Markets reverse all gains; broader market outperforms

The frontline equity indices erased their early gains and traded in negative territory during mid-morning trade, with the Nifty slipping below the 23,400 mark. FMCG stocks advanced after witnessing declines in the previous trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, shed 44.78 points or 0.06% to 74,301.39. The Nifty 50 index lost 18.20 points or 0.08% to 23,387.80.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index jumped 0.70% and the BSE 250 SmallCap Index surged 0.74%.

The market breadth was positive. On the BSE, 2,264 shares rose and 1,544 shares fell. A total of 200 shares were unchanged.

IPO Update:

The initial public offer (IPO) of CMR Green Technologies received bids for 10,11,82,146 shares as against 2,30,43,930 shares on offer, according to stock exchange data at 11:30 IST on Thursday (04 June 2026). The issue was subscribed 4.39 times.

The issue opened for bidding on 03 June 2026 and it will close on 05 June 2026. The price band of the IPO is fixed between Rs 182 to 192 per share.

Buzzing Index:

The Nifty FMCG index rose 0.72% to 48,471.45. The index fell 1.16% in the past trading session.

Radico Khaitan (up 1.95%), Dabur India (up 1.46%), Marico (up 1.32%), Tata Consumer Products (up 1.28%), United Breweries (up 1.03%), ITC (up 0.92%), Britannia Industries (up 0.78%), Hindustan Unilever (up 0.74%), Godrej Consumer Products (up 0.51%) and Nestle India (up 0.35%) advanced.

On the other hand, Patanjali Foods (down 0.6%), Varun Beverages (down 0.4%) and United Spirits (down 0.39%) edged lower.

Stocks in Spotlight:

Ideaforge Technology hit an upper circuit of 5% after the drone manufacturer announced plans to raise up to Rs 500 crore through various capital market instruments.

Jain Irrigation Sytems surged 8.71% after the company announced the commissioning of a high-tech industrial-scale biochar facility with an annual production capacity of around 20,000 tonnes in Jalgaon, Maharashtra.

Rajesh Exports was locked in 5% lower circuit after the Securities and Exchange Board of India (SEBI) barred its promoter Rajesh Mehta from accessing the securities market over allegations of financial misappropriation.

Global Markets:

Asian markets traded lower on Thursday, tracking Wall Street losses, as tensions between Iran and the U.S. keep oil prices elevated, stoking energy and inflation worries.

The Kuwait International Airport was struck by Iran early Wednesday, just a day after the U.S. Central Command said it had defeated multiple Iranian ballistic missiles and drones, as well as launched self-defense strikes? on Qeshm Island in the Persian Gulf. This was in response to attempted attacks? by Tehran, it said.

If necessary, Israel and the U.S. are prepared to strike Iran again, Israeli Prime Minister Benjamin Netanyahu has reportedly said.

Overnight on Wall Street, stocks fell on Wednesday, with the S&P 500 snapping a nine-day win streak, as oil prices and Treasury yields moved higher amid worries the U.S.-Iran conflict could keep lifting inflation.

The 30-stock Dow Jones Industrial Average pulled back 620.72 points, or 1.21%, to end at 50,687.07. The broad market S&P 500 fell 0.74% to end at 7,553.68, while the tech-heavy Nasdaq Composite declined 0.89% to 26,853.98.

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