Broader market outperform; European markets trade mixed

The key equity barometers continued to trade with limited losses in afternoon trade. The Nifty traded below the 18,550 level. IT, FMCG and oil & gas stocks declined while auto, pharma and private bank shares edged higher.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was down 194.96 points or 0.31% to 62,592.51. The Nifty 50 index lost 47.70 points or 0.26% to 18,546.15.

In the broader market, the S&P BSE Mid-Cap index shed 0.09% while the S&P BSE Small-Cap index gained 0.20%.

The market breadth was positive. On the BSE, 1,783 shares rose and 1,647 shares fell. A total of 141 shares were unchanged.

The three-day meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI) begins today. The MPC decision will be announced by RBI Governor Shaktikanta Das on the last day of the meeting, which is Thursday, 8 June 2023.

NSE Circular:

The National Stock Exchange of India (NSE) has announced that the expiry day of BANKNIFTY futures and options (F&O) has been changed from existing Thursday to Friday.

"The above shall be effective from trade date 7 July 2023 Friday and accordingly, all existing contracts with Thursday expiry will be revised to Friday on 6 July 2023 EOD (end of day),� NSE said.

The first Friday expiry will be on 14 July 2023.

IPO Update:

The initial public offer (IPO) of IKIO Lighting received bids for 90.74 lakh shares as against 1.52 crore shares on offer, according to stock exchange data at 13:30 IST on Tuesday (6 June 2023). The issue was subscribed 0.60 times.

The issue opened for bidding on Tuesday (6 June 2023) and it will close on Thursday (8 June 2023). The price band of the IPO is fixed at Rs 270-285 per share. An investor can bid for a minimum of 52 equity shares and in multiples thereof.

Stocks in Spotlight:

Bajaj Finserv advanced 0.97%. The company announced the launch of its mutual fund business under Bajaj Finserv Mutual Fund. The mutual fund will start rolling out products within the next 30 days, starting with Fixed Income category.

Larsen & Toubro (L&T) rose 0.17%. The company said that the Buildings and Factories (B&F) Business of L&T Construction has secured `significant` EPC orders from a developer to construct commercial towers at two locations in Mumbai. As per L&T`s classification, the value of the said contract lies between Rs 1,000 crore to Rs 2,500 crore.

State Bank of India (SBI) shed 0.42%. The largest PSU bank said that the meeting of the board of directors of the bank is scheduled on 9 June 2023 to consider and approve raising funds during FY 24 through private placement mode by way of issuance of debt instruments (including capital instruments) in INR and /or foreign currency.

SBI Cards and Payment Services added 0.22%. The board of directors of the company has approved raising of funds by way of issuance of non-convertible debentures (NCDs) aggregating to Rs. 3,000 crore in one or more tranches, on private placement basis.

Global Markets:

Markets in Europe and Asia traded mixed on Tuesday as downbeat sentiment prevailed in markets across the globe. South Korea`s markets are closed Tuesday for a holiday.

European Central Bank President Christine Lagarde said Monday there were �signs of moderation� in core inflation in the euro zone, but emphasized that it was too early to call a peak. The latest data showed inflation easing more than expected for May to 6.1%, but that figure remains well above the 2% target.

The ECB has hiked rates a total of 375 basis points in the past year in an attempt to tackle soaring inflation, and money markets are believed to have priced in another two 25-basis-point rate increases for the coming meetings, media reports stated.

Meanwhile, manufacturing orders in Germany fell by 0.4% in April, according to the country`s Federal Statistical Office. New industrial orders were down 9.9% compared to the same month in 2022.

The manufacturing of machinery and equipment and miscellaneous vehicle construction were noticeable drags on the new order figure.

Euro Zone retail sales for the month of April 2023 will be announced today.

US stocks fell on Monday as investors weighed whether the US central bank might pause rate hikes after growth slowed in the services sector.

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