As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 418.45 points or 0.67% to 63,413.16. The Nifty 50 index rose 114.65 points or 0.62% to 18,716.15.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 1.17% while the S&P BSE Small-Cap index rose 0.82%.

The market breadth was postive. On the BSE, 2,127 shares rose and 1,458 shares fell. A total of 137 shares were unchanged.

Economy:

India's consumer price inflation eased to a 25-month low of 4.25% in May 2023 as compared to same month last year. The inflation stood at 4.70 per cent in April, showed data released by the ministry of statistics. The consumer-price index (CPI) based inflation has remained within the Reserve Bank of India's (RBI) tolerance band of 2-6 per cent for three months in a row.

Meanwhile, India's Index of Industrial Production (IIP) in April rose sharply to 4.2% from 1.1% in March, mainly due to good performance by the manufacturing and mining sectors, according to official data released on Monday. With this gain, the index has recovered after growing at a five month low in March.

Buzzing Index:

The Nifty Realty index jumped 3.01% to 520.70. The index advanced 4.46% in three consecutive trading sessions.

Macrotech Developers (up 10.73%), Sobha (up 4.25%), Godrej Properties (up 2.76%), DLF (up 2.65%), Brigade Enterprises (up 2.47%), Prestige Estates Projects (up 2.13%), Oberoi Realty (up 2.13%), Indiabulls Real Estate (up 0.7%) advanced.

Stocks in Spotlight:

JSW Steel rose 1.49%. The steel major said that its consolidated crude steel production in May 2023 stood at 21.78 lakh tonnes, registering a growth of 7% year on year.

Meanwhile, the company has been declared as a ?Preferred Bidder? from the Directorate of Mines and Geology, Goa, for grant of Mining Lease for Iron Ore Mineral in the State of Goa, in the Auctions held by the State Govt. of Goa.

Adani Ports & Special Economic Zone fell 0.81%. The Adani Group company on Monday announced that it has suspended vessel operations at Mundra and Tuna port in view of an advisory issued by the India Metrological Department on expected cyclone storm 'Biparjoy'.

Mahindra & Mahindra (M&M) shed 0.68%. M&M said that the total production in the month of May 2023 was 59,385 units, up by 17.35% from 50,606 units produced in the same period last year.

Larsen and Toubro (L&T) rose 0.65% after its hydrocarbon business, L&T Energy Hydrocarbon (LTEH) has secured an offshore project from a prestigious overseas client. As per L&T's classification, the value of the orders lies between Rs 1,000 crore to Rs 2,500 crore. The scope of work comprises engineering, procurement, construction & installation for new offshore structures.

ICICI Lombard General Insurance Company added 0.03%. The company informed that IRDAI has accorded its approval to SBI Mutual Funds for acquiring up to 10% of the total paid up equity share capital of the company. Further, the approval of IRDAI is valid for a period of 1 year from the date of IRDAI approval letter.

Zee Entertainment Enterprises (ZEEL) skid 0.56% after the market regulator SEBI barred Essel Group chairman Subhash Chandra and ZEEL MD and CEO Punit Goenka from holding directorial positions. The ban was imposed after the Securities and Exchange Board of India (SEBI) found that Chandra and Goenka had siphoned off funds from ZEEL for their own benefit. The ban is effective immediately and will remain in place for five years.

Punjab & Sind Bank declined 0.41%. The PSU bank announced that its board has approved raising of capital up to Rs 750 crore through issuance of Basel-III compliant additional Tier-I bonds or Tier-II bonds.

Inox Wind slipped 3.64% while Inox Wind Energy surged 15.16%. Inox Wind on Monday (12 June 2023) announced that its board has approved the merger of Inox Wind Energy into the company. The merger is subject to various regulatory approvals and compliances. The appointed date for the amalgamation is set as 1 July 2023.

Under the proposed merger plan, Inox Wind will issue 158 equity shares for every 10 equity shares to shareholders of Inox Wind Energy. Additionally, Inox Wind will also issue 158 share warrants with an issue price of Rs 54 each, to shareholders of Inox Wind Energy, for every 10 share warrants with an issue price of Rs 847 each held by them.

Global Markets:

Shares in Europe traded in a mixed manner while Asian stocks ended higher on Tuesday boosted by gains in US equity markets and expectations of a Federal Reserve interest rate pause following a Fed policy meeting this week.

US stocks advanced on Monday as traders looked ahead to the Fed's June meeting. The S&P 500 and the Nasdaq rallied on Monday to their highest closing levels since April 2022. The Federal Open Market Committee is widely expected to keep interest rates unchanged, in the 5%-5.25% range, as per reports.

Investors are closely monitoring U.S. Consumer Price Index (CPI) data, due to be released on Tuesday, and Producer Price Index (PPI) data, due out Wednesday, for a reading of how well the Fed's tightening cycle has managed to curb inflation.

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