Market Midday 2 June: Nifty And Sensex Slip, Top Stocks At Lunch

Indian equity benchmarks traded lower on Tuesday, tracking weak global sentiment after fresh uncertainty emerged around negotiations between the United States and Iran.

The Nifty 50 and the Sensex declined as investors reacted to reports indicating a possible breakdown in diplomatic talks between Washington and Tehran. At 12:27 pm, the Nifty 50 was down 0.40%, while the Sensex was down 0.30%.

Pressure In Broader Markets

Broader markets also remained under pressure. The Nifty Midcap 100 index was down 0.95% at 12:29 pm, while the Nifty Smallcap 100 index was down 0.72% during the same time. Investor concerns increased after Iran said it would stop ongoing negotiations with the United States and completely block the Strait of Hormuz.

According to reports, Tehran linked its decision to alleged ceasefire violations involving Israel and Lebanon. Iran also stated that negotiations would not resume until Israel withdraws from Lebanon. The developments added to risk aversion across markets.

Top Stocks On Nifty 50

At 12:30 pm, the top five stocks on the Nifty 50 index were:

• TCS

• Infosys

• HCL Tech

• Tech Mahindra

• Wipro

Stock-Specific Action

• Ola Electric shares fell nearly 3.5% in intraday trade after the company approved the launch of a qualified institutional placement (QIP), fixing a floor price of ₹37.74 per equity share.

• Anant Raj shares gained up to 4% in early trade after the company's announcement of signing a memorandum of understanding with the Haryana Government to invest ₹25,000 crore in the state for developing a data centre and cloud services.

• Coforge shares rose more than 2% in intraday trade after the company announced the launch of its Nexa Agentic AI platform.

• NHPC Ltd shares declined over 4% in early trade after the government came up with an offer for sale to divest up to 6% stake in the company.

Other Developments

Some of the other major developments till now include:

• ACME Solar Holdings Ltd announced the kick start of its QIP, setting a floor price of ₹294.13 per equity share.

• According to a report, India’s CPI inflation is expected to rise to 4.8% with crude oil averaging USD 90/bbl in FY27.

• Gold and silver prices remained largely steady on the Multi-Commodity Exchange of India as a strong dollar and a sharp rise in crude oil prices weighed on investors' sentiments.

Also Read - Government To Sell Up To 6% Stake In NHPC Via Offer For Sale

Afternoon Trade Outlook

Investors are likely to keep a close watch on developments surrounding the Iran-US negotiations and any fresh statements from officials, as geopolitical headlines continue to drive risk sentiment across global markets.

Sources:

Business Standard

The Economic Times