Indian benchmark indices remained under pressure by midday on June 23, with the Nifty 50 hovering near the 23,870 mark, down 0.97%, while the BSE Sensex was holding around 76,379, lower by 0.93%. The weakness at the headline index level, however, did not tell the full story. Tuesday’s session was one of those uneven market days where the broader tape looked fragile, yet a clutch of stock-specific stories kept the dealing rooms busy.
Pharma counters surged on reports of a possible US drug-supply opportunity, electronics manufacturing names rallied on fresh business developments, renewable energy stocks found traction on overseas order wins, and block deals triggered sharp moves in metals and other heavyweight counters.
At the same time, large IT names remained under pressure, limiting any meaningful recovery in the benchmark indices.
Here are the top movers and shakers at this hour:
Vedanta
Vedanta share price fell as much as 8.77% during the session after a large block deal involving the company’s shares hit the market. The decline was one of the sharper moves among large-cap names and was closely linked to supply overhang rather than any operating update.
Market reports indicated that about 7.3 crore shares worth nearly Rs 2,149 crore changed hands through block transactions at Rs 292 per share. Earlier reports had suggested that promoter entity Twinstar Holdings was planning to sell up to 6.5 crore shares, or roughly 1.7% stake, through block deals, with a floor price of Rs 291 per share. CITI was said to be managing the transaction.
IT stocks
IT stock prices remained under pressure through the session, with the Nifty IT index slipping around 2% as weakness persisted across frontline software names. Infosys fell 2.8%, Tata Consultancy Services declined 2.66%, Tech Mahindra Ltd. dropped 2.3%, Wipro lost 1.89%, LTIMindtree was down 1.88%, Mphasis fell 1.6%, HCL Technologies Ltd. slipped 1.21%, Coforge lost 0.53% and Persistent Systems edged lower by 0.29%. Oracle Financial Services Software was the only stock in the index trading in the green.
The pressure on the sector came after another weak session for US technology stocks overnight, with Alphabet falling 5% and other large global technology names also ending lower. Indian IT stocks remain highly sensitive to US demand cues, and that sensitivity has only increased after Accenture’s softer FY27 outlook raised fresh questions about discretionary
Pharma stocks
Pharma stock prices were among the stronger movers on June 23, with names such as Piramal Pharma, Gland Pharma, Cipla, Alkem Laboratories and Zydus Lifesciences gaining ground after reports suggested that the United States Food and Drug Administration had approached Indian firms for cancer drug supply. The broader sectoral response was strong enough to push the Nifty Pharma index sharply higher in early trade, as the market moved quickly to price in the possibility of export-linked demand.
According to a report cited by market participants, the US FDA reached out to the Indian Drug Manufacturers’ Association to identify Indian pharmaceutical manufacturers capable of supplying cancer medicines to the United States.
The move in individual names reflected that sentiment. Piramal Pharma jumped as much as 10%, Gland Pharma rose about 3%, Cipla Ltd. added around 2%, Alkem Laboratories gained roughly 2.4%, while Zydus Lifesciences moved up about 1.6%. The buying was not confined to these five stocks either. Laurus Labs, Wockhardt, Dr Reddy’s, Mankind Pharma and Biocon also saw gains during the session.
Meesho
Meesho Ltd. shares climbed as much as 5% after global brokerage Citi initiated coverage on the stock with a Buy rating, citing strong growth potential in India’s rapidly expanding value-commerce segment.The stock reacted positively as investors welcomed the new coverage, which added to improving sentiment around the recently listed e-commerce platform. The move also reinforced expectations that Meesho could continue to benefit from rising digital adoption in lower-tier cities and a growing base of price-sensitive online shoppers. As of writing the stock was up 4.7% at Rs 180.3.
Sterling and Wilson Renewable Energy
Sterling and Wilson Renewable Energy share price rallied more than 7% in intraday trade before paring some gains, after reports suggested that the company had secured a $560 million EPC order for a solar power project in Egypt in partnership with Hassan Allam Holding. Even after cooling off from the day’s high, the stock remained firmly in positive territory by midday, and the reason was fairly obvious. This was not a modest project tucked away in a filing. It was a large overseas renewable order with scale, visibility and strategic value.
According to the reported details, Hassan Allam Construction and Sterling and Wilson Renewable Energy, in a joint venture, were awarded the engineering, procurement and construction contract for the West Minya Solar Power Project in Egypt. The project will include 1,000 MWac of solar power generation capacity and a 600 MWh battery energy storage system. The scope includes photovoltaic facilities, battery storage infrastructure, transmission works, grid interconnection and associated balance-of-plant systems.
APAR Industries
Apar Industries rose 1.21% after the company announced that its wholly owned subsidiary, APAR Industries Middle East Limited, KSA, has signed an agreement with Saudi Aramco Base Oil Company (Luberef).
The agreement is aimed at strengthening the downstream industrial ecosystem and enhancing local content. Under the arrangement, APAR will be supplied base oils within the LubeHub Value Park in Yanbu, Saudi Arabia.
JSW Infrastructure
JSW Infrastructure Ltd. share price gained as much as 3.6% in intraday trade after the company said it plans to raise funds through a qualified institutional placement. By midday, the stock remained in focus as the market assessed the structure of the proposed fundraising and the promoter’s participation through an offer for sale component.
The company said its board has approved the launch of the QIP, which will comprise a fresh issue of up to 23,00,00,000 equity shares, along with an offer for sale of up to 3,32,52,427 equity shares by the promoter selling shareholder.
Info Edge (India)
Info Edge (India) share price rose as much as 4% in early trade after the company shared a detailed update on its investments across artificial intelligence, deeptech and consumer technology startups. The market’s response was not difficult to understand. Info Edge is one of those listed companies whose value is no longer judged only by the cash flows of its operating businesses. Its startup portfolio has become an important part of the investment case, and Tuesday’s disclosure gave the Street more numbers to work with.
In its letter to shareholders, the company said it has invested Rs 614 crore across 28 AI startups so far, with that portfolio now valued at Rs 1,268 crore. That implies a 2.1x multiple on invested capital and a gross IRR of nearly 31%. It also said that 15 of the 28 portfolio companies have already raised externally led follow-on rounds from institutional investors, which gives some external validation to the valuation story.
Syrma SGS Technology
Syrma SGS Technology Ltd. share price climbed as much as 6.4% to hit a record high on June 23 after the company announced a joint venture with Kaga Electronics focused on manufacturing for Japanese clients. By midday, the stock was still holding a sizeable gain, with the market clearly treating the development as a meaningful business expansion rather than a routine corporate announcement.
Syrma will hold a 60% stake in the joint venture company, while the Indian arm of Kaga Electronics will hold the remaining 40%.
Vedanta Power
Vedanta Power Ltd. share price hit the 5% upper circuit at Rs 45.23 as trading interest continued in one of the newly demerged Vedanta group entities. The stock has become a point of focus not just because it is newly listed, but because the company has been fairly aggressive in outlining its ambitions as a standalone power platform after the group’s split.
Vedanta Power has said it is evaluating expansion into hydro, battery storage and nuclear energy, while also targeting a much larger installed capacity over the coming years. Its current business is centred on thermal power generation, with a portfolio spread across multiple states and long-term power purchase agreements supporting a part of the revenue base.