The recent trading session witnessed a decline in the domestic equity indices, putting an end to the two-day gaining streak. Despite the volatility caused by the expiry of weekly index options on the NSE, the market showed resilience. 

However, the Nifty settled below the crucial 18,800 level after reaching a high of 18,886.60 during morning trade. While metal and media shares experienced gains, PSU bank, realty, and oil & gas stocks witnessed a decline. 

Closing data revealed that the S&P BSE Sensex  slipped 284.26 points or 0.45% to reach 63,238.89. Similarly, the Nifty 50 index lost 85.60 points or 0.45% to close at 18,771.25. The broader market, represented by the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index, also underperformed, falling by 1.07% and 0.64%, respectively.

Market Volatility and Closing Data- The market breadth reflected weakness, with 2,202 shares falling and only 1,322 shares rising on the BSE. In total, 131 shares remained unchanged. The NSE's India VIX, which measures the market's expectation of near-term volatility, increased by 2.25% to reach 11.55.

Positive Economic Growth Forecast by Fitch Ratings -Fitch Ratings recently revised its forecast for India's economic growth in the current fiscal year 2023-24. It raised the growth rate projection to 6.3% from its previous estimate of 6%. This upward revision is primarily attributed to a stronger outturn in the first quarter and the positive momentum expected in the near term.

IPO Update: HMA Agro Industries -- The initial public offer (IPO) of HMA Agro Industries witnessed a subscription of 57.48 lakh shares, slightly below the 60.54 lakh shares on offer, as per stock exchange data at 15:18 IST on Thursday (22 June 2023). The issue was subscribed 0.95 times.

Bidding for the IPO commenced on Tuesday (20 June 2023) and will conclude on Friday (23 June 2023). The price band for the IPO has been fixed at Rs 555-585 per share. Interested investors can bid for a minimum of 25 equity shares and in multiples thereof.

Buzzing Index: Nifty PSU Bank- The Nifty PSU Bank index observed a decline of 1.67% to reach 510.05. Despite this recent decrease, the index had shown an upward trend of 3.14% in the past four trading sessions.

Among the top losers in the PSU banking sector were Punjab National Bank (down 3.5%), Bank of Baroda (down 2.42%), Punjab & Sind Bank (down 1.92%), Canara Bank (down 1.88%), and UCO Bank (down 1.64%). Additionally, Bank of Maharashtra (down 1.6%), Central Bank of India (down 1.39%), Indian Bank (down 1.33%), Indian Overseas Bank (down 1.22%), and Union Bank of India (down 1.06%) also experienced declines.

On the other hand, Macrotech Developers (up 0.63%) and Prestige Estates Projects (up 0.21%) demonstrated positive movement amidst the prevailing market conditions.

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