EMS shares surged 16.5% to an intraday high of ₹338.85 on Monday after the company received the lowest bidder (L-1) status awarded by UP Jal Nigam (Urban), Varanasi for construction work. According to the latest reports, EMS received the lowest bidder (L-1) status from UP Jal Nigam (Urban), Varanasi, for the construction of sewer networks and house connections in four wards of Nagar Nigam, Varanasi - Shivpurwa, Tulsipur, Birdopur, and Kajipura, part of 18 problematic wards identified for sewerage infrastructure development. The estimated order value is approximately ₹102.85 crore, excluding goods and services tax (GST), and is to be executed within 24 months. The scope of work includes surveying, soil investigation, design, and supply of all materials and labour for laying and jointing of sewer networks and providing sewer house connections, on a turnkey basis. Meanwhile, Creative Newtech shares jumped 17% after the company along with its consortium partner received an advance work order from BSNL for the BharatNet Middle Mile Network Project in the Odisha Telecom Circle, with a total project value of approximately ₹3,194.83 crore.
Sensex rebounded 450 points from its day's low but remained down 0.88% at 73,590.15 as of 10:05 AM, while Nifty declined 0.64% to 23,217.45. The partial recovery was driven by value buying and positive global cues, with about 1,382 shares advancing against 2,239 declining. Healthcare and pharma sectors outperformed with Nifty Healthcare rising 0.7% and Nifty Pharma up 0.4%, while metal and realty indices were among the worst performers, down 1.0-1.3%. Wipro emerged as the worst performer, falling 5.4%, while financial services companies including Jio Financial Services, Bajaj Finance, and Shriram Finance declined 1.2-2.0%. Despite the broader weakness, Nifty50 recouped the morning losses to trade only 0.5% lower on Monday afternoon, showing resilience amid challenging market conditions.
Despite the overall market weakness, several large-cap stocks demonstrated strong technical breakouts by crossing their 200 EMA levels. NTPC shares traded 0.75% higher and jumped nearly 3% from intraday lows, crossing the 200 EMA level of ₹360 to currently trade at ₹364 apiece on the NSE. The state-run thermal electricity player has delivered modest returns of 8.3% in 2026 and 9.5% on a yearly basis, outperforming the benchmark NIFTY50. Tech Mahindra shares jumped 1.5% despite broader tech stock weakness, crossing the 200 EMA of ₹1,485 apiece on the NSE, though the IT sector has witnessed high volatility with -5.2% returns in 2026. BEL shares jumped 1% and traded at ₹414 apiece, crossing the crucial 200 EMA level of ₹410, while the defence player has delivered modest 3.7% gains in 2026. State Bank of India's shares traded positively with 0.4% gains, jumping 2.3% from intraday lows and crossing the 200 EMA level of ₹971 apiece, with the stock delivering 20% returns on a one-year basis.
Market weakness was compounded by Foreign Institutional Investors (FIIs) offloading equities worth ₹8,776.25 crore on June 05, 2026, adding to selling pressure. Domestic equity indices continued to witness weakness due to rising crude oil prices amid renewed Middle East tensions as Iran fired missiles at Israel, raising concerns over a fragile ceasefire. The rupee weakened by 46 paise to 95.64 against the US dollar at the Inter-bank Foreign Exchange market, further dampening sentiment. On the BSE sectoral front, traders were seen piling up positions in Healthcare, FMCG and Utilities, while selling was witnessed in Metal, Telecom, Auto, Basic Materials and Industrials. Despite these challenges, the market showed resilience with select stocks like EMS and Creative Newtech benefiting from major order wins, while technical breakouts in stocks like NTPC, Tech Mahindra, BEL, SBI, and Power Grid provided positive momentum amid the broader selloff.
