As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 195.45 points or 0.31% to 63,523.15. The Nifty 50 index added 41.95 points or 0.22% to 18,856.85.

The S&P BSE Sensex hit a record high of 63,588.31 in morning trade while the Nifty 50 ended a few points away from its all-time high.

In the broader market, the S&P BSE Mid-Cap index gained 0.68% while the S&P BSE Small-Cap index added 0.24%.

The S&P BSE Mid-Cap index reached an all time high of 28,745.47 while the S&P BSE Small-Cap index hit a record high of 32,765.32 in intraday today.

The market breadth was positive. On the BSE, 1,766 shares rose and 1,748 shares fell. A total of 128 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.43% to 11.29.

IPO Update:

The initial public offer (IPO) of HMA Agro Industries received bids for 32.17 lakh shares as against 60.54 lakh shares on offer, according to stock exchange data at 15:15 IST on Wednesday (21 June 2023). The issue was subscribed 0.53 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 Financial Services index rose 0.68% to 19,635.95. The index added 1.08% in two trading sessions.

Shriram Finance (up 11.2%), Muthoot Finance (up 3.35%), REC (up 2.53%), Power Finance Corporation (up 2.38%) HDFC Bank (up 1.75%), Housing Development Finance Corporation (up 1.63%), Cholamandalam Investment & Finance Company (up 1.11%), ICICI Prudential Life Insurance Company (up 0.83%), ICICI Lombard General Insurance Company (up 0.8%) and Kotak Mahindra Bank (up 0.08%) advanced.

On the other hand, HDFC Asset Management Company (down 2.68%), Indian Energy Exchange (down 1.8%) and Axis Bank (down 0.91%) declined.

Shriram Finance surged 11.2%, following block deals in the morning trade today, 21 June 2023. The media reports indicated that Piramal Enterprises will sell its entire stake of 8.34%, or around 3.12 crore of its shares, in Shriram Finance at a floor price of Rs 1,483 per share, which is at a discount of up to 5% to the the previous closing price of Shriram Finance shares.

HDFC Life Insurance Company fell 0.26%; HDFC Bank added 1.75% while HDFC advanced 1.63%. The Competition Commission of India (CCI) has approved proposed combinations to increase Housing Development Finance Corporation's (HDFC) stake in HDFC Life Insurance Company and HDFC ERGO to more than 50% each. Following the merger of HDFC and HDFC Bank, the merged HDFC Bank entity will hold over 50% of HDFC Life and HDFC ERGO.

Stocks in Spotlight:

Ugro Capital added 1.11% after the investment and borrowing committee of its board allotted 200 units of commercial papers (CP) aggregating to Rs 10 crore on Tuesday, 20 June 2023. The CPs having face value of Rs 5 lakh each was allotted at a discounted rate of 8.50% p.a. It has tenure of 90 days and will be redeemed on 18 September 2023.

Gujarat Alkalies and Chemicals rose 1.17% and Gujarat Mineral Development Corporation advanced 5.76% after Dr. Hasmukh Adhia, principal advisor to chief minister of Gujarat, has been appointed as the chairman and director with immediate effect by Government of Gujarat.

G R Infraprojects rallied 2.58% after the company said that its wholly owned subsidiary, GR Logistics Park (Indore) has executed concession agreement with National Highways Authority of India (NHAI) for Rs 758.10 crore on 19 June 2023.

Pidilite Industries fell 0.25% after the company announced that it has launched manufacturing facilities under its two joint ventures, Pidilite Litokol (PLPL) and Tenax Pidilite (TPPL) in Amod, Gujarat. Tenax offers some of the best product solutions for the installation and upkeep of marble and granite stones. Litokol's Starlike range of quartz-based technology epoxy grouts are stain proof, nonabsorbent and highly suitable for both interior and exterior floor and wall applications, even in severe operating conditions.

IDFC First Bank declined 0.77%. The board of IDFC First Bank has approved the appointment of Madhivanan Balakrishnan, chief operating officer (COO), as the whole-time director (additional director), designated as executive director and COO, effective from 20 June 2023. He brings a wealth of operational, technical and marketing experience across diverse industry segments such as banking, insurance, FMCG, durables and IT & ITES, said the bank

Global Market:

European shares traded mixed while most of the Asian stocks declined on Wednesday following overnight losses in US stocks amid cautiousness ahead of the Federal Reserve chief's congressional testimony.

UK consumer price inflation (CPI) was unchanged at 8.7 per cent in May compared to April's data, figures from the Office for National Statistics showed on Wednesday.

Japan's central bank will release its minutes for its April 27-28 meeting, which was the first chaired by new BOJ Governor Kazuo Ueda.

US stocks ended lower on Tuesday dragged by selling in energy stocks as stocks came back from the Juneteenth holiday.

US Federal Reserve Chair Jerome Powell is scheduled to give his semi-annual report to Congress on Wednesday after the policymakers kept interest rates unchanged at their meeting last week.

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