Midday Market Movers: Concord Biotech Jumps on USFDA Nod While IT Stocks Lead Market Sell-Off

𝗜𝗧 𝗦𝘁𝗼𝗰𝗸𝘀 𝗕𝗲𝗰𝗼𝗺𝗲 𝗕𝗶𝗴𝗴𝗲𝘀𝘁 𝗗𝗿𝗮𝗴 𝗼𝗻 𝗠𝗮𝗿𝗸𝗲𝘁𝘀 Technology stocks witnessed heavy selling pressure, causing the Nifty IT index to decline more than 5%. The sector emerged as the biggest contributor to the fall in benchmark indices due to its significant weightage. Tata Consultancy Services (TCS) led the losses with an 8% decline, followed by LTM, Coforge, Tech Mahindra, Wipro, Infosys and HCL Technologies. The correction was largely driven by profit booking following the recent rally and continued foreign institutional investor (FII) selling. FIIs sold equities worth ₹8,362 crore in the previous session, further hurting sentiment. 𝗖𝗼𝗻𝗰𝗼𝗿𝗱 𝗕𝗶𝗼𝘁𝗲𝗰𝗵 𝗦𝘂𝗿𝗴𝗲𝘀 𝗼𝗻 𝗨𝗦𝗙𝗗𝗔 𝗔𝗽𝗽𝗿𝗼𝘃𝗮𝗹 Concord Biotech emerged as one of the strongest gainers after receiving approval from the US Food and Drug Administration (USFDA) for Mycophenolate Mofetil for Oral Suspension USP, 200 mg/ml. The drug is used to prevent organ rejection in kidney, heart and liver transplant patients. The approval strengthens Concord Biotech's regulated market portfolio and enhances growth opportunities in the US pharmaceutical market. The stock gained more than 8% during the session. 𝗥𝗲𝗻𝗲𝘄𝗮𝗯𝗹𝗲 𝗘𝗻𝗲𝗿𝗴𝘆 𝗦𝘁𝗼𝗰𝗸𝘀 𝗙𝗮𝗰𝗲 𝗦𝗲𝗹𝗹𝗶𝗻𝗴 𝗣𝗿𝗲𝘀𝘀𝘂𝗿𝗲 Renewable energy companies traded weak despite announcing operational achievements. Adani Green Energy declined nearly 3% despite commissioning a 50 MW solar project at Khavda, Gujarat. The company's operational renewable energy capacity increased to 19,835.8 MW. ACME Solar Holdings fell around 2% as investors reacted to its ₹2,800 crore Qualified Institutional Placement (QIP) aimed at debt reduction. The company also commissioned a battery energy storage project in Rajasthan. NTPC Green Energy and Waaree Energies also traded lower as broader sector weakness overshadowed company-specific developments. 𝗡𝗛𝗣𝗖 𝗚𝗮𝗶𝗻𝘀 𝗮𝘀 𝗥𝗲𝘁𝗮𝗶𝗹 𝗢𝗙𝗦 𝗢𝗽𝗲𝗻𝘀 NHPC shares gained over 5% after the government’s Offer for Sale (OFS) opened for retail investors. The government plans to divest up to a 6% stake in the hydropower PSU through the OFS route at a floor price of ₹71 per share. Investor interest improved as retail participation commenced, reversing some of the earlier pressure seen after the stake sale announcement. 𝗚𝘂𝗷𝗮𝗿𝗮𝘁 𝗔𝗹𝗸𝗮𝗹𝗶𝗲𝘀 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 𝗳𝗿𝗼𝗺 𝗚𝗿𝗲𝗲𝗻 𝗘𝗻𝗲𝗿𝗴𝘆 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽 Gujarat Alkalies & Chemicals rose more than 5% after announcing a renewable energy partnership with Clean Max Enviro Energy Solutions. The project will supply hybrid renewable power generated through wind and solar facilities to the company’s manufacturing plants in Gujarat. The initiative is expected to enhance long-term energy security while reducing carbon emissions and power costs. 𝗜𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗮𝗻𝗱 𝗘𝗻𝗴𝗶𝗻𝗲𝗲𝗿𝗶𝗻𝗴 𝗦𝘁𝗼𝗰𝗸𝘀 𝗦𝗲𝗲 𝗣𝗼𝘀𝗶𝘁𝗶𝘃𝗲 𝗠𝗼𝗺𝗲𝗻𝘁𝘂𝗺 DEE Development Engineers gained over 4% after approving a ₹300 crore preferential share issue. The capital raise is expected to support future growth and strengthen the balance sheet. Bajel Projects also advanced more than 4% after securing an EPC contract worth ₹300–400 crore for an extra high-voltage transmission project linked to a data centre client in Mumbai. The order highlights growing opportunities from India's expanding data centre infrastructure sector. 𝗜𝗻𝘁𝗲𝗿𝗚𝗹𝗼𝗯𝗲 𝗔𝘃𝗶𝗮𝘁𝗶𝗼𝗻 𝗙𝗮𝗹𝗹𝘀 𝗼𝗻 𝗥𝗼𝘂𝘁𝗲 𝗖𝗹𝗼𝘀𝘂𝗿𝗲 InterGlobe Aviation (IndiGo) declined nearly 2% after announcing the discontinuation of direct flights to Manchester from August 31. The airline cited rising operational costs and ongoing airspace restrictions as key reasons. The company will also return a leased Boeing 787-9 aircraft, indicating a focus on route profitability and operational efficiency. 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗻 𝗠𝗮𝗿𝗸𝗲𝘁𝘀 / 𝗘𝗰𝗼𝗻𝗼𝗺𝘆 / 𝗦𝗵𝗮𝗿𝗲 𝗣𝗿𝗶𝗰𝗲   • Negative for benchmark indices: Sharp declines in heavyweight IT stocks such as TCS, Infosys and Tech Mahindra significantly dragged the Nifty and Sensex lower.   • Positive for pharma and industrial stocks: Concord Biotech, NHPC, Gujarat Alkalies, Bajel Projects and DEE Development Engineers outperformed due to regulatory approvals, government initiatives and new business developments.   • Renewable sector sentiment remains weak: Despite capacity additions and project commissioning, renewable energy stocks continued to face pressure amid broader market risk-off sentiment and profit booking.