Nifty 50 closed at 23,405.60 (-78.0, -0.3%), BSE Sensex closed at 74,346.17 (-303.7, -0.4%) while the broader Nifty 500 closed at 22,451.85 (-69.3, -0.3%). Market breadth is in the red. Of the 2,760 stocks traded today, 1,124 were gainers and 1,579 were losers.

Indian indices closed lower after the US proposed a 12.5% tariff on imports from India. The Indian volatility index, Nifty VIX, rose 6% and closed at 16.3 points. India’s Services Purchasing Managers’ Index (PMI) grew to 59.8 in May from 58.8 in April, marking its strongest expansion in six months, driven by robust demand for freight, digital solutions, entertainment, and IT services.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower. BSE Focused IT and Nifty IT are among the top index losers today. According to Trendlyne’s sector dashboard, Software & Services emerged as the worst-performing sector of the day, with a fall of 5.1%.

Asian indices closed mixed. European indices are trading lower, except for Spain’s IBEX 35 and Portugal’s PSI. US index futures traded mixed. US President Donald Trump's administration proposed a tiered tariff system of 10% or 12.5% on imports from 60 economies, including India and China, following a probe into goods allegedly produced using forced labor. Brent crude oil futures are trading higher after rising 1.1% on Tuesday.

• Money Flow Index (MFI) indicates that Aditya Infotech is in the overbought zone.

• Thermax receives approval from the National Company Law Tribunal (NCLT) to merge its subsidiary, Buildtech Products India, with itself.

• Motilal Oswal retains its 'Buy' call on Shriram Finance, with a target price of Rs 1,175 per share. This indicates a potential upside of 28.9%. The brokerage believes that rural-focused expansion and strong assets under management (AUM) will drive earnings growth. It expects the firm to deliver a net profit CAGR of 26% over FY27-28.

• Lenskart Solutions is falling as 5.7 crore shares (~3.3% stake), worth approximately Rs 2,873 crore, reportedly change hands in a block deal at an average price of Rs 508.5 per share.

• Life Insurance Corporation of India reportedly acquires 0.76% stake in NHPC via open market purchase on June 2. It now holds a 5.7% stake in the company.

  #StockInNews | NHPC: LIC acquires 0.76% stake of NHPC via market purchase on June 2, 2026@nhpcltd @LICIndiaForever #StockMarket pic.twitter.com/97UflUWmxL

  — ET NOW (@ETNOWlive) June 3, 2026

• Shilpa Medicare's subsidiary, Shilpa Biocare, to acquire a 30.4% stake in Gate2Brain (G2B) for Euro 7 million (~Rs 77.9 crore) to diversify its central nervous system drug delivery pipeline.

• Suzlon Energy's management aims to quadruple its annual renewable energy (RE) sales to 10 GW by FY31 and expand its orderbook by 163% to 15 GW. The company is also targeting a 40% share of India's wind energy market and plans to secure 3 GW of export orders by FY31, with Europe and Australia identified as key international growth markets.

• Borosil Renewables rises sharply after the Finance Ministry announced a five-year extension of countervailing duties (CVD) on imports of textured tempered glass (solar glass) from Malaysia.

• Amol Gupte, CEO-Asia South at Citi says India’s long-term growth outlook remains robust, supported by strong macroeconomic fundamentals, fiscal prudence, and a resilient banking sector. He adds that while foreign investors have been net sellers in the secondary market, they continue to demonstrate significant interest in high-quality Indian initial public offerings (IPOs).

  Foreign investors still backing quality Indian IPOs: Citi@latha_venkatesh https://t.co/rkAnxTvDXV

  — CNBC-TV18 (@CNBCTV18Live) June 3, 2026

• Apollo Hospitals Enterprise's Managing Director, Sunita Reddy, estimates a Rs 100 crore loss in FY27 from the impact of the West Asia war. She also highlights plans to add about 2,000 beds across its network during the financial year.

• NMDC rises to its all-time high of Rs 97.5 per share as it raises iron ore prices, reducing Baila lump by Rs 200 per tonne to Rs 5,700 compared with last month. Baila fines prices are also raised by Rs 150 per tonne to Rs 4,850.

• Power Mech Projects is rising as it secures an order worth Rs 266.3 crore from Adani Infrastructure Management Services to operate and maintain two 300 MW units at its thermal power plant in Butibori, Maharashtra.

• Ola Electric Mobility gains after its May sales increase 23% MoM to 15,139 units. The company records its third consecutive month of strong sales recovery, supported by a revamped retail strategy and improved operational execution. Demand for Ola’s electric two-wheeler portfolio also benefits from rising petrol prices, reflecting a broader shift in consumer preference toward electric vehicles.

  Ola Electric sees 23 pc growth in monthly registrations in May https://t.co/A9EVw7LRpN

  — Economic Times (@EconomicTimes) June 3, 2026

• Geojit BNP Paribas upgrades Bajaj Auto to a 'Buy' call from 'Hold', with a higher target price of Rs 11,735 per share. This indicates a potential upside of 14.2%. The brokerage believes that traction in the 150cc+ sports segment, a strong launch pipeline in the 125cc & 150cc+ ranges and the EV portfolio scale-up will drive market share gains. It expects the company to deliver a revenue CAGR of 13.6% over FY27-28.

• IndusInd Bank falls after a report says a fresh whistleblower complaint has been submitted to the Prime Minister's Office, the Reserve Bank of India (RBI), and other regulators. The complaint seeks an investigation into alleged insider trading, governance lapses, and shortcomings in audit and forensic reviews.

• Natco Pharma and its partner Lupin receive US FDA approval for Natco's abbreviated new drug application (ANDA) for Eribulin Mesylate Injection. The injection is used to treat metastatic breast cancer and had an estimated market size of $43.7 million in the US as of April 2026, according to IQVIA.

• India’s services PMI rises to 59.8 in May from 58.8 in April, recording its strongest expansion in six months. Growth in business activity was driven by robust demand for services such as freight, digital solutions, e-commerce, entertainment, and information technology. Firms also reported favorable demand conditions, successful client acquisitions, and stronger inflows of new orders.

  May services PMI hits 6-month high- external demand rebounds, input cost inflation eases https://t.co/JzD3lO1toJ

  — Financial Express (@FinancialXpress) June 3, 2026

• Elantas Beck India is rising as its board of directors approves the expansion of its Ankleshwar plant by 31.4% to 46,000 metric tonnes per annum (MTPA) with a capex of Rs 56 crore.

• Adani Ports & SEZ's total monthly cargo handled grows 16% YoY to 48.3 million metric tonnes (MMT) in May, led by higher container and liquid cargo volumes. Its logistics rail volume falls 19% to 48,170 twenty-foot equivalent units (TEUs).

• Bajel Projects is rising as it receives an order worth up to Rs 400 crore from a data centre client in Mumbai to build a high-voltage power substation for a data centre project.

• The Department for Promotion of Industry and Internal Trade (DPIIT) notes that a new Producer Price Index (PPI) and a revised Wholesale Price Index (WPI), both with 2022–23 as the base year, are set to be launched on June 15. The introduction of the PPI aims to align India's inflation measurement framework with global best practices by capturing price changes at the producer level and showing how increases in input costs are passed on to the prices of final goods.

  On June 15, the DPIIT will launch a new Producer Price Index (PPI) and a revamped Wholesale Price Index (WPI), both utilizing a updated 2022-23 base year.#CommerceMinistry #PPI #WPI #NewWPIIIPSerieshttps://t.co/5ygmOwNj8s

  — Business Standard (@bsindia) June 3, 2026

• Bajaj Electricals is falling as its promoter, Jamnalal Sons, sells 56.2 lakh shares for Rs 180 crore through a block deal at an average price of Rs 320.5 per share. Kamalnayan Investments & Trading, Niraj Holdings and Shekhar Holdings, among others, pick up the shares.

• Advait Energy Transitions is rising as its subsidiary, Advait BESS Bhesaan, secures an order from Gujarat Urja Vikas Nigam (GUVNL) to develop a 150 MW battery energy storage system (BESS).

• John Cockerill India surges to a new all-time high of Rs 8,290 as it secures an order worth up to 1,300 crore from JSW Vijayanagar Metallics to supply and commission processing lines for its cold-rolled non-oriented (CRNO) electrical steel project.

• Concord Biotech is rising sharply as the US FDA approves its abbreviated new drug application (ANDA) for Mycophenolate Mofetil oral suspension. The drug is used for prevention of organ rejection and has an estimated market size of $30 million in the US.

• Nifty 50 was trading at 23,303.20 (-180.4, -0.8%), BSE Sensex was trading at 74,507.73 (-142.1, -0.2%), while the broader Nifty 500 was trading at 22,381.90 (-139.2, -0.6%).

• Market breadth is in the red. Of the 2,163 stocks traded today, 798 were on the uptick, and 1,294 were down.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (14.85, 4.9%), NHPC Ltd. (75.10, 3.9%) and GE Vernova T&D India Ltd. (4,964.50, 3.8%).

Downers:

Largecap and midcap losers today include Tata Consultancy Services Ltd. (2,241.70, -8.4%), Persistent Systems Ltd. (5,097.50, -6.8%) and LTM Ltd. (4,052.70, -6.7%).

Volume Rockets

11 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included IFCI Ltd. (80.42, 12.3%), RHI Magnesita India Ltd. (377.45, 9.5%) and KPR Mill Ltd. (1,085.80, 8.7%).

Top high volume loser on BSE was Schaeffler India Ltd. (4049.90, -0.5%).

Concord Biotech Ltd. (1,201.50, 3.0%) was trading at 9.3 times of weekly average. Mangalore Refinery And Petrochemicals Ltd. (154.16, 4.9%) and Leela Palaces Hotels & Resorts Ltd. (424.20, 3.6%) were trading with volumes 7.6 and 4.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

15 stocks overperformed with 52 week highs, while 7 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Federal Bank Ltd. (301.05, 2.7%), HFCL Ltd. (199.41, 5.0%) and Welspun Corp Ltd. (1,421, 2.5%).

Stocks making new 52 weeks lows included - Britannia Industries Ltd. (5,064, -1.0%) and Emami Ltd. (387, -1.2%).

13 stocks climbed above their 200 day SMA including Ola Electric Mobility Ltd. (43.74, 9.8%) and Leela Palaces Hotels & Resorts Ltd. (424.20, 3.6%). 22 stocks slipped below their 200 SMA including Tech Mahindra Ltd. (1,472.30, -6.3%) and CreditAccess Grameen Ltd. (1,269.20, -3.5%).