Indian stock markets experienced volatility over the course of June 3 to June 5, 2025. On June 3, the Nifty index fell below the 24,600 mark for the third consecutive day, with the Nifty Bank index retreating after hitting a record high. The India VIX also cooled by 4%, indicating reduced market volatility. Key gainers on June 3 included Grasim Industries, Shriram Finance, Bajaj Auto, Mahindra & Mahindra, and Dr Reddy's Laboratories. Concurrently, Garden Reach Shipbuilders & Engineers Limited (GRSE) signed a memorandum of understanding (MoU) with Norway's Kongsberg to build India's first-ever Polar Research Vessel (PRV), an agreement witnessed by the Union Minister of Ports, Shipping and Waterways. GRSE shares surged by over 9% following the announcement. On June 4, the market rebounded with the Sensex climbing over 230 points to above 80,900 and the Nifty rising above 24,600. Gains were led by sectors including IT, auto, and pharmaceuticals, with notable contributions from Bharti Airtel (up 1.82%), Reliance Industries (up 1.23%), and HDFC Bank (up 0.81%). GRSE shares continued to rally, hitting a new high of ₹3,464.85 and marking a 100% year-to-date gain, buoyed by the polar vessel deal. The Nifty Bank index consolidated ahead of the Reserve Bank of India (RBI) policy meeting scheduled later in the week. By June 5, the Sensex extended its gains for a second consecutive day, climbing 443.79 points to settle at 81,442.04, while the Nifty rose 130.70 points to 24,750.90. Market momentum was supported by strong performance in small-cap stocks, capital market stocks such as CDSL, and defense stocks including Cochin Shipyard, which surged over 12% on heavy volumes and doubled from its February low. GRSE also signed additional international agreements during a delegation visit to Norway, including deals with a German firm to build four 7,500 DWT hybrid vessels and collaborations with Dubai-based Aries Marine. The market's positive trend was driven by buying in sectors such as pharmaceuticals, metals, auto, and banking ahead of the RBI Monetary Policy Committee (MPC) meeting outcome. Overall, the Indian stock market showed resilience with notable corporate developments in the maritime and defense sectors.