The domestic equity indices traded near the flatline with some positive points in the early afternoon trade. The Nifty traded above the 24,100 level. Pharma shares extended gains for fourth consecutive trading session.

At 11:30 ST, the barometer index, the S&P BSE Sensex, added 46.17 points or 0.06% to 77,142.65. The Nifty 50 index rose 12.15 points or 0.05% to 24,114.40.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index added 0.13% and the BSE 250 SmallCap Index jumped 0.24%.

The market breadth was positive. On the BSE, 2,606 shares rose and 1,794 shares fell. A total of 216 shares were unchanged.

Initial Public Offer(IPO):

Turtlemint Fintech Solutions received bids for 1,81,37,056 shares as against 3,29,01,878 shares on offer, according to stock exchange data at 11:22 IST on 23 June 2026. The issue was subscribed 0.55 times.

The issue opened for bidding on 19 June 2026 and it will close on 23 June 2026. The price band of the IPO is fixed between Rs 144 and 152 per share. An investor can bid for a minimum of 98 equity shares and multiples thereof.

Waterways Leisure Tourism received bids for 2,45,214 shares as against 41,84,004 shares on offer, according to stock exchange data at 11:22 IST on 23 June 2026. The issue was subscribed 0.06 times.

The issue opened for bidding on 23 June 2026 and it will close on 25 June 2026. The price band of the IPO is fixed between Rs 769 and 808 per share. An investor can bid for a minimum of 18 equity shares and multiples thereof.

Advit Jewels received bids for 2,30,88,300 shares as against 83,79,300 shares on offer, according to stock exchange data at 11:22 IST on 23 June 2026. The issue was subscribed 2.76 times.

The issue opened for bidding on 23 June 2026 and it will close on 25 June 2026. The price band of the IPO is fixed between Rs 130 and 138 per share. An investor can bid for a minimum of 100 equity shares and multiples thereof.

Economy:

Growth in India's eight core industrial sectors slowed to 0.5% in May 2026, marking the second-lowest level in 21 months, according to official data released by the Ministry of Commerce and Industry on June 22, 2026.

Data from the Index of Eight Core Industries showed that five of the eight sectors recorded contractions during the month.

The crude oil sector contracted by 4.6% in May, worsening from a 3.9% decline in April and a 1.8% decline in May 2025. The natural gas sector also remained under pressure, shrinking by 4.9%, its weakest performance in the last three months.

The fertiliser sector contracted for the third consecutive month, declining by 0.9% in May. However, this was an improvement compared with contractions of 8.6% in April and 24.6% in March.

Among the eight core sectors, only steel, cement and electricity registered growth in May 2026.

The electricity sector recorded the strongest growth, with expansion accelerating to 8.7%, helped by a low base as the sector had contracted by 4.7% in May last year.

The steel sector continued to grow but at a slower pace, with growth easing to 5%, the lowest level in 13 months. Meanwhile, the cement sector saw growth improve slightly to 8.4% in May from 8.2% in April.

Overall, the latest data indicate a broad slowdown in core sector activity, with growth supported mainly by electricity, cement and steel output.

India's business activity expanded at a slower pace in June, with all three key PMI readings moderating, according to the latest flash data released by S&P Global and HSBC.

The HSBC Manufacturing Purchasing Managers' Index (PMI) eased to 54.5 in June from 55.0 in the previous month, indicating a slowdown in factory activity while remaining in expansion territory.

The Services PMI declined to 57.3 in June from 59.8 earlier, reflecting a moderation in service sector growth.

Consequently, the Composite PMI fell to 57.4 in June compared with 59.3 in the previous reading, signalling a softer but continued expansion in overall private sector activity.

Buzzing Index:

The Nifty Pharma index rose 1.72% to 25,188.25. The index added 4.31% in the four consecutive trading sessions.

Piramal Pharma (up 8.01%), Laurus Labs (up 3.04%), Zydus Lifesciences (up 2.89%), Cipla (up 2.86%) and Gland Pharma (up 2.2%), Ipca Laboratories (up 2.11%), Biocon (up 1.95%), Alkem Laboratories (up 1.92%), Aurobindo Pharma (up 1.88%) and Sun Pharmaceutical Industries (up 1.62%) added.

Stocks in Spotlight:

Bharat Electronics (BEL) rose 0.80%. The company announced that it has secured additional orders worth Rs 1,081 crore since its last disclosure on 25 May 2026.

Birla Corporation added 1.12% after the company announced commencement of commercial production of coal at Bikram Coal Mine with effect from 22 June 2026.

DEE Development Engineers (DDEL) fell 0.20%. The company announced that its wholly owned subsidiary, Dee Fabricom India, has secured an order worth Rs 64 crore from Ganeko Solar for the supply of windmill towers.

Global Markets:

Asian markets traded lower on Tuesday as investor's grappled with rising expectations the Federal Reserve may take more aggressive action to tackle inflation later this year.

Oil prices continued to edge lower as supply concerns eased after U.S. Vice President JD Vance said progress had been made in talks with Iran and that the Strait of Hormuz was open.

Investors ⁠are grappling with expectations of an accelerated schedule of rate hikes by a more aggressive Federal Reserve under the leadership of new Chair Kevin Warsh.

A key test for the market this week will be Thursday's release of May's reading on the personal consumption expenditures price index, the Fed's preferred inflation gauge. Even excluding volatile food and energy prices, core PCE is expected to increase from April, according to economists polled by FactSet.

Fed funds futures are pricing an implied 54% probability of at least two 25-basis-point hikes before the ⁠end of the year, compared with a 15.2% chance a week ago, according to the CME Group's FedWatch tool.

Overnight on Wall Street, the S&P 500 fell on Monday, weighed down by declines in technology stocks. Wall Street also assessed the latest developments in the Iran war negotiations and awaited the release of inflation data closely watched by the Federal Reserve.

The broad market index fell 0.37% to 7,472.79, while the Nasdaq Composite declined 1.32% to end at 26,166.60. The Dow Jones Industrial Average added 148.01 points, or 0.29%.

A key test for the market this week will be Thursday's release of May's reading on the personal consumption expenditures price index, the Fed's preferred inflation gauge. Even excluding volatile food and energy prices, core PCE is expected to increase from April, according to economists polled by FactSet.

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