IndiGo, NHPC, Concord Biotech among buzzing stocks as SENSEX falls over 600 pts, NIFTY below 23,300

The Indian benchmark indices, SENSEX and NIFTY50, continued their decline in the afternoon session on Wednesday, June 3, amid continuous FII outflow, rising Iran-US tensions, surging crude oil prices, and a sell-off in IT stocks.

The SENSEX tanked by as much as 1.55% to touch an intraday low of 73,492.60, while the NIFTY50 touched the session’s low of 23,151.50.

While the indices were off their day’s low, they continued to trade in the negative territory. At 12:50 PM, the S&P BSE SENSEX declined by 653.62 points, or 0.88%, to trade at 73,996.22. NSE’s NIFTY50 stood at 23,298.75, reflecting a 184.80-point, or 0.79% drop.

On Tuesday, the foreign institutional investors (FIIs) sold shares worth ₹8,362.92 crore, while the domestic institutional investors (DIIs) purchased equities worth ₹9,589.32 crore on a net basis, according to exchange data.

Buzzing stocks on June 3: Check list

Shares of IT companies, such as TCS, Tech Mahindra, and Infosys, among others, dragged down the sectoral benchmark Nifty IT index by about 6% on Wednesday, June 3, as investors booked their profits following a rally.

On Wednesday, IT stocks were facing downward pressure due to the heavy profit booking from investors after the Indian tech stocks rallied during the trading session on Tuesday, fuelled by the global tech sentiment.

The previous rally in Indian IT stocks came on the backdrop of positive momentum from the US technology stocks, as companies reported earnings exceeding market expectations, in turn reducing the AI concerns in the market.

The stock of NHPC gained as much as 5.37% to hit an intraday high of ₹76.17 per equity share on the National Stock Exchange (NSE) on Wednesday, June 3, as the company's offer for sale (OFS) opened for retail investors today.

In its third OFS of FY27, the government on Monday announced plans to sell up to a 6% stake in NHPC at a floor price of ₹71 per share.

The OFS opened for non-retail investors on Tuesday, June 2, while the retail portion opened on Wednesday, June 3.

Concord Biotech shares soared more than 8% to hit their intraday high on June 3, after the pharmaceutical company received approval from the US Food and Drug Administration (FDA) for its latest Mycophenolate Mofetil drug.

As per the NSE filing, Concord Biotech’s new Mycophenolate Mofetil drug is an antimetabolite immunosuppressant (an immune-suppressing medication), which aims to be used to treat organ rejection in adult and pediatric patients of three months of age and older of allogeneic kidney, heart, or liver transplants, in combination with other similar drugs.

The stock of InterGlobe Aviation, the parent company of IndiGo, declined nearly 2% to touch the session’s low of ₹4,390 per equity share, on announcing that it is discontinuing its flights to Manchester from August 31, less than a year after launching the services, amid escalating operational costs and airspace constraints.

The country's largest airline, which has significantly expanded its international operations, would also be returning one Boeing 787-9 Dreamliner aircraft leased from Norse Atlantic Airways following the decision to stop Manchester flights.

Currently, three weekly and four weekly services are operated to Manchester (UK) from Delhi and Mumbai, respectively. The flights started in July 2025.

Once these flights are discontinued from August 31, there will be no direct air connectivity between Indian cities and Manchester.

DEE Development Engineers' shares jumped over 4% during early trade as its board approved the issuance of equity shares worth ₹300 crore on a preferential issue basis, subject to the approval of the shareholders and other necessary approvals.

The company will issue up to 59,76,096 equity shares of face value of ₹10 each at an issue price of ₹502 each, including a premium of ₹492 each, aggregating to an amount of ₹300,00,00,192 under the Promoter & Promoter Group category and the Non-Promoter Category.

The stock of Bajel Projects rose as much as 4.12% on June 3, as it bagged mega EHV substation EPC orders worth ₹300-₹400 crore from a Datacenter client in Mumbai.

The order is expected to be completed in 24 months from the date of commencement, according to the regulatory filing.