At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 134.34 points or 0.21% to 63,107.55. The Nifty 50 index lost 67.75 points or 0.36% to 18,703.50.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index slipped 0.86% while the S&P BSE Small-Cap fell 0.71%.

The market breadth was weak. On the BSE, 1,171 shares rose and 2,081 shares fell. A total of 131 shares were unchanged.

IPO Update:

The initial public offer (IPO) of HMA Agro Industries received bids for 64.52 lakh shares as against 60.54 lakh shares on offer, according to stock exchange data at 11:39 IST on Friday (23 June 2023). The issue was subscribed 1.07 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 Metal index slipped 2.21% to 6,054.05. The index has rose 0.05% in the past trading session.

Adani Enterprises (down 7.73%), Hindalco Industries (down 2.09%), APL Apollo Tubes (down 1.97%), National Aluminium Company (down 1.67%) and Jindal Steel & Power (down 1.23%) were the top losers.

Among the other losers were Jindal Stainless (down 1.08%), Welspun Corp (down 0.88%), Tata Steel (down 0.86%), Vedanta (down 0.82%) and NMDC (down 0.52%).

Stocks in Spotlight:

HBL Power Systems slipped 2.37%. The company informed that a meeting of its board of directors is scheduled on Wednesday, 28 June 2023 to consider a proposal of slump sale of two product lines, power electronics (PE) and integrated power supplies (IPS) for the railways.

Orchid Pharma was locked in an upper circuit of 5% after the pharma company announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 425.19 per share.

Global Market:

Most of the Asian stocks declined on Friday as investors look to inflation data out of Japan and Singapore, as well as flash estimates from the au Jibun bank on Japan's manufacturing and services activity. Mainland Chinese markets are closed for a public holiday Friday.

Japan's business activity expanded at a slower rate in June, according to flash estimates by the au Jibun bank. The composite purchasing managers index fell to 52.3 in June, compared to 54.3 in May. Japan's inflation rate slowed in May. Japan's headline inflation rate came in at 3.2% in May, easing from the 3.5% recorded in April. Japan's core inflation rate in May eased slightly to 3.2% year-on-year, lower than April's 3.4% but still above the BOJ's 2% target.

US stocks rose on Thursday as Federal Reserve chairman Jerome Powell wrapped up his congressional testimony.

Federal Reserve Chairman Jerome Powell faced multiple questions Thursday about where interest rates are heading, but he said the focus instead should be on how quickly the Fed is moving. Policymakers, he insisted, are still committed to using rates to bringing down inflation, but are going to move more slowly than they had been during an aggressive run of hikes going back to March 2022.