Top Gainers & Losers on June 2: Newgen Software Tech, Concord Biotech, TCS, HFCL, NMDC Record Significant Price Movements

Indian Stock Market Rebounds on Tuesday, Snapping Four-Day Losing Streak

The Indian stock market closed Tuesday's session with healthy gains, as the benchmark indices ended over 0.5% higher, snapping their four-day losing streak. A sharp rally in technology stocks supported the market rebound, although weakness in financial shares capped further upside.

Market Performance

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The Nifty 50 closed 0.53% higher at 23,506, while the Sensex ended the session at 74,692, up 0.57% from the previous close.

Meanwhile, weakness in the domestic market, led by sustained selling by overseas investors, saw India slip to the seventh position globally in terms of equity market capitalization, as weaker earnings growth and limited exposure to artificial intelligence-linked stocks helped South Korea move ahead.

Global Market Capitalization

Data from stock exchanges showed that the combined market capitalization of companies listed on South Korea's KOSPI, KOSDAQ, and KONEX exchanges rose to $5.01 trillion, surpassing the $4.85 trillion market capitalization of companies listed on India's National Stock Exchange.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

In the Middle East, tensions remained elevated after Iran reportedly said it would suspend the exchange of messages with the US in response to Israel's intensifying military operations in Lebanon before sentiment improved after US President Donald Trump said negotiations were still ongoing.

Crude Oil Prices and Currency Market

Following the recent escalation, crude oil prices surged 4% overnight before retreating nearly 2% in Tuesday's trade. In the currency market, the Indian rupee slipped below the 95-per-dollar mark on Tuesday. The currency has declined more than 4% since the Iran conflict began in late February and had touched a record low of nearly 97 per dollar in mid-May before rebounding following RBI interventions.

Technology Stocks Lead Rally

Technology stocks continued to dominate the market on Tuesday, supported by better-than-expected quarterly performance from major US software companies, which reassured investors that the impact of AI-driven coding tools on the software industry could remain limited.

Newgen Software Technologies topped the gainers' chart, surging 17.4% to ₹518 apiece. It was followed by Hexaware Technologies, Tata Consultancy Services, and Infosys, which rallied 6.9%, 6.5%, and 5.7%, respectively. Other technology stocks also joined the rally, with Tata Elxsi, Birlasoft, Zensar Technologies, Sonata Software, Affle (India), 3i Infotech, HCL Technologies, Coforge, L&T Technology Services, and Netweb Technologies India gaining more than 3% each. Concord Biotech, too, posted a solid 10% gain.

Other Notable Stocks

Extending its winning streak to a fourth straight session, shares of HFCL gained 4.5% to ₹190.40 apiece. Meanwhile, Titagarh Rail Systems rebounded 4% to ₹834 after witnessing a two-day sell-off. NMDC Steel extended its earnings-led rally into a second straight session, with the stock surging another 4.1% to ₹52.6 apiece, while parent company NMDC also ended over 3% higher.

Losers

Wockhardt shares slipped 8.7% to ₹1,966 apiece as the stock witnessed profit booking following a sharp five-day rally, during which it had surged more than 30%. NHPC shares also remained under pressure, with the stock falling another 6.4% to ₹72.8, its lowest level since early March. Other major laggards included Force Motors, RHI Magnesita India, Schneider Electric Infrastructure, and PhysicsWallah, all of which ended with losses of more than 4.5%. The decline in Hitachi Energy India also extended into a second straight session, with the stock falling 3.5% to ₹35,102 apiece. Other notable laggards included BSE, Kirloskar Oil Engines, CemIndia Projects, Godrej Industries, and NTPC, all of which declined more than 3%.