As per provisional closing data, the barometer index, the S&P BSE Sensex was up 36.45 points or 0.05% to 77,337.59. The Nifty 50 index lost 36.30 points or 0.15% to 23,521.60.

The Sensex and Nifty clocked an all-time high of 77,851.63 and 23,664.00 respectively in late trade.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index declined 0.91% and the S&P BSE Small-Cap index shed 0.58%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,442.90 and 51,968.25 respectively.

The market breadth was negative. On the BSE, 1,640 shares rose and 2,231 shares fell. A total of 103 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 5.76% to 13.71.

Economy:

India's direct tax collection has grown significantly in the current financial year compared to the same period last year. Gross collections (before refunds) are up 22.19%, reaching over Rs 5.15 lakh crore by mid-June, while net collections (after refunds) have grown by around 21% to over Rs 4.62 lakh crore. This growth is partly due to a 27.34% increase in advance tax collection. The government has also issued more refunds this year, with Rs 53,322 crore paid out by mid-June, a 33.7% increase.

IPO Update:

The initial public offer (IPO) of DEE Development Engineers received 2,43,34,915 bids for shares as against 1,49,44,944 shares on offer, according to stock exchange data at 15:25 IST on Wednesday (19 June 2024). The issue was subscribed 1.63 times.

The issue opened for bidding on Wednesday (19 June 2024) and it will close on Friday (21 June 2024). The price band of the IPO is fixed between Rs 193 to Rs 203 per share. An investor can bid for a minimum of 73 equity shares and in multiples thereof.

The initial public offer (IPO) of Akme Fintrade (India) received 1,62,08,375 bids for shares as against 78,65,000 shares on offer, according to stock exchange data at 11:25 IST on Wednesday (19 June 2024). The issue was subscribed 2.06 times.

The issue opened for bidding on Wednesday (19 June 2024) and it will close on Friday (21 June 2024). The price band of the IPO is fixed between Rs 114 to Rs 120 per share. An investor can bid for a minimum of 125 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index fell 2.83% to 1,117.70. The index rallied 5.01% in past three consecutive trading sessions.

Sobha (down 6.31%), Brigade Enterprises (down 3.86%), Phoenix Mills (down 3.75%), Prestige Estates Projects (down 3.71%), Macrotech Developers (down 3.13%), Godrej Properties (down 2.84%), Oberoi Realty (down 2.53%), DLF (down 2.1%), Mahindra Lifespace Developers (down 0.85%) declined.

Stocks in Spotlight:

Tata Motors shed 0.84%. The auto major announced that it will increase the price of its commercial vehicles (CVs) up to 2% effective from 1 July 2024.

Separately, JLR and Chery Automobile Company, partners in the Chery Jaguar Land Rover (CJLR) joint venture, have signed a letter of intent to focus on electric vehicles (EVs) for the Chinese market.

Ami Organics jumped 4.58% after its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,228.71 per share.

Zee Entertainment Enterprises (ZEEL) slipped 4.01% after the company informed that Rohit Kumar has resigned from the post of chief financial officer of the company, due to personal reasons.

Bharat Forge rose 0.29%. The forging company on Tuesday announced that it has made an additional investment of $40 million (Rs 334.04 crore) in its wholly owned subsidiary, Bharat Forge America (BFA).

Venus Remedies added 0.55%. The company announced it has been awarded a tender by the VVHO-backed Pan American Health Organisation for supplying essential cancer drugs to multiple Latin American countries.

Sakuma Exports added 0.78%. The company announced that its board will meet on Monday, 01 July 2024, to consider a proposal for issue of bonus shares to the equity shareholders of the company.

Jio financial services declined 1.21%. The company said that it has appointed S.Anantharaman as chief risk officer for a period of 5 years with effect from 19 June 2024.

Craftsman Automation advanced 2.43% after its board approved issue equity shares for an amount aggregating up to Rs 1.2 lakh by way of qualified institutions placement (QIP) with a floor price of Rs 4,426.11 per share.

Global Markets:

Most European shares declined on Wednesday. The U.K. Inflation rose by an annual 2.0% in May, hitting the Bank of England’s target ahead of its policy rate decision on Thursday.

Most of Asian stocks traded higher, fueled by a tech rally. Disappointing U.S. retail sales data bolstered expectations of an interest rate cut by the Federal Reserve later this year.

The S&P 500 and Nasdaq hit record highs in the US on Tuesday, with Nvidia surpassing Microsoft to become the world's most valuable company.

U.S. retail sales data released Tuesday showed minimal growth in May, with prior month figures revised downward. This suggests sluggish economic activity in Q2, prompting investors to anticipate a Fed rate cut in September. CME FedWatch data indicates a 67% chance of easing, up from 61% the day before.

The U.S. stock market will be closed on Wednesday, June 19th, for Juneteenth.