Newgen Software, Birlasoft, ACME Solar Shine; Force Motors and Hitachi Energy India Drag as Markets Extend Losses

India equity indices faced headwinds on June 2 because of mounting tensions in the Middle East, higher prices of crude oil, and continuous selling by foreign institutions. Crude oil was trading around the $94 mark due to the breakdown of peace talks between Iran and the United States, and fears were growing about inflation and growth prospects. In this scenario, the Nifty 50 was down by 0.44% at 23,281.10, whereas the Sensex fell by 0.40% at 73,969.01. Nifty 500 was down by 0.51% at 22,322.40.

A couple of stocks rose sharply due to positive fundamentals, whereas some stocks saw sharp declines because of certain negative factors.

ACME Solar Holdings Leads Gainers with 9% Surge

The renewable energy firm ACME Solar Holdings came out on top among the top gainers of the Nifty 500 with gains of nearly 9%, where the stock volume soared to 83.32 lakh stocks compared to a 30-day moving average volume of 19.11 lakh stocks.

ACME Solar engages in the development and management of renewable energy projects, such as solar energy and battery energy storage system. This positive move was driven by the announcement of the completion of an additional 33.33 MW in its BESS project in Rajasthan. The project will go into operation on June 3, 2026. On another note, the company’s board approved the issuance of shares worth up to ₹2,500 crore through a QIP at a floor price of ₹294.13 per share.

Newgen Software Jumps 10% Amid IT Rally

In terms of percentage change, Newgen Software Technologies saw gains of close to 10%. This made Newgen Software one of the biggest gainers in the Nifty 500 list. The trading activity was especially high, with NSE volumes hitting 32.16 lakh against an average of 13.54 lakh over the past 30 days.

Newgen Software is a company that offers services related to enterprise workflow automation, digital transformation, and business process management. The share witnessed a significant jump due to a general rise in the IT sector even though its quarterly performance was not too impressive. For instance, during the quarter ending March, the revenue growth stood at 5.3% Y-O-Y and was valued at ₹453 crore. EBITDA growth was 11% and stood at ₹152 crore, while net profit stayed unchanged at ₹106 crore.

Birlasoft Advances 9% on Strong Earnings

The stock of Birlasoft gained around 9% due to the excellent operational performance shown by the company. Volumes increased to 91.44 lakh shares on the NSE, way more than its 30-day average volume of 11.26 lakh shares.

Birlasoft provides IT services for digital transformation, cloud, and enterprise solutions. In Q4FY26, Birlasoft reported a 43.6% increase in EBITDA to ₹249 crore. The company saw an improvement in its margin ratio by 530 basis points to 18.5%, and net profit witnessed a year-over-year increase of 44% to ₹176 crore.

Force Motors Falls Over 5% After Weak Sales Data

In the category of major losers, Force Motors lost 5.27% to close at ₹17,908. There were large selling volumes in the stock following poor sales figures for May 2026.

Force Motors deals in commercial vehicles, utility vehicles, and automobile parts. According to the company's announcement, there was an adverse impact on its total sales performance by 15.35% to 2,614 units. Domestic sales decreased by 14.72%, whereas export sales showed a drop of 37.21%.

Hitachi Energy India and Abbott India Under Pressure

Hitachi Energy India, formerly named Power India, declined 3.77% to ₹35,010. This company deals with the solutions for power transmission and grids. Nothing specific regarding a company-related reason surfaced during the trading session; thus, this decline can be attributed mostly to market forces affecting profit taking.

Abbott India declined 1.88% to ₹26,335. This company is involved in the manufacturing and marketing of pharmaceutical products. As was the case with Hitachi Energy India, there was nothing much specific related to this company during the trading session; therefore, this decline was due to market forces as well.

Conclusion

Although the entire market faced headwinds in the form of geopolitical tensions and higher oil prices, stock-specific issues were responsible for the sharp movements in individual stocks. The rally in ACME Solar was due to the commissioning of its projects and raising funds, while Newgen Software and Birlasoft gained support due to robust demand for IT stocks. On the flip side, Force Motors fell sharply after registering low monthly sales numbers, while Hitachi Energy India and Abbott India's fall can mostly be attributed to market sentiments.