Indian equity markets remained under pressure by midday on June 2 despite positive cues from other Asian markets. The Nifty 50 was hovering near the 23,300 mark, down about 0.34%, while the Sensex was trading around 74,085 levels, lower by nearly 0.24%. Asian markets traded largely lower on Tuesday as investors weighed renewed uncertainty over US-Iran peace negotiations. U.S. President Donald Trump on Monday shrugged off the possibility that peace talks with Iran could fall apart, reportedly telling the media, "I don't care if they're over, honestly." Trump was responding to reports that Iranian negotiators were considering ending discussions with Washington and moving to completely block the Strait of Hormuz in response to Israel's military campaign in Lebanon targeting the Iran-backed Hezbollah group. Overnight, Wall Street ended in the green — the S&P 500 rose 0.26% to close at 7,599.96, while the Nasdaq Composite gained 0.42% to close at 27,086.81, with all three indexes reaching new all-time intraday highs.
Banking stocks were trading lower on Monday, June 1, with Nifty Bank falling 1.37% amid weak market sentiment and cautious investor positioning ahead of the Reserve Bank of India policy meet scheduled later this week. All the 14 stocks on the gauge were trading in the red, with Union Bank of India taking the lead, falling 3.2%. The index opened at 54,403.85 level and slipped to an intraday low of 53,492.70 level, underperforming the NIFTY50 index which dropped 0.7% to its intraday low of 23,382.60 level. Canara Bank, Punjab National Bank, and Kotak Mahindra Bank were the other major losers, slipping 2.34%, 2.18% and 2.11% respectively. Other notable declines included Bank of Baroda (-1.81%), AU Small Finance Bank (-1.8%), IndusInd Bank (-1.51%), State Bank of India (-1.39%), and ICICI Bank (-1.36%). HSBC analysts noted that credit growth in India's banking system remained strong at 16.2% year-on-year compared with 16.7% in March 2026, though they cautioned about macroeconomic headwinds including inflation risks and potential supply chain disruptions from Middle East conflict.
Reliance Industries (RIL) will seek shareholders' approval for internal transactions worth over ₹16.64 trillion spread across the next five fiscal years involving digital services subsidiaries Jio Platforms and Reliance Jio Infocomm, according to the notice for the company's 49th AGM filed on Friday. The meeting is scheduled to be held on June 19, 2026. Ashok Leyland reported its highest-ever Q4 net profit for FY26 at ₹1,405 crore, up 13 per cent from ₹1,246 crore in the year-ago period, with revenue from operations rising 19 per cent to ₹14,160.49 crore during the quarter. Alkem Laboratories reported a 22.7 per cent year-on-year decline in consolidated net profit for Q4FY26 at ₹236 crore, though revenue from operations rose 14.6 per cent to ₹3,603 crore. The Samprada and Nanhamati Family Trust is likely to sell up to a 1.5 per cent stake in Alkem Laboratories via a block deal, with the floor price set at ₹5,200 per share, according to reports.
Wipro announced an expanded partnership with ServiceNow to implement and scale agentic AI workflows across enterprise functions such as IT, HR, procurement, and cybersecurity. Under this expanded partnership, Wipro will integrate Wipro Intelligence™, its unified suite of AI-powered platforms, solutions, and transformative offerings, with the ServiceNow AI Platform. The partnership enables organizations to streamline the initiation, orchestration, and execution of work across enterprise systems by reducing manual coordination and improving visibility. Some key Wipro Intelligence™ solutions include SmartProcure for procurement workflows, Telco Autonomous Networks for telecom operations, and Cyber Transform for cybersecurity governance. Wipro has raised its stake in Aggne, a technology services and consulting company serving the property and casualty insurance sector, to 80 per cent for $28.5 million in cash, with the transaction completed. Wipro has made a significant investment in Aggne, a leading consulting and managed services company serving the insurance and Insurtech industries, with this investment making Wipro a majority shareholder in Aggne and gaining access to a highly sought-after set of capabilities and Intellectual Property in the property & casualty insurance space. Shares of Wipro Limited were last trading at ₹201.60 on BSE compared to the previous close of ₹203.85, with a trading volume of 20.39 lakh shares.
Anant Raj emerged as a standout performer, surging as much as 4.56% by midday after announcing a major ₹20,000 crore investment commitment towards data centre infrastructure in Haryana. The real estate developer signed a Memorandum of Understanding with the Haryana government during the launch of the Make in Haryana Policy. The company currently operates 28 MW of IT load across Manesar and Panchkula and plans to expand total capacity to 307 MW by 2031-32 across Manesar, Panchkula and Rai. NHPC declined as much as 4.58% after the government announced an Offer for Sale to divest up to 6% stake in the company with a floor price fixed at ₹71 per share. The OFS includes a base offer of 3% equity along with a 3% greenshoe option, potentially fetching nearly ₹4,200 crore for the government. Ola Electric fell around 5% despite reporting sharp improvement in May sales, selling 15,139 units compared to 12,323 units in April, translating into 23% growth. However, concerns surrounding profitability continued to weigh on sentiment after Q4 FY26 revenue of ₹265 crore and consolidated net loss of ₹500 crore. Infosys gained 5.61% as technology stocks extended their rebound, with the broader Nifty IT index climbing 4.82% following the company's recent Q4 FY26 results showing 20.8% rise in net profit to ₹8,501 crore. TCS advanced more than 6% after announcing a partnership with French AI firm Mistral to develop enterprise-grade AI solutions, while NMDC surged 5.23% to a fresh 52-week high after reporting 20% growth in iron ore production to 5.31 million tonnes during May.
The Reserve Bank of India MPC's bi-monthly monetary policy meet will be held this week from June 3 to 5, with the six-member Monetary Policy Committee headed by RBI Governor Sanjay Malhotra announcing the rate decision on June 5. The central bank had reduced the policy rate cumulatively by 100 bps in 2025-26. Goldman Sachs expects the RBI's MPC to remain on hold at its June policy meeting and retain a neutral stance, with headline inflation likely to rise above 5% in the second half of CY26. BofA noted that the RBI is facing a difficult policy backdrop with the external environment remaining highly uncomfortable, suggesting holding rates for now appears logical. The firm expects policy to tighten despite not anticipating significantly higher inflation or very strong economic growth, with the bar for interest rate hikes to defend the currency remaining high. Ponmudi R, CEO of Enrich Money, noted that Indian equity markets are expected to open with a cautious undertone as persistent geopolitical uncertainty continues to cloud investor sentiment, with the U.S.–Iran situation remaining unresolved and prolonged tensions in the Middle East keeping global risk appetite restrained.
