At 11:24 IST, the barometer index, the S&P BSE Sensex, declined 284.98 points or 0.54% to 52,8786.30. The Nifty 50 index fell 74.80 points or 0.47% to 15,757.25.

In the broader market, the S&P BSE Mid-Cap index fell 0.40% while the S&P BSE Small-Cap index lost 0.36%.

The market breadth was negative. On the BSE, 1,390 shares rose and 1,636 shares fell. A total of 155 shares were unchanged.

Economy

The 47th meeting of the GST Council will take place in Chandigarh on Tuesday (28 June) and Wednesday (29 June). The meeting will be chaired by Union Finance Minister Nirmala Sitharaman. The two-day meeting of the GST Council will be attended by Minister of State for Finance Pankaj Chaudhary, Finance Ministers of States and Union Territories and Senior officers from Union Government and States.

Last GST Council's meeting which was held in New Delhi had recommended to defer the decision to change the rates on textiles. The GST council had decided to retain the status quo on GST rate on textile to 5%. The Council will also likely take up the issue of imposing 28% GST on online gaming, casinos and horse racing.

Buzzing Index:

The Nifty IT fell 0.91% to 28,088.25. The index advanced 2.05% in the past trading session.

Among the components of the Nifty IT index, Coforge (down 1.38%), Wipro (down 1.37%), Infosys (down 1.25%), Mindtree (down 1.15%) and Tech Mahindra (down 1.14%) were the top losers.

Infosys fell 1.08% to Rs 1,458.60. The IT major said that it has been selected by Australian express logistics business, Global Express, to separate the technology landscape following divestment from Toll Holdings. Building on its strategic collaboration with Global Express to drive hybrid cloud-powered innovation, Infosys will leverage the established blueprints and tools from Infosys Cobalt, a set of services, solutions and platforms for enterprises to accelerate their cloud journey.

Stocks in Spotlight:

Shriram Transport Finance Company rose 0.28% to Rs 1,255.15. The NBFC on Tuesday announced that its board will consider raising funds by issuing redeemable non-convertible debt securities including bonds in onshore/offshore market via private placement and/or public issue. In this regard, the meeting of company's banking and finance committee, debt issuance committee and allotment committee will be held to consider and approve the issue and allotment of redeemable non-convertible debt securities / bonds during the month ending 30 July 2022.

Manappuram Finance was down 1.41% to Rs 87.65. The NBFC on Monday announced that the meeting of the financial resources and management committee of the board is schedule on 30 June 2022 to consider raising funds. In an exchange filing, Manappuram Finance said that the special committee of the board will consider and approve the issuance of secured, rated redeemable non-convertible debentures of upto $100 million, in INR equivalent.

Global markets:

Most Asian stocks traded higher on Tuesday as investors weigh economic concerns.

Profits at China's industrial firms shrank at a slower pace in May following a sharp fall in April. Profits fell 6.5% from a year earlier, less than the 8.5% decline in April, according to data released by the National Bureau of Statistics (NBS).

US stocks closed lower on Monday on heightened inflation worries and tightening Fed policy. The major averages struggled as investors weighed whether stocks have reached a bottom or are instead briefly rebounding from oversold conditions.

Meanwhile, Ukraine's President Volodymyr Zelenskyy has addressed the leaders of the G-7 nations who are gathered in Munich, Germany, reportedly pressing them for more heavy weaponry and help to end the war before winter sets in. Zelenskyy has reportedly requested anti-aircraft defense systems to help protect Ukraine and has said he wants the war to end before the end of the year. The G-7, in turn, has promised to support Ukraine for as long as it takes.