As per provisional closing data, the barometer index, the S&P BSE Sensex slipped 284.26 points or 0.45% at 63,238.89. The Nifty 50 index lost 85.60 points or 0.45% at 18,771.25.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 1.07% while the S&P BSE Small-Cap index declined 0.64%.

The market breadth was weak. On the BSE, 1,322 shares rose and 2,202 shares fell. A total of 131 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.25% to 11.55.

Fitch Ratings raised its forecast for India's economic growth to 6.3% for current fiscal year 2023-24 from 6% it had predicted previously. This is primarily because of a stronger outturn in the first quarter and near-term momentum.

IPO Update:

The initial public offer (IPO) of HMA Agro Industries received bids for 57.48 lakh shares as against 60.54 lakh shares on offer, according to stock exchange data at 15:18 IST on Thursday (22 June 2023). The issue was subscribed 0.95 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 PSU Bank index fell 1.67% to 510.05. The index jumped 3.14% in the past four trading sessions.

Punjab National Bank (down 3.5%), Bank of Baroda (down 2.42%), Punjab & Sind Bank (down 1.92%), Canara Bank (down 1.88%) and UCO Bank (down 1.64%) were the top losers. Among the other losers were Bank of Maharashtra (down 1.6%), Central Bank of India (down 1.39%), Indian Bank (down 1.33%), Indian Overseas Bank (down 1.22%) and Union Bank of India (down 1.06%).

On the other hand, Macrotech Developers (up 0.63%) ,Prestige Estates Projects (up 0.21%) turned up.

Stocks in Spotlight:

Tata Consultancy Services (TCS) declined 0.54%. The IT major expand its partnership with Nest, UK's largest workplace pension scheme to focus on digitally transforming Nest's scheme administration services, delivering enhanced member experiences and furthering the scheme's mission of delivering better retirement outcomes for people across the UK. The contract value was signed for ?840 million with an initial tenure of 10 years. The total maximum estimated value of the contract, if extended to the entirety of its eighteen-year tenure, will be ?1.5 billion.

Larsen & Toubro (L&T) rose 0.99% after the company announced that it has signed a contract with DRDO for realisation of two Air Independent Propulsion (AIP) System Modules for Kalvari Class of Submarines of the Indian Navy.

Separately, the EPC company said that it has expanded its hi-tech manufacturing capability, inaugurating Heavy Wall Pressure Vessel facility in Saudi Arabia.

Glenmark Pharmaceuticals slipped 2.26% after the company's Monroe, North Carolina (USA) manufacturing facility has been issued a warning letter by the U.S. Food and Drug Administration (USFDA). The warning letter is related to observations made during an FDA inspection of the facility in April-May 2022

NTPC declined 1.63%. The state-run power major announced that its board will meet on Saturday, 24 June 2023 to consider raising funds by issuing non-convertible debentures (NCDs) up to Rs 12,000 crore.

Bharti Airtel rose 0.51%. The telecom major on Wednesday announced that it has entered into an agreement for acquisition of 2,83,400 equity shares, or 12.07% stake in Egan Solar Power for a total cash consideration of Rs 1.33 crore.

Life Insurance Corporation of India (LIC) advanced 0.68% while NMDC fell 0.75%. LIC sold ‬‬ 6,06,63,724 shares, or 2.070% equity, at an average cost of Rs 107.59 via open market sale during the period from 14 March 2023 to 20 June 2023.

Rail Vikas Nigam (RVNL) shed 0.32%. The company announced that it has emerged as the lowest bidder (L1) for two projects from Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company (MPPKVVCL) worth Rs 281.03 crore in Jabalpur.

Kalpataru Projects International fell 0.60%. The company said that its board has approved the issuance of non-convertible debentures (NCDs) of Rs 300 crore on private placement basis.

Global Markets:

Markets in Europe and Asia declined after US Federal Reserve chair Jerome Powell stuck to his recent hawkish tone as investors assess the future rate policy path from the Fed.

Elsewhere, markets in Hong Kong and mainland China, as well as Taiwan are closed for a holiday Thursday.

U.S. stocks closed lower on Wednesday as Federal Reserve Chairman Jerome Powell's congressional testimony reinforced the central bank's objective to rein in inflation as he hinted at the likelihood of further interest rate hikes. Powell is scheduled to testify before the Senate Banking Committee on Thursday.

Federal Reserve Chairman Jerome Powell on Wednesday said he and his colleagues expect more interest rate increases ahead as inflation is still too high. ?Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,? he said in prepared remarks for a hearing before the House Financial Services Committee. Powell noted that ?nearly all? policymakers figure additional hikes will be needed to bring inflation closer in line to the Fed's 2% target.

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