Indian benchmark indices traded with solid gains by midday on June 24, even as stock-specific action remained sharply divided across banking, metals, power, IT and consumer names. The Nifty 50 held above the 24,000 mark while the Sensex clocked 1% gains. 

Beneath that broader strength, though, the market was hardly moving in one direction. Banking heavyweights were steadying sentiment, public sector power names were reacting to fresh clean-energy tie-ups, and IT stocks were back in the frame after a series of partnership and AGM-led announcements. At the same time, enforcement action and regulatory scrutiny knocked select stocks lower, while one consumer company slipped despite announcing a new acquisition-led expansion into nutraceuticals.

Tech Mahindra

Tech Mahindra Ltd. share price rose sharply by midday, climbing as much as 3.41%, after the company expanded partnership with Telefonica Germany to build a private cloud platform. The stock was one of the stronger names within the Nifty IT pack, and the reason was fairly direct: this is exactly the sort of deal the market wants to see from Indian IT firms at a time when clients are trying to modernise infrastructure without taking reckless spending bets.

The engagement is designed to support Telefonica Germany’s cloud-native transformation and create a Platform-as-a-Service framework for enterprise and telecom workloads. Tech Mahindra said it will bring platform engineering, AI-led operations, automation, infrastructure-as-code frameworks and self-service management tools into the project. The objective is to build a scalable private cloud setup that can support both legacy and future-facing workloads, rather than just layering a cosmetic digital wrapper on top of older systems.

Bajaj Auto

Share price of Bajaj Auto Ltd. slipped nearly 3 per cent to an intra-day low of Rs 9,758 on the NSE on Wednesday as the stock traded ex-date for its proposed share buyback.

Bajaj Auto has proposed to buy back shares at Rs 12,000 each through the tender route. The share buyback price is at a near 23 per cent premium when compared with the current market price.

IRFC 

Shares of state-run Indian Railway Finance Corporation (IRFC) declined more than 5% on Wednesday after the company’s offer for sale (OFS) opened for non-retail investors. 

The PSU stock opened at Rs 94 on the National Stock Exchange (NSE), down 4.7% from its previous close, and slipped further to a low of Rs 93.40.

 Today’s decline marks the second consecutive session of losses for IRFC shares. Rajesh Palviya of Axis Securities said investor sentiment around IRFC has been subdued for a long time, and today’s decline was primarily driven by the OFS announcement.

Honasa Consumer

Honasa Consumer Ltd. share price fell as much as 3.9% by midday after the company announced the acquisition of a 58% stake in Fluence Pharma for Rs 135 crore, marking its entry into the nutraceuticals segment. The stock’s decline looked counterintuitive on the surface because the acquisition opens a new category for the Mamaearth parent at a time when “inside-out” beauty and wellness products are gaining traction. 

But the market does not automatically reward every expansion plan, especially when it involves stepping into a fresh category that will require execution, capital and patience.

Fluence Pharma operates in dermatology-linked nutrition products and has built its business around what it calls Cyclical Nutrition Therapy, with a network of more than 3,000 dermatologists across India. Honasa said the acquisition will be routed through a new subsidiary, Honasa Health, and framed the move as an entry into a nutraceutical market already valued at more than Rs 16,000 crore. The company also has the option to buy the remaining 42% stake in two tranches over the next five to seven years.

Infosys

Infosys Ltd. share price was up 2% among the stocks in focus on June 24 after the company’s 45th annual general meeting and a fresh update on its collaboration with semiconductor manufacturer GlobalFoundries. By midday, Infosys was trading about 2% higher, supported by a BbBroader rebound in IT stocks also supporte sentiment as investors responded to management commentary around artificial intelligence, enterprise demand and the company’s positioning in what it sees as a very large AI services market.

At the AGM, chairman Nandan Nilekani made the central argument quite plainly: AI is not going to replace firms like Infosys, but it will reward those that move faster and adapt better. He said Infosys is targeting a $300 billion to $400 billion AI-first services opportunity by 2030 and argued that enterprise AI adoption still has a wide execution gap. 

In his view, that gap is precisely where Infosys fits in, because large clients do not just need models or coding tools. They need architecture, cybersecurity, testing, governance and integration with transaction-heavy enterprise systems. That is a more serious proposition than the shallow “AI will do everything” narrative that gets tossed around too easily.

HDFC Bank

HDFC Bank Ltd. share price was trading in green, up around 2% after the private lender confirmed the date for its June-quarter results. The bank said it will announce its Q1 FY27 numbers on July 18, 2026, which now puts the spotlight back on deposit growth, margin movement and the pace at which the merged balance sheet is settling into a more stable operating rhythm.

It is down more than 22% on a year-to-date basis and has also slipped 1.84% over the past week, despite recovering modestly over the last month. That weakness explains why the upcoming quarterly result matters more than a routine calendar update normally would. 

The market wants evidence that growth is not being bought at the cost of margins and that integration-related drag is easing. For a bank of HDFC Bank’s size, even a small change in commentary around loans, deposits or asset quality tends to move the conversation quickly.

NLC India

NLC India Ltd. share price traded lower by midday despite the PSU power company announcing a fresh renewable energy partnership with Indian Oil Corporation. Ordinarily, a clean-energy tie-up of this nature would have been enough to lend support to the stock. Instead, the market response was muted, which suggests the announcement was treated more as a medium-term strategic development than an immediate earnings trigger.

Under the memorandum of understanding, NLC India and Indian Oil will work together on large renewable energy projects across solar, wind and hybrid power, with or without storage systems such as battery storage and pumped storage. 

These projects are expected to be developed in Tamil Nadu and aimed at commercial and industrial consumers, including possible use cases tied to green synthetic fuels and chemicals. NLC India’s management described the tie-up as an important step in its move toward clean energy, green hydrogen and future renewable technologies.