Vedanta, Canara Bank, and Adani Ports Among Stocks in Focus Today

Indian Stock Market Rebounds After Four-Session Losing Streak

On Tuesday, June 2, India's benchmark equity indices, the Sensex and Nifty 50, ended a four-session losing streak, supported by gains in heavyweight IT stocks and value buying by investors. After declining nearly 3% over the previous four trading sessions due to escalating Middle East tensions and sustained foreign institutional selling, the BSE Sensex rebounded to close at 74,650, gaining 383 points or 0.52%. Meanwhile, the NSE Nifty 50 advanced 101 points, or 0.43%, to settle at 23,484.

However, the market is likely to snap its gaining streak as trends in the Gift Nifty index signaled a negative opening on Wednesday. Gift Nifty was trading near the 23,456 mark, down over 147 points from the previous close of Nifty futures.

The market is expected to begin the day on a flat note, with Gift Nifty trading around 23,479, largely in line with Nifty's previous close of 23,483. Despite global markets displaying resilience, domestic investors remain caught between improving risk appetite overseas and persistent macro uncertainties closer to home.

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Stocks to Watch

Several stocks are likely to remain in focus on Wednesday due to their own positive/negative triggers.

Vedanta

The Enforcement Directorate (ED) conducted visits to certain offices of Vedanta and its subsidiary, Hindustan Zinc. The company is fully cooperating with the authorities and is furnishing all requested information.

Canara Bank

State-owned Canara Bank has approved a proposal to raise up to ₹8,500 crore during FY27 through debt instruments, aimed at bolstering its capital position and funding future business expansion.

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Adani Ports and SEZ

The company reported a 15% year-on-year increase in cargo volumes, indicating sustained growth in its port operations, whereas logistics rail volumes fell 19% compared to the same period last year.

NHPC

The government's Offer for Sale (OFS) in NHPC Limited was subscribed 3.47 times on the first day of bidding by non-retail investors, prompting it to fully exercise the 3% greenshoe option, according to a regulatory filing released on Tuesday.

InterGlobe Aviation (IndiGo)

Owing to ongoing international airspace restrictions that have led to considerably longer flight times and a difficult cost environment, IndiGo has decided to temporarily suspend its flights to and from Manchester, effective August 31, 2026.

Alkem Laboratories

Shares of Alkem Laboratories saw block transactions worth nearly ₹930 crore on Tuesday, as entities belonging to the promoter family offloaded shares to a group of domestic mutual funds and foreign institutional investors. NSE block deal data showed that around 17.88 lakh shares were traded at a price of ₹5,200 per share, taking the total deal value to approximately ₹930 crore.

Concord Biotech

Concord Biotech has secured approval from the U.S. Food and Drug Administration (FDA) for its Mycophenolate Mofetil for Oral Suspension USP.

Advait Energy Transitions

Advait BESS Bhesaan, a subsidiary of Advait Energy Transitions, has entered into a Battery Energy Storage Purchase Agreement (BESPA) with Gujarat Urja Vikas Nigam (GUVNL) to develop a standalone Battery Energy Storage System (BESS) project with a total capacity of 150 MW/300 MWh.

Dhanuka Agritech

The company's share buyback offer, valued at up to ₹70 crore, is set to open on June 4. Under the offer, the company plans to repurchase up to 5 lakh shares at a buyback price of ₹1,400 per share.

Bliss GVS Pharma

The company's manufacturing facility in Palghar, Maharashtra, has received an Inspection Closure Report from the World Health Organization (WHO), Geneva. The report confirms that the facility complies with the WHO's Good Manufacturing Practices (GMP) standards.