At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 202.15 points or 0.32% to 62,966.15. The Nifty 50 index declined 46.40 points or 0.25% to 18,709.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.08% while the S&P BSE Small-Cap index gained 0.19%.

The market breadth was positive. On the BSE, 1,701 shares rose and 1,618 shares fell. A total of 150 shares were unchanged.

IPO Update:

The initial public offer (IPO) of HMA Agro Industries received bids for 2.74 lakh shares as against 60.54 lakh shares on offer, according to stock exchange data at 11:18 IST on Tuesday (20 June 2023). The issue was subscribed 0.05 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 Bank index lost 0.50% to 43,415.45. The index tumbled 1.19% in two trading sessions.

IndusInd Bank (down 1.09%), State Bank of India (down 0.84%), HDFC Bank (down 0.74%), ICICI Bank (down 0.5%), Punjab National Bank (down 0.48%), AU Small Finance Bank (down 0.46%), Axis Bank (down 0.43%), Bandhan Bank (down 0.4%) declined.

On the other hand, Bank of Baroda (up 0.77%), IDFC First Bank (up 0.62%) and Kotak Mahindra Bank (up 0.19%)advanced.

Stocks in Spotlight:

Housing Development Finance Corporation (HDFC) fell 0.60%. 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.

Delta Corp declined 0.75%. The company informed that its board of directors re-appointed Ashish Kapadia as managing director (MD) of the company for a period of five years effective from 27 April 2024.

Global Markets

Most of the Asian stocks 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".