POST MARKET
The Indian stock market resumed its losing run after a one-day hiatus on Wednesday, 3 June, although it closed significantly off the day’s low, signalling some low-level buying by investors.
The broader market trend was mixed. Nifty Midcap 100 index underperformed as it shed 0.40%. Nifty Smallcap 100, meanwhile, lost just 0.16%.
Sectorally, Nifty IT was the top loser today as it cracked 5.57%, snapping its 3-day bull run, due to profit-booking on an overextended relief rally. The market is starting to re-rate the traditional labour-arbitrage, billable-hour model as artificial intelligence automates parts of the delivery chain, believe analysts.
Realty, FMCG, Consumer Durables, Media, Metals and Oil & Gas were among the other losers, declining up to 1.3%.
STOCKS IN NEWS
Tata Consultancy Services
Tata Consultancy Services (TCS) shares fell more than 9 percent on Wednesday as global software stocks came under pressure amid profit-booking following a recent rally.
NHPC
Shares of state-run hydropower producer NHPC gained over 4 per cent in morning trade on Wednesday as the government’s offer for sale (OFS) opened for retail investors and employees following strong demand from institutional buyers on the first day.
CMR Green Technologies
CMR Green Technologies initial public offering (IPO) was fully subscribed on the first day of bidding on Wednesday. The non-institutional investor (NII) as well as the retail segment received full subscription showing strong participation.
Source: Moneycontrol, Mint
