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Trendlyne Marketwatch
04 Jun 2026
Market closes flat amid weakness in IT stocks and uncertainty over the US-Iran peace deal
By Trendlyne Analysis

 

Nifty 50 closed at 23,416.55 (11.0, 0.1%), BSE Sensex closed at 74,360.01 (13.8, 0.0%) while the broader Nifty 500 closed at 22,497.70 (45.9, 0.2%). Market breadth is in the green. Of the 2,764 stocks traded today, 1,418 were gainers and 1,286 were losers.

Indian indices closed flat amid weakness in IT stocks and uncertainty over the US-Iran peace deal. The Indian volatility index, Nifty VIX, fell 2.4% and closed at 15.9 points. India’s exports of refined petroleum products fell to about 930,000 barrels per day in May, their lowest level since October 2022. The reduced overseas shipments were due to refinery maintenance, shifting production priorities, and stronger domestic demand.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher. Nifty Media and Nifty Consumer Durables were among the top index gainers today. According to Trendlyne’s Sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 3.9%.

Asian indices closed mixed, while European indices are trading lower, except for France’s CAC 40 and Germany’s DAX index. US index futures traded mixed. Sentiment weakened as the US and Iran reportedly exchanged airstrikes for the third time in a week, heightening geopolitical tensions. Kuwait’s airport was reportedly hit by an Iranian drone, while Iran claimed the damage was caused by a malfunctioning US Patriot missile. Uncertainty over progress toward a peace agreement also weighed on markets, following reports that Iran had stepped back from indirect negotiations with the US.

  • Relative Strength Index (RSI) indicates that Aditya Infotech is in the overbought zone.

  • Dixon Technologies rises after Chairman Sunil Vachani says the company plans to enter the data centre hardware segment through a partnership with a Taiwanese firm.

  • Larsen & Toubro reportedly signs a memorandum of understanding (MoU) with the Tamil Nadu Government to invest Rs 18,600 crore across three projects. The company will undertake a data centre expansion project in Kancheepuram, develop an electronic systems manufacturing plant in Coimbatore and shipbuilding facility enhancement in Tiruvallur.

  • Zen Technologies surges on reports that India may place its largest-ever military drone order, worth over Rs 20,000 crore, benefiting domestic manufacturers.

  • India’s exports of refined petroleum products fall to about 930,000 barrels per day in May, their lowest level since October 2022. The reduced overseas shipments were due to refinery maintenance, shifting production priorities, and stronger domestic demand. Planned maintenance at Reliance Industries’ Jamnagar refinery, the country’s largest and a key exporter of refined fuels, was a major factor, cutting crude processing rates and limiting export availability during the month.

  • Physicswallah soars over 14% as it restructures its lending strategy and partners with multiple third-party non-banking financial companies (NBFCs) to provide student loans. The company had earlier planned to pursue lending through its own finance unit, FinZ Finance. The move will reduce balance sheet and credit-related risks.

  • Ceigall India signs an agreement to sell its step-down subsidiary, Ceigall Malout Abohar Sadhuwali Highways, to Neo Infra Income Opportunity Fund for Rs 177 crore.

  • Shares of JBM Auto and Olectra Greentech rise after the Union Cabinet approves a Rs 9,585 crore vehicle replacement programme to phase out older commercial vehicles and accelerate cleaner transport adoption in the Delhi-NCR region.

  • Emkay Wealth Management maintains a positive medium- to long-term outlook on gold and silver, noting that the metals continue to be supported by expectations of lower US interest rates and steady investor demand despite recent volatility. The firm said the ongoing rally in precious metals differs from past cycles, as it is being driven more by sustained allocation flows rather than speculative trading.

  • IDBI Capital initiates coverage on Brigade Hotel Ventures with a 'Buy' call and a target price of Rs 86 per share. This indicates a potential upside of 39.8%. The brokerage is positive on the stock driven by a strong presence in key Southern markets, active asset management, and an aggressive expansion plan in high growth markets. It expects the firm to deliver a revenue CAGR of 22.8% over FY27-28.

  • Texmaco Rail & Engineering is rising sharply as it partners with Touax Group and TrinityRail Global to form a joint venture (JV), Touax Texmaco Railcar Leasing, to set up a global railcar leasing platform in India.

  • Capacit'e Infraprojects is rising as it secures an order worth Rs 589 crore from Ten X Realty East for civil and shell works for a project in Wadala, Mumbai.

  • US Ambassador Sergio Gor says that 99% of the bilateral trade agreement is in place, with negotiators currently working to resolve the remaining technical and legal issues during talks in New Delhi. He dismissed concerns about the time taken to reach the deal, noting that the trade agreement between India and the European Union took 19 years to complete. Gor also pointed to significant American corporate investments in India, highlighting Amazon’s planned investment of $35 billion in the country by 2030.

  • NBCC (India) is rising as it secures three orders worth Rs 83.2 crore to construct a building for Canara Bank, bungalow in Andhra Pradesh and a veterinary hospital in Bhubaneshwar.

  • Atlanta Electricals surges as it receives an order worth Rs 285.2 crore from Punjab State Transmission Corporation (PSTCL) to supply 23 power transformers, along with fire prevention systems and optional spares.

  • HMA Agro Industries is falling as its Managing Director (MD), Mohammad Mehmood Qureshi, and Chief Executive Officer (CEO), Gulzeb Ahmed, tender their resignations, effective June 2.

  • The Indian government is reportedly considering scrapping the capital gains tax on foreign portfolio investments in government securities to attract overseas capital and support the rupee. Foreign investors are currently subject to a 12.5% long-term capital gains tax. The government may also remove the 20% withholding tax on interest earned by foreign investors from government bonds.

  • Indian Energy Exchange is rising as its traded electricity volume grows 18.6% YoY to 12,983 million units (MU) in May, led by higher energy consumption. IEX Green Market achieves a volume growth of 13% to 1,034 MU.

  • Skipper's board of directors approves a Rs 433.5 crore fundraise by issuing 92.2 lakh shares through a private placement at a price of Rs 470 per share.

  • GMR Airports rises as Fidelity Investment Trust International Smallcap Fund and FMRC Fidelity Advisor International Capital Appreciation Fund buy 19.5 crore and 14.9 crore shares, respectively, worth Rs 3,362.6 crore in a block deal. GQC Partners Emerging Markets Equity Fund and Goldman Sachs Trust-II sell the shares.

  • Shares of wires and cables manufacturers such as KEI Industries and RR Kabel rise as the state government of Gujarat approves the "Wire-Free City Mission" and allocates Rs 500 crore for its first phase. The project will involve the undergrounding of more than 14,600 circuit kilometres of high-tension (HT) overhead power lines and over 31,400 circuit kilometres of low-tension (LT) distribution lines across urban areas in the state.

  • Kirloskar Ferrous Industries is rising as the National Company Law Tribunal (NCLT) approves the merger of its subsidiaries, Oliver Engineering and Adicca Energy, with itself.

  • ideaForge Technology surges to its 5% upper limit as its board of directors approves raising up to Rs 500 crore by issuing equity or securities through a private placement or other modes.

  • Rajesh Exports falls to its 5% lower limit after the Securities and Exchange Board of India (SEBI) alleges large-scale financial misrepresentation, fund diversion, and inflation of 97% to 99% of the company's reported consolidated revenue, amounting to about Rs 15.2 lakh crore over FY21-25.

  • Bharat Heavy Electricals is rising as it secures an order worth Rs 2,000-2,500 crore from Nigeria's Dangote Petroleum Refinery & Petrochemicals Free Zone Enterprise to supply eight gas turbine generator packages.

  • Nifty 50 was trading at 23,345.90 (-59.7, -0.3%), BSE Sensex was trading at 73,935.83 (-410.3, -0.6%), while the broader Nifty 500 was trading at 22,436.40 (-15.5, -0.1%).

  • Market breadth is in the green. Of the 2,189 stocks traded today, 1,242 were on the uptrend, and 859 went down.

Riding High:

Largecap and midcap gainers today include Voltas Ltd. (1,286.50, 4.2%), Hitachi Energy India Ltd. (36,525, 3.8%) and Adani Total Gas Ltd. (744.05, 3.7%).

Downers:

Largecap and midcap losers today include Bharat Heavy Electricals Ltd. (389.20, -4.2%), Patanjali Foods Ltd. (427.25, -3.3%) and Steel Authority of India (SAIL) Ltd. (197.31, -3.2%).

Volume Shockers

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

Top high volume gainers on BSE included Zen Technologies Ltd. (1,809.80, 7.2%), Jindal Saw Ltd. (260, 3.6%) and JBM Auto Ltd. (692.80, 3.5%).

Top high volume loser on BSE was Schneider Electric Infrastructure Ltd. (1,109.80, -1.1%).

Alembic Pharmaceuticals Ltd. (737.55, 1.9%) was trading at 7.9 times of weekly average. Sapphire Foods India Ltd. (180.88, 2.6%) and Go Digit General Insurance Ltd. (303.80, 0.5%) were trading with volumes 7.8 and 3.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

21 stocks made 52 week highs, while 7 stocks hit their 52 week lows.

Stocks touching their year highs included - AIA Engineering Ltd. (4,606, 1.9%), Federal Bank Ltd. (300.10, -0.3%) and HFCL Ltd. (197.08, -1.2%).

Stocks making new 52 weeks lows included - Blue Dart Express Ltd. (4,718, 0.6%) and Britannia Industries Ltd. (5,099, 0.7%).

18 stocks climbed above their 200 day SMA including Zee Entertainment Enterprises Ltd. (104.42, 10.5%) and Anant Raj Ltd. (589.35, 7.6%). 11 stocks slipped below their 200 SMA including Gabriel India Ltd. (1,015, -3.9%) and Endurance Technologies Ltd. (2,572.40, -2.4%).

 
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