NewsMarketsMarkets at Noon: Sensex, Nifty Dip as Yes Bank and Ola Electric Face Selling PressureMarkets at Noon: Sensex, Nifty Dip as Yes Bank and Ola Electric Face Selling Pressure
By ScanX News Team
Indian stock markets are trading in negative territory at midday on June 3, with Nifty 50 down 0.38% and Sensex falling 0.42%. Engineering Services and Aerospace & Defense sectors outperform, while Printing & Stationery and Cables sectors underperform. Yes Bank shares plummet over 9% following large trades and potential stake sale by SBI. Ola Electric shares drop 6.71% after a block deal worth ₹731 crore, possibly involving Hyundai Motor Company.
*this image is generated using AI for illustrative purposes only.
Market Overview
The Indian stock markets are trading in negative territory at midday on June 3, with both benchmark indices showing declines. The Nifty 50 is currently at 24,623.20, down 93.40 points or 0.38% from its previous close. Similarly, the BSE Sensex stands at 81,034.77, registering a fall of 338.98 points or 0.42%.
Sectoral Performance
Top Performing Sectors
| Sector | Avg. Per Change |
|---|---|
| Engineering Services | +2.35% |
| Aerospace & Defense | +1.97% |
| Chemicals | +1.09% |
| Metals & Mining | +0.86% |
Underperforming Sectors
| Sector | Avg. Per Change |
|---|---|
| Printing & Stationery | -2.01% |
| Cables | -0.92% |
Buzzing Stocks
Yes Bank
Yes Bank shares have plummeted over 9% following multiple large trades involving 3% of equity. The stock is currently trading at ₹21.16, down 9.11%. The bank's board is set to consider fundraising options, while State Bank of India plans to reduce its board representation and sell its 13.19% stake as part of Sumitomo Mitsui Banking Corp's acquisition of a 20% stake in Yes Bank.
Ola Electric Mobility Ltd.
Ola Electric shares have fallen by 6.71%, trading at ₹50.08. The company saw a block deal worth ₹731 crore, with 14.22 crore shares (3.23% of total equity) changing hands at ₹51.4 per share. Hyundai Motor Company is believed to be the seller. This follows the government's announcement of new guidelines for the Electric Vehicle Manufacturing Scheme, which initially boosted the stock by 6.75% on Monday.
Conclusion
As the trading session progresses, the market sentiment remains cautious with key indices in the red. Sector-wise, Engineering Services and Aerospace & Defense are showing strength, while Printing & Stationery and Cables sectors face pressure. Investors are closely watching the developments in Yes Bank and Ola Electric, which have seen significant selling pressure and block deals.
