As Indian stock markets continue to respond to global developments and sectoral changes, several major companies are drawing investor attention. On June 23, a mix of international tech cues, defence sector momentum, renewable energy expansion, and rising oil prices influenced market sentiment.
Infosys, TCS and the broader IT sector are facing pressure after Accenture’s quarterly results triggered concerns across global tech stocks. While Accenture reported a revenue of 17.7 billion dollars, exceeding expectations, it offered a cautious outlook, citing weaker bookings and margin pressures. This led to a 7 percent decline in its stock, which had a knock-on effect on Indian IT stocks. Infosys American Depository Receipts dropped nearly 4 percent, and Wipro ADRs also saw minor losses. The Nifty IT index remains under pressure as investors reassess expectations amid uncertainty in U.S. federal and enterprise IT spending.
In the defence sector, Hindustan Aeronautics Limited has emerged as a key performer after securing a contract from the Indian Space Research Organisation to manufacture small satellite launch vehicles. The order, worth approximately 511 crore rupees, enables HAL to produce up to eight launch vehicles annually, expanding its footprint in India’s growing space-tech manufacturing field. Bharat Electronics Limited also continues to benefit from government contracts, having secured orders worth 585 crore rupees in June. Both companies are positioned to gain from the government’s emphasis on indigenous defence development.
Waaree Renewable Technologies has seen a sharp surge in investor interest following the expansion of a solar EPC contract by 246.9 crore rupees, bringing the total order value to 1,480 crore rupees. The company’s stock jumped nearly 12 percent on June 20, reflecting strong confidence in the renewable energy space. Market watchers suggest the stock could break previous highs by April 2025 if growth momentum continues.
Oil stocks such as ONGC are gaining due to a spike in global crude prices following U.S. military action targeting Iranian nuclear infrastructure. The surge in oil prices is seen as beneficial for upstream producers, but it also raises concerns about inflation and potential impacts on India’s fiscal balance. These developments contributed to broader market declines, with the Sensex falling around 800 points and the Nifty slipping below 24,900 on June 23.
Bank of India is also on the radar as its board prepares to meet on June 26 to discuss a potential infrastructure bond issue. The bank successfully raised 2,690 crore rupees through a similar issuance last year, which saw robust demand. A new bond issue would strengthen the bank’s long-term capital base and support infrastructure lending.
Despite current market turbulence, analysts maintain a watchful but cautiously optimistic outlook. Sectors such as defence, renewable energy, and selective banking continue to offer long-term opportunities. However, volatility linked to oil prices, global tech demand, and geopolitical uncertainty is expected to keep investors on edge.
As the last week of June unfolds, developments in international markets, bond market activity, and upcoming corporate decisions will guide trading behaviour and investment strategy.