U.S. Proposes New Tariffs on 60 Economies Over Forced Labor Concerns; John Cockerill Surges on ₹1,300 Cr Order Win - Paper by Pocketful

Jun 03, 2026

John Cockerill India (+20.00%): Stock advanced and hit the upper circuit after the company secured a major order worth ₹1,250 - 1,300 crore from JSW Vijayanagar Metallics for a CRNO project, boosting investor sentiment and buying interest.
Vedanta (-1.60%): Stock declined after the Enforcement Directorate (ED) searched Vedanta Group premises in Mumbai and Delhi under FEMA. The probe into alleged foreign exchange violations weighed on investor sentiment despite management’s cooperation.
Concord Biotech (+3.03%): Stock gained after the company secured USFDA approval for its ANDA for Mycophenolate Mofetil for Oral Suspension USP, 200 mg/mL. The approval is expected to enhance its presence in the regulated U.S. pharmaceutical market.
Infosys (-1.75%): Stock declined despite announcing an expanded strategic collaboration with DNB Bank ASA, as weakness across the IT sector and broader market sentiment weighed on the stock.

PSU Bank | Nifty PSU Bank (+1.70%): Index extended gains for the second consecutive session, with 11 gainers and just 1 loser. Sentiment remained positive amid expectations of steady credit growth, improving asset quality, easing concerns over NPAs, and renewed buying interest in state-owned lenders following recent market strength.
Private Bank | Nifty Private Bank (+0.70%): Index advanced, led by gains in ICICI Bank, HDFC Bank & Federal Bank. Sentiment remained positive amid expectations of healthy credit growth, stable asset quality, improving net interest margins, and continued investor preference for large private lenders in a resilient banking environment.
IT | Nifty IT (-5.57%): Index emerged as the top sectoral loser, with all 10 constituents ending in the red. Sentiment remained weak amid concerns over AI-led disruption, slowing global technology spending, soft demand from key overseas markets, and rising uncertainty around future IT outsourcing growth.
Realty | Nifty Realty (-1.39%): Index declined ahead of the RBI’s monetary policy decision, led by losses in Prestige Estate, Lodha Developers & DLF. Sentiment remained cautious as investors awaited clarity on interest-rate outlook, while concerns over elevated inflation, a weakening rupee, and higher crude oil prices weighed on the sector.

Technical Level: Nifty opened with a gap-down and witnessed sharp selling pressure during the first half of the session, making a low Support at 23,150. The index then staged a strong recovery from support levels, forming higher highs through the afternoon trade. It faced resistance around 23,460 and closed near that level, indicating a significant recovery from the day’s lows despite ending in negative territory.
Advance-Decline Ratio: Market breadth remained negative with 1,379 advances against 1,915 declines, indicating broader selling pressure despite the recovery from intraday lows.
The Big Picture: Global trade tensions escalated after the U.S. proposed fresh tariffs of up to 12.5% on imports from 60 economies over alleged failures to curb forced-labor-linked trade. The move has raised concerns about global trade flows, supply chains, and export-driven sectors, adding to uncertainty in international markets.
FII/DII Activity (June 03, 2026): DII remained net buyers with inflows of ₹5,741 crore, while FII were net sellers with outflows of ₹5,616 crore, reflecting continued domestic support amid foreign selling pressure.

IPO Corner: CMR Green Technologies opened for subscription today and is set to attract investor attention amid ongoing activity in the SME IPO segment.
Macro: Australia Balance of Trade (Apr) & Euro Retail Sales MoM (Apr) data will be released tomorrow, offering key insights into global manufacturing activity and trade trends.
Index Watch: Nifty opened with a gap-down and witnessed sharp selling pressure during the first half, testing support near the 23,150 zone. However, strong buying emerged at lower levels, leading to a steady recovery throughout the second half. The index formed a bullish recovery candle with a long lower shadow on the daily chart, indicating buying interest at lower levels. Immediate support is placed near 23,150 - 23,200, while resistance is seen around 23,450 - 23,500. A sustained move above resistance could signal further recovery in the coming sessions.

Optimism - A positive market outlook where investors expect favorable economic conditions, stronger earnings, or supportive policies, leading to increased buying activity.

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