The key equity benchmarks ended with major losses on Tuesday, pressured by weak global sentiment, a sell-off in IT and metal stocks, and concerns over a potentially tighter U.S. monetary policy path. The Nifty settled below the 23,850 mark. Barring Pharma indices, all other sectoral indices ended in the red on the NSE.

As per provisional closing data, the barometer index, the S&P BSE Sensex tanked 893.39 points or 1.16% to 76,200.68. The Nifty 50 index declined 278.80 points or 1.16% to 23,824.10.

In the broader market, the S&P BSE Mid-Cap index fell 0.88% and the S&P BSE Small-Cap index declined 0.62%.

The market breadth was weak. On the BSE, 1,498 shares rose and 2,787 shares fell. A total of 181 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 8.56% to 13.94.

Initial Public Offer(IPO):

Turtlemint Fintech Solutions received bids for 3,78,44,072 shares as against 3,29,01,878 shares on offer, according to stock exchange data at 15:22 IST on 23 June 2026. The issue was subscribed 1.15 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 6,19,488 shares as against 41,84,004 shares on offer, according to stock exchange data at 15:22 IST on 23 June 2026. The issue was subscribed 0.15 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 7,31,06,900 shares as against 83,79,300 shares on offer, according to stock exchange data at 15:22 IST on 23 June 2026. The issue was subscribed 8.72 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 Metal index fell 3.22% to 12,669.10. The index rose 0.62% in the past two consecutive trading sessions.

Vedanta (down 8.17%), National Aluminium Company (down 6.05%), Hindustan Zinc (down 4.78%), Jindal Steel (down 4.29%) and JSW Steel (down 3.35%), Steel Authority of India (down 3.28%), NMDC (down 3.11%), Adani Enterprises (down 3.02%), Tata Steel (down 2.99%) and Hindalco Industries (down 2.68%) declined.

Stocks in Spotlight:

Network People Services Technologies (NPST) surged 5.21% after the company has received an order from a Maharatna Public Sector Undertaking (PSU) to develop a UPI Third-Party Application Provider (TPAP) application.

Syrma SGS Technology rallied 3.35% after the company entered into an agreement with Kaga Electronics India to develop EMS manufacturing facility in India through a joint venture (JV). Under the agreement, the company and Kaga Electronics will set up a joint venture (JV) company to establish, develop and operate a technologically advanced, state of the art EMS manufacturing facility together in India focusing on Japanese clients. In the JV that is proposed to be incorporated, the company will own 60% of the equity shares for total consideration of Rs 15 crore and Kaga will own 40% of the equity shares of the JV for total consideration of 10 crore.

Interarch Building Solutions added 1.51% after the company has secured a contract worth Rs 165 crore from a domestic customer to manufacturing steel building system.

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.

Diffusion Engineers rose 0.62%. The company announced that it has secured a domestic order worth approximately Rs 7.49 crore for the supply of flux-cored wire to the defence industry.

Lemon Tree Hotels rose 0.13%. The company announced the signing of an 85-room hotel in Janakpur, Nepal, strengthening its international presence in South Asia.

Global Markets:

The Dow Jones index futures were down 240 points, hinting at a weak opening in US stocks today.

European stocks declined on Tuesday as early euphoria over a U.S.-Iran peace deal evaporated, giving way to renewed anxieties over higher-for-longer interest rates.

Asian markets ended lower, dragged by a sell-off in technology shares amid growing concerns over elevated AI valuations and the prospect of higher U.S. borrowing costs.

The sell-off triggered a 20-minute trading halt on the Kospi, the fourth such suspension this year, with the index falling 10% during the session.

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.

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%.

Powered by Capital Market - Live News