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The GIFT Nifty was up 0.02% at 24,719 as of 07:35 a.m. on Wednesday, signaling a tepid start to Indian markets today.

Asian stocks opened higher following data indicating resilience in the US labour market despite ongoing concerns over President Donald Trump’s tariff policies. South Korea’s Kospi Index led gains with a 1.6% rise, buoyed by the election of a new president, which brought an end to six months of political uncertainty. US equity futures also witnessed an uptick.

On the trade front, the US confirmed that President Trump and Chinese President Xi Jinping are expected to engage in talks “very soon,” easing some trade war anxieties.

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Markets On The Home Turf

India’s benchmark equity indices closed lower for the third consecutive session on Tuesday, dragged down by financials and IT stocks. The NSE Nifty 50 ended 174.1 points or 0.7% lower at 24,542.5, while the BSE Sensex closed 636.24 points or 0.78% down at 80,737.51.

Foreign portfolio investors remained net sellers of Indian equities for the third straight session, selling up stocks worth Rs 2,853.8 crore, according to NSE provisional data.

Domestic institutional investors stayed net buyers for the 11th straight session as they bought equities worth Rs 5,908 crore, the data showed.

Everything That Could Influence Indian Equities Today:

Asian Markets Update

  • S&P 500 futures gained 0.067%.

  • Hang Seng index futures were up 1.14%.

  • Futures for the Nikkei 225 on the Osaka Exchange rose 0.10%.

  • Japan’s Topix index rose 0.46%.

  • Australia’s S&P/ASX 200 index gained 0.62%.

  • Euro Stoxx 50 futures were up 0.20%.

Commodity Check

  • West Texas Intermediate crude declined 0.28% to trade at $63.28 per barrel.

  • Spot gold declined by 0.04% to $3,351.94 per ounce.

London Metal Exchange

  • Copper rose 0.18%, extending gains.

  • Nickel was down 0.64%, reversing advances.

  • Aluminium was down 0.10%, reversing gains.

  • Zinc gained 0.32%, continuing upward streak.

  • Lead rose 0.20%, extending advances.

US Market Updates

Wall Street stocks climbed as data showed the US labor market remains strong despite concerns over risks from President Donald Trump’s tariff war.

An unexpected rise in job openings just days before the US payrolls report boosted investor confidence. Technology giants led the gains in the S&P 500, reinforcing the Federal Reserve’s view that the labour market is in good shape.

The S&P 500 increased by 0.6%, the Nasdaq 100 rose 0.8%, and the Dow Jones Industrial Average gained 0.5%.

Key Data To Watch

The seasonally adjusted HSBC India Services PMI for May will be released at 10:30 a.m. on Wednesday. The index reached 58.7 in April, up from 58.5 in March, indicating a sharp and stronger expansion in service sector output.

Stocks To Watch

  • Wipro: The company won a multiyear deal with Entrust, a global leader in identity-centric security solutions. Wipro will provide strategic resources, scale, and agility to help Entrust accelerate its growth.

  • Yes Bank: The board approved raising funds up to Rs 16,000 crore via debt and equity. The bank will raise Rs 7,500 crore from equity and Rs 8,500 crore from debt securities.

  • Sun Pharma: The company announced top-line results from its Phase 2 clinical trials evaluating SCD-044, a novel, orally bioavailable S1P receptor 1 agonist developed for the treatment of inflammatory diseases. Despite this, the company is discontinuing studies of SCD-044 for atopic dermatitis after the top-line results from its Phase 2 study, which included 250 people, did not meet the primary objective.

  • Zydus Lifesciences: The company is acquiring two US-based biologics manufacturing facilities from Agenus for $75 million upfront and has also secured exclusive licensing rights for Agenus’s next-generation immuno-oncology platforms, Botensilimab and Balstilimab.

  • Ashok Leyland: The company received an order worth Rs 184 crore to supply 543 BSVI diesel chassis and fully built buses.

  • Tata Chemicals: The IT department granted a refund of Rs 55.7 crore including interest.

  • One 97 Communications (Paytm): The company arm, Paytm Cloud Technologies, incorporated its wholly owned arm, Paytm Singapore.

  • NLC India: The company’s arm incorporated a joint venture company with Rajasthan Rajya Vidyut Utpadan Nigam to develop, operate, and maintain lignite mines and lignite-based thermal power stations.

  • Indegene: Carlyle Group is set to exit a 10.2% stake in the company for at least Rs 1,420 crore. The floor price is Rs 580 per share, which is a 6% discount from the current market price.

  • Garden Reach Shipbuilders: The company entered an agreement with Norway’s Kongsberg to build India’s first-ever polar research vessel.

  • R Systems: The company signed an agreement with Mavvrik to enable proactive financial governance for AI and hybrid Infrastructure.

  • Kaynes Technology: The company made an investment of $8.8 million in a subsidiary and provided corporate guarantee of up to Rs 250 crore on behalf of the arm.

  • Techno Electric & Engineering: RailTel Corp selected the company to set up a 10MW data centre in Noida.

  • Ethos: The board approved raising funds of up to Rs 410 crore via Rights Issue.

  • Servotech Renewable: The company received Rs 33.6 crore order for 7.8MW grid-connected solar rooftop project from Northeast Frontier Railway.

  • Block deals: Apart from these corporate actions, various block deals are set to be executed. Deals from Indegene, Tata Technologies, Alkem Laboratories, and Aditya Birla Fashion and Retail aggregate to approximately Rs 3,480 crore.

Listing Day

  • Scoda Tubes: The company’s shares will debut on the stock exchange on Wednesday at an issue price of Rs 140 apiece. The Rs 220-crore IPO was subscribed 53.78 times on its third and final day. Bids were led by institutional investors (69.51 times), retail investors (19.4 times), non-institutional investors (113.03 times).

Brokerage Radar

Morgan Stanley On Mahindra & Mahindra

  • Maintained ‘overweight’ rating with a target price of Rs 3,668.

  • Shifts in consumer preferences are driving increased demand for SUVs.

  • Management plans to launch two battery electric vehicles and internal combustion engine SUVs in calendar year 2026.

  • Longer-term absolute earnings before interest and tax from BEVs could be in line with that of ICE vehicles.

  • M&M expects mid-to-high teens growth in utility vehicle segment and aims for 85,000 unit production capacity by the end of fiscal 2027.

Morgan Stanley On Tata Power

  • Maintained ‘overweight’ rating with a target price of Rs 449, implying an upside potential of 15%.

  • For the solar engineering, procurement, and construction segment, third-party orders are expected to be completed in fiscal 2026.

  • The company has locked in its entire solar manufacturing capacity, with projected margins of approximately 20%.

  • Targets solar production of 3.7 GW in the current fiscal.

Morgan Stanley On Godrej Consumer Products

  • Maintained ‘overweight’ rating with a target price of Rs 1,431, implying an upside potential of 16%.

Management Takeaways:

  • Expects fiscal 2026’s revenue growth in the high single digits.

  • Ebitda growth anticipated in double digits.

  • Aims for mid to high single digit volume growth.

  • Household insecticide segment expected to grow at mid to high single digits.

  • New categories are expected to grow at mid-teens.

  • Management remains open to acquisition opportunities to drive growth and expand portfolio.

Read more about all brokerage calls on Wednesday here.

Bulk Deals

  • Yes Bank: Carlyle Group-affiliate CA Basque Investments sold 41 crore shares (1.3%) at Rs 21.68 apiece.

  • Prostarm Info Systems: PG Foils bought 6.29 lakh shares (1.06%) at Rs 120 apiece.

  • Ola Electric Mobility: Hyundai Motor sold 10.88 crore shares (2.46%) at Rs 50.7 apiece, Kia Corp sold 2.71 crore shares (0.61%) while Citigroup bought 8.61 crore shares (1.95%) at Rs 50.55 apiece.

  • Nazara Technologies: Ram Babu Gupta bought 4.75 lakh shares (0.54%) at Rs 1,281 apiece.

  • Zinka Logistics Solutions: Quickroutes International sold 1.59 crore shares (9.01%) at an average price of Rs 420.15 apiece, Peak XV Partners Investments sold 12.10 lakh shares (0.68%) while ABU Dhabi Investment 23.02 lakh shares (1.29%) at Rs 420 apiece, ICICI Prudential Mutual Fund bought 11.42 lakh shares (0.64%) at Rs 420 apiece, Massachusetts Institute of Technology bought 24.65 lakh shares (1.38%) at Rs 420 apiece. SBI Mutual Fund bought 9.14 lakh shares (0.51%) at Rs 420 apiece, TNTBC as the trustee of Nomura India stock mother fund bought 15.61 lakh shares (0.88%) at Rs 420 apiece.

  • Aptus Value Housing Finance: Westbridge Crossover Fund sold 6.19 crore shares (12.39%) at Rs 307.54 apiece, SBI Mutual Fund bought 70.66 lakh shares (1.41%) at Rs 307 apiece, Morgan Stanley Asia Singapore bought 29.95 lakh shares (0.59%) at Rs 307 apiece, Axis Mutual Fund bought 25 lakh shares (0.5%) at Rs 307 apiece, East Bridge Capital Master Fund bought 42.01 lakh shares (0.84%) at Rs 307 apiece.

  • Bombay Dyeing & Manufacturing Co: Baymanco Investments bought 56 lakh shares (2.71%) at Rs 151.6 apiece, while The Bombay Burmah Trading sold 56 lakh shares (2.71%) at Rs 151.6 apiece.

Insider Trades

  • Nirlon: Promoter Shital Trading & Interiors sold 5,000 shares.

  • Sunteck Realty: Promoter Samagra Wealthmax bought 12,000 shares.

  • Usha Martin: Promoter Peterhouse Investments India sold 3 lakh shares.

  • DB Corp: Promoter DB Power bought 53,076 shares.

Trading Tweaks

  • Price band change from 20% to 10%: NRB Industrial Bearings.

  • Ex-stock Split: Coforge (from Rs 10 to Rs 2)

  • Ex-Dividend: Inox India, Tata Motors, TCS.

F&O Cues

  • Nifty June Futures down by 0.69% to 24,654 at a premium of 112 points.

  • Nifty June futures open interest up by 0.45%.

  • Nifty Options June 6 Expiry: Maximum Call open interest at 25,500 and Maximum Put open interest at 24,000.

  • Securities in ban period: Manappuram Finance.

Currency/Bond Update

  • The rupee closed 20 paise weaker at 85.59 against US Dollar.

  • The yield on the benchmark 10-year government bond ended flat at 6.25%

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