According to the company, the drug is an antimetabolite immunosuppressant used in the prevention of organ rejection in adult and pediatric patients aged three months and above undergoing kidney, heart or liver transplants. The approval marks another addition to Concord Biotech’s regulated market portfolio and strengthened buying interest in the stock. The company informed exchanges that the product received approval through its ANDA filing with the USFDA.
IT Stocks
IT stocks witnessed heavy selling pressure by midday, with the Nifty IT index tumbling over 5% as traders booked profits after the sharp rally seen in the previous session. The sector emerged as the biggest loser on the market and significantly contributed to the decline in benchmark indices given its substantial weightage in the Nifty 50.
The recent rally in technology shares had been driven by improving global technology sentiment and easing concerns surrounding artificial intelligence. However, Wednesday’s session saw investors lock in gains amid broader market volatility. Foreign institutional selling also added pressure. On Tuesday alone, FIIs sold equities worth Rs 8,362.92 crore, contributing to weakness across several large-cap technology names.
All 10 constituents of the Nifty IT index traded in the red, with Tata Consultancy Services Ltd. leading the losses with a decline of around 8%, followed by LTM. Coforge, Tech Mahindra, Wipro, Infosys Ltd. and HCL Technologies also saw significant selling pressure in the intraday trade today.
Adani Green Energy
Adani Green Energy share price declined nearly 3% by midday as renewable energy stocks traded under pressure alongside the broader market.
The decline came despite the company announcing the commissioning of a 50 MW solar power project at Khavda in Gujarat through its wholly owned step-down subsidiary Adani Hybrid Energy Jaisalmer Five Ltd. Following the commissioning, the company’s total operational renewable generation capacity reached 19,835.8 MW, while operational battery energy storage capacity stood at 3,366 MWh. Despite the operational milestone, market sentiment remained weak across renewable energy counters.
ACME Solar Holdings
ACME Solar Holdings Ltd. share price slipped nearly 2% by midday as investors reacted to the company’s ongoing Qualified Institutional Placement.
The renewable energy company launched a QIP to raise up to Rs 2,800 crore primarily for debt reduction and general corporate requirements. The floor price was fixed at Rs 294.13 per share. Separately, ACME Sun Power, a wholly owned subsidiary, commissioned a 33.333 MW/160.512 MWh Battery Energy Storage System project in Rajasthan. Following the latest commissioning, the subsidiary’s operational battery storage capacity increased to 266.669 MW/1283.936 MWh.
NTPC Green Energy
NTPC Green Energy share price traded marginally lower by about 0.14% by midday amid weakness across the renewable energy segment.
The company recently declared commercial operations of the final 105 MW capacity under the 1,200 MW Khavda-II Solar PV Project in Gujarat through its subsidiary NTPC Renewable Energy Ltd. While operational progress remained intact, broader sectoral weakness limited investor enthusiasm during the session.
Waaree Energies
Waaree Energies share price declined nearly 1% by midday as selling pressure continued across renewable energy stocks.
The stock has remained under pressure in recent sessions despite maintaining gains on a year-to-date basis. Market participants appeared cautious toward renewable energy names as broader risk appetite weakened amid volatility in domestic equities.
Gujarat Alkalies and Chemicals
Gujarat Alkalies & Chemicals share price gained more than 5% by midday after the company announced a renewable energy partnership with Clean Max Enviro Energy Solutions.
Under the arrangement, hybrid renewable power generated through 75.90 MW of wind capacity and 84.34 MWp of solar capacity will be supplied to the company’s manufacturing facilities in Dahej and Vadodara. The project is expected to generate around 36.9 crore units of clean energy annually. The initiative will be executed through multiple renewable energy sites across Gujarat and developed in two phases. Management stated that the project will support long-term energy security while reducing environmental impact.
NHPC
NHPC Ltd. share price climbed over 5% by midday as the government’s Offer for Sale opened for retail investors.
The government announced plans earlier this week to divest up to a 6% stake in the hydropower PSU through an OFS at a floor price of Rs 71 per share. While the stock had witnessed pressure immediately after the announcement, buying interest returned as retail participation opened on June 3. The OFS follows the government’s broader disinvestment programme for FY27.
InterGlobe Aviation
InterGlobe Aviation share price declined nearly 2% by midday after the airline announced that it would discontinue direct flights to Manchester from August 31.
The decision comes less than a year after launching the route and follows rising operational costs and continuing airspace constraints. The company will also return one Boeing 787-9 Dreamliner leased from Norse Atlantic Airways. Currently, the airline operates direct services to Manchester from both Delhi and Mumbai. The route closure will eliminate direct air connectivity between Indian cities and Manchester once services cease later this year.
DEE Development Engineers
DEE Development Engineers share price advanced more than 4% by midday after the company approved a preferential issue worth approximately Rs 300 crore.
The board cleared the issuance of up to 59.76 lakh equity shares at Rs 502 per share, including a premium of Rs 492 per share. The proposed fundraising will be subject to shareholder approval and regulatory clearances. The development added to positive sentiment surrounding the company following recent order wins from large public sector enterprises.
Bajel Projects
Bajel Projects Ltd. share price gained over 4% by midday after securing a major EPC contract in the extra high voltage transmission segment.
The company received orders worth between Rs 300 crore and Rs 400 crore from a data centre client in Mumbai. According to the regulatory filing, the project involves EHV substation work and is expected to be completed within 24 months from commencement. The order reinforced optimism regarding infrastructure spending linked to India’s expanding data centre ecosystem.