The headline equity indices ended near the day's high with strong gains on Tuesday. The Nifty settled above the 18,800 level. Financials, realty and private bank stocks advanced while FMCG and oil & gas shares corrected.

As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 446.03 points or 0.71% to 63,416.03. The Nifty 50 index gained 126.20 points or 0.68% to 18,817.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.38% while the S&P BSE Small-Cap index advanced 0.61%.

The market breadth was positive. On the BSE, 2,025 shares rose and 1,466 shares fell. A total of 148 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 5.41% to 10.78.

As per the circular issued by NSE, Indian stock market will remain open on Wednesday as holiday for Bakri Id festival has been shifted to one day ahead on 29 June 2023.

The weekly and monthly F&O contract expiry has been rescheduled to Wednesday as a result of the holiday being moved to Thursday, the exchange said in a separate circular.

Economy:

The Indian Meteorological Department (IMD) has said that the monsoon deficiency declined to 23% from 47% a week ago and added that monsoon is likely to cover the entire country 10 days earlier than its normal schedule of July 8.

Meanwhile, the government has approved capital investment proposals of Rs 56,415 crore in 16 States for the current financial year, under the scheme entitled 'Special Assistance to States for Capital Investment 2023-24'.

In another development, Union Textile Minister Piyush Goyal has reportedly said that Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) Park are being established across 7 states of the country to promote India's textile sector.

IPO Updates:

The initial public offer (IPO) of Cyient DLM received bids for 2.38 crore shares as against 1.33 crore shares on offer, according to stock exchange data at 15:27 IST on Tuesday (27 June 2023). The issue was subscribed 1.79 times.

The issue opened for bidding on Tuesday (27 June 2023) and it will close on Friday (30 June 2023). The price band of the IPO is fixed at Rs 250 -265 per share. An investor can bid for a minimum of 56 equity shares and in multiples thereof.

The IPO of Ideaforge Technology received bids for 4.71 crore shares as against 46.48 lakh shares on offer, according to stock exchange data at 15:27 IST on Tuesday (27 June 2023). The issue was subscribed 10.15 times.

The issue opened for bidding on Monday (26 June 2023) and it will close on Thursday (29 June 2023). The price band of the IPO is fixed at Rs 638 -672 per share. An investor can bid for a minimum of 22 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Financial Services index rose 1.37% to 19,788.50. The index added 1.4% in two trading sessions.

HDFC Life Insurance Company (up 4.95%), Power Finance Corporation (up 4.05%), ICICI Lombard General Insurance Company (up 3.7%), REC (up 2.98%), ICICI Prudential Life Insurance Company (up 2.85%), HDFC Asset Management Company (up 2.38%), SBI Cards & Payment Services (up 2.12%), State Bank of India (up 1.86%), SBI Life Insurance Company (up 1.48%) and Housing Development Finance Corporation (up 1.46%) advanced.

On the other hand, Indian Energy Exchange (down 1.04%) and Shriram Finance (down 0.37%), turned lower.

Stocks in Spotlight:

Bharti Airtel rose 1.37%. The telecom major announced changes to its leadership team in Airtel Business. Ajay Chitkara, CEO Airtel Business, has decided to move on from Airtel. He will continue with the company until the third week of August 2023. Consequently, Airtel Business will operate as three business and channel segments - Global business, led by Vani Venkatesh, Domestic business, led by Ganesh Lakshminarayanan, and Nxtra Data Centers, led by Ashish Arora.

Hindustan Unilever (HUL) shed 0.04%. The company has announced the resignations of two of its board members - outgoing CEO & MD Sanjiv Mehta and independent director of the company, Dr Ashish Gupta. Following his retirement from the company, Sanjiv Mehta stepped down as the chief executive officer & managing director with effect from close of business hours on 26 June 2023.

In March this year, HUL had named Rohit Jawa as the new managing director and chief executive of the company, succeeding Sanjiv Mehta. Jawa's tenure starts from today, 27 June 2023.

Tech Mahindra added 0.67%. The IT major on Monday announced that its step down subsidiary, LCC France has approved a proposal to divest its 49% stake holding in SARL Djazatech and its subsidiary EURL LCCUK Algerie.

Aditya Birla Capital jumped 6.59% after its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 175.99 per share. The company's board authorised and declared the opening of the issue on Monday, 26 June 2023.

ICICI Prudential Life Insurance Company gained 2.70%. The life insurer informed that it has received a Goods and Services Tax (GST) show cause-cum-demand notice for Rs 492.06 crore by the Directorate General of GST Intelligence (DGGI).

Godrej Properties rose 1.96%. The real estate developer has received board approval for the placement memorandum for issuance of unsecured redeemable non-convertible debentures worth Rs 750 crore, consisting of base issue of Rs 500 crore with an oversubscription option of Rs 250 crore.

City Union Bank advanced 2%. The bank informed that its board has approved the agenda for raising further capital through qualified institutional placement (QIP) route upto Rs 500 crore.

BLS International Services gained 1.55%. The company informed that board of directors of its subsidiary BLS E-Services approved fund raising by way of an Initial Public Offering (IPO) of its equity shares. The size of the offer, price and other details of the proposed IPO will be determined in due course.

AXISCADES Technologies was locked in 5% upper circuit after the company announced the completion of the re-financing of existing debt of Rs 210 crore borrowed for Mistral acquisition.

CreditAccess Grameen rose 1.31% after the company announced the signing of a syndicated social loan facility of up to $200 million, qualifying as ECB under the automatic route of the RBI. The company has received $160 million in commitments to date, along with a green-shoe option to raise an additional $40 million, exercisable over 120 days from the date of signing of the facility agreement.

Global Markets:

Markets in Europe declined while Asian stocks ended mixed on Tuesday as investors held tight ranges awaiting clues on the interest rate outlook and wary of risks about China's shaky economic recovery and developments in Russia after an aborted mutiny.

S&P Global on Monday cut its forecast for China's economic growth to 5.2% in 2023, down from an earlier estimate of 5.5%, underscoring the uneven nature of the country's recovery from the pandemic.

US stocks slid on Monday amid concern that the Federal Reserve and its peers around the world will push economies into recession. The technology sector led the declines on Wall Street, as AI-favorite Nvidia Corp. and Facebook-parent company Meta Platforms Inc. dipped.

Central banks must accept the ?uncomfortable truth? that they may have to tolerate a longer period of inflation above their 2% target in order to avert a financial crisis, IMF deputy head Gita Gopinath has reportedly warned.

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