As per provisional closing data, the barometer index, the S&P BSE Sensex, rose 159.40 points or 0.25% at 63,327.70. The Nifty 50 index gained 61.25 points or 0.33% at 18,816.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.47% while the S&P BSE Small-Cap index rose 0.40%.

The market breadth was positive. On the BSE, 1,942 shares rose and 1,567 shares fell. A total of 122 shares were unchanged.

IPO Update:

The initial public offer (IPO) of HMA Agro Industries received bids for 17.87 lakh shares as against 60.54 lakh shares on offer, according to stock exchange data at 15:33 IST on Tuesday (20 June 2023). The issue was subscribed 0.30 times.

The issue opened for bidding on Tuesday (20 June 2023) and it will close on Friday (23 June 2023). The price band of the IPO is fixed at Rs 555-585 per share. An investor can bid for a minimum of 25 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index advanced 0.78% to 28,930.80. The index rose 1.2% in the two trading sessions.

HCL Technologies (up 2.8%), L&T Technology Services (up 1.71%), Tech Mahindra (up 1.2%), Infosys (up 0.77%), Wipro (up 0.62%), Tata Consultancy Services (up 0.55%), Persistent Systems (up 0.53%) and Mphasis (up 0.5%) advanced.

On the other hand, LTIMindtree (down 0.55%), Coforge (down 0.01%) declined.

Stocks in Spotlight:

HDFC Asset Management Company rallied 11.28% following significant block deals in the morning trade today, 20 June 2023.

The media reports indicate that Abrdn Investment Management, previously known as Standard Life, has divested its complete 10.2% stake, equivalent to approximately 2.18 crore shares, in HDFC AMC. The transaction, amounting to Rs 4,083.14 crore, was executed at an average price of Rs 1,873, which is a 1% discount to the closing price on Monday. This sale signifies Abrdn's complete withdrawal from HDFC AMC.

Housing Development Finance Corporation (HDFC) added 0.19%. The company announced that it will sell a 90% stake in HDFC Credila Financial Services (HDFC Credila) to an investor consortium of Baring Private Equity Asia (BPEA EQT) and ChrysCapital for Rs 9,060.4 crore.

InterGlobe Aviation (IndiGo) rose 0.19%. The company has placed a firm order for 500 Airbus A320 Family aircraft. This will provide IndiGo a further steady stream of deliveries between 2030 and 2035. The purchase agreement was signed on 19 June 2023 at the Paris Air Show 2023.

IIFL Securities tumbled 16.65% after the SEBI prohibited the company from onboarding new clients for a period of two years in respect of its business as a stock broker. SEBI stated that the company failed to segregate client funds by mixing its own funds with client funds by transferring its own funds and client funds to common pool accounts which are owned by IIFL, and then to common control account which was the actual pool account for purpose of settlement of trades.

Sun Pharmaceutical Industries declined 0.69%. The Sun Pharma Canada Inc., a wholly owned subsidiary of Sun Pharmaceutical Industries received Health Canada's approval of Winlevi (clascoterone cream 1%) for topical treatment of acne.

Can Fin Homes advanced 0.77% after the company announced that its board has approved raising up to Rs 4,000 crore via debt instruments and up to Rs 1,000 crore through qualified institutional placement (QIP).

Manappuram Finance fell 0.94%. The Kerala-based NBFC said that its board has approved the re-appointment of V P Nandakumar as the managing director & chief executive officer (MD & CEO) of the company, with effect from 1 April 2024 upto 31 March 2029.

Global Markets:

Most of the shares in Europe and Asia declined on Tuesday amid lack of overnight cues from Wall Street.

The People's Bank of China cut key policy rate on Tuesday for the first time in 10 months. The Chinese central bank slashed its one-year and five-year loan prime rate by 10 basis points each to 3.55% and 4.20% respectively.

U.S. markets were closed on Monday for the Juneteenth holiday.

US President Joe Biden hailed what he said was progress in restoring US-China ties after Secretary of State Antony Blinken wrapped up two days of meetings in Beijing, including talks with Chinese President Xi Jinping. President Xi Jinping pronounced the progress very good.

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