Market View 03rd June, 2026

View on market: Volatility persists, eagerly searching for growth:

Global markets remained cautious as investors tracked developments in the Middle East and their potential impact on energy supplies and global trade. Asian markets traded mostly higher, with Japan leading the gains and Australia also closing in positive territory. However, overall sentiment remained mixed as geopolitical concerns continued to keep investors alert. In the United States, Wall Street paused after a strong rally as investors awaited greater clarity on the situation between the US and Iran. Major indices opened lower, reflecting cautious sentiment and profit booking near record highs. Technology stocks also witnessed some cooling after recent gains. Despite the weak start, investors continued to monitor global risks and economic developments, keeping overall market sentiment resilient. Indian markets snapped their recent losing streak and ended higher. Technology stocks led the recovery and supported benchmark indices, while gains were partially offset by weakness in select banking, financial and energy stocks. The positive close reflected improved investor confidence, although market participants remained watchful of global developments and their potential impact on domestic markets.

Economic Calendar:

• USD: S&P Global and ISM Services PMI and S&P Global Composite PMI Data on 03^rd June 2026.
• IND: HSBC Composite and Services PMI Data on 03^rd June 2026.
• USD: Continuing and Initial Jobless Claims Data on 04^th June 2026.
• IND: Monetary Policy on 05^th June 2026.

BROKERAGE RADAR:

JEFFERIES ON MANKIND PHARMA:

Target ₹3000 Recommendation Buy, Turning the corner amid lingering skepticism, Improvement in volume growth signals volume revival in acute therapy, Consistent chronic segment distribution, Bharat Serum exports to witness high teens growth in FY27, Clinical pipeline-future optionality.

MORGAN STANLEY ON JSW STEEL:

Target ₹1330 Recommendation Overweight, Targeting 50MT of domestic crude steel capacity by 2030, Ilwara supply, Mozambique commissioning and domestic mines expansion should cover 50% of coking coal requirements, To maintain EBIDTA/ton in range of Rs 11-12k/ton, Looks to keep net debt/EBIDTA ratio below 3x.

MORGAN STANLEY ON HDB FINANCIAL:

Target ₹720 Recommendation Equal-Weight, Collections and loan demand has remained stable, Loan growth aspiration remains nominal GDP growth+6-7% over medium term, Aims to sustain NIM above 8% in near to medium term, Sligh potential increase in costs of funds in Q2FY27, Overall credit costs in range of 23-bps in medium term.

MORGAN STANLEY ON HINDALCO:

Target ₹1325 Recommendation Overweight, Overall power costs should moderate by ~30%, implying ~12-13% reduction in overall costs, China’s supply cap, Middle East supply disruption and falling LME inventories should keep LME aluminium prices supported in the near term, EBITDAs should start improving 2Q-F27 onwards as Oswego restarts, and should turn cash positive by 4Q-F27 end, Re-iterated insurance recoveries of ~70-75% of overall losses from fire incidents, implying US$1.2-1.3 billion of recoveries.

International Markets:

U.S & Europe:

*As per 03^rd June.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

View on market: Volatility persists, eagerly searching for growth

News Updates:

Source: Moneycontrol, Bloomberg Quint, Investing

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