As per provisional closing data, the barometer index, the S&P BSE Sensex declined 310.88 points or 0.49% to 62,917.63. The Nifty 50 index fell 67.80 points or 0.36% to 18,688.10. In three consecutive sessions, the Sensex advanced 0.96% while the Nifty climbed 1.04%.

The broader market outperformed the local indices. The S&P BSE Mid-Cap index rose 0.30% while the S&P BSE Small-Cap index rose 0.12%.

The market breadth was negative. On the BSE, 1,740 shares rose and 1,784 shares fell. A total of 140 shares were unchanged.

Despite 'elevated' inflation, the US Fed opted to pause its aggressive interest rate hike campaign on Wednesday; although it did imply that another significant increase may be needed before the end of the year.

Buzzing Index:

The Nifty PSU Bank index declined 1.99% to 3,983.55. The index advanced 0.72% in past three trading sessions.

Punjab & Sind Bank (down 3.15%), Punjab National Bank (down 2.9%), Union Bank of India (down 2.64%), Canara Bank (down 2.63%), Bank of Maharashtra (down 2.28%), Bank of Baroda (down 2.11%), State Bank of India (down 1.84%), Central Bank of India (down 1.66%), UCO Bank (down 1.5%) and Bank of India (down 1.28%) edged lower.

Stocks in Spotlight:

HCL Technologies rose 0.64%. HCL Technologies and Google Cloud announced the expansion of their strategic partnership to help enterprises leverage generative artificial intelligence (AI) and develop joint solutions powered by Google Cloud's generative AI technologies.

Mahindra & Mahindra (M&M) gained 0.99%. M&M announced incorporation of a new step-down subsidiary company. M&M said that Gelos Solren Private Limited (?Gelos?) has been incorporated in Mumbai. Gelos is a wholly owned subsidiary of Mahindra Susten Private Limited, which is a subsidiary of Mahindra Holdings Limited, which in turn is a wholly owned subsidiary of the Company.

Godrej Properties jumped 3.83%. The project will have a developable potential of approximately 9.8 lakh square feet with an estimated revenue potential of approximately Rs 1,200 crore.

SJVN added 1.48% after the company announced the signing of a Memorandum of Understanding (MoU) for developing 5,000 MW renewable energy projects in Maharashtra.

Cochin Shipyard gained 1.54% after the company announced that its wholly owned subsidiary, Udupi Cochin Shipyard (UCSL) has secured an international order from Norway-based Wilson Shipowning AS, aggregating to Rs 580 crore.

The shipbuilding company said that the order entails designing and construction of six new generation diesel electric 3800 DWT general cargo vessel. The contract is signed with an option for additional 8 vessels, it added.

Satin Creditcare Network slipped 2.19%. The company said that the board approved the issuance of non-convertible debentures for an aggregate amount of Rs 25 crore including a green shoe option for Rs 10 crore on a private placement basis. Further, it has raised Rs 30 crore via issuance of commercial papers (CPs).

Indraprastha Gas (IGL) fell 0.70%. IGL said that Kamal Kishore Chatiwal assumed the charge as managing director (MD) from Sanjay Kumar with effect from 15 June 2023. The gas distribution company informed that Chatiwal has been nominated as its MD by GAIL (India).

Vakrangee jumped 5.02%. The company's shares turned ex-date for demerger today, 15 June 2023. This means that shareholders who hold Vakrangee shares on this date will be eligible to receive shares in VL EGovernance & IT Solutions, the new company that will be created as a result of the demerger. For every 10 Vakrangee shares held, shareholders will receive 1 share in VL EGovernance & IT Solutions.

Global Markets:

Markets in Europe mostly declined on Thursday as investors awaited the latest monetary policy decision from the European Central Bank (ECB).

When the ECB meets on Thursday, it is anticipated to raise its benchmark policy rate by another 25 basis points and announce that future rate decisions would rely on data due to the uncertainties surrounding the inflation and growth outlook.

Asian stocks ended mixed following the US Federal Reserve's choice to leave the interest rates unchanged.

US stocks settled mixed overnight after the US Federal Reserve kept the interest rates unchanged at its policy meet, but hinted at rate hikes ahead.

The Federal Reserve kept its key interest rate unchanged at the 5%-5.25% range Wednesday after having raised it 10 straight times to combat high inflation. But in a surprise move, the Fed signalled that it may raise rates twice more this year, beginning as soon as next month.

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