Key equity indices snapped two-day fall, backed by strength in oil & gas shares. Firmness in Reliance Industries, HDFC and Axis Bank pushed indices higher. The Nifty closed a tad below 11,800 mark after crossing that level in the intraday.

The key barometer, the S&P BSE Sensex, rose 311.98 points or 0.80% to 39,434.94. The index hit a high of 39,490.64 and a low of 38,946.04 in intraday.

The Nifty 50 index rose 96.80 points or 0.83% to 11,796.45. The index hit a high of 11,814.40 and a low of 11,651 in intraday.

After opening lower, the indices recovered in morning trade and were hovering near flat line in mid-morning trade. Benchmarks gained momentum in early afternoon trade and hit fresh intraday high in mid-afternoon trade.

The market breadth was almost even. On the BSE, 1252 shares rose and 1270 shares fell. A total of 166 shares were unchanged.

In the broader market, the BSE Mid-Cap index rose 0.66% and the BSE Small-Cap index rose 0.32%.

Among the sectoral indices on the BSE, the S&P BSE Energy index (up 2.15%), the S&P BSE Metal index (up 1.82%) and the S&P BSE Oil & Gas index (up 1.62%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Capital Goods index (down 0.16%), the S&P BSE IT index (up 0.03%) and the S&P BSE Industrials index (up 0.07%) underperformed the S&P BSE Sensex.

Titan Company rose 1.50% at Rs 1318.80. It hit a 52-week high of Rs 1320.80 in intraday today.

HDFC Asset Management Company rose 0.30% at Rs 1938.00. It hit a record high of Rs 1,971 in intraday today.

Mortgage financier HDFC rose 1.07% or 22.90 points to Rs 2172.15.

Axis Bank rose 2.49%. LIC sold 5.25 crore, or 2.004% stake, in Axis Bank. Post transaction, LIC's stake in Axis Bank decreased to 10.209% from 12.213% stake. The transaction took place between 21 March 2019 and 20 June 2019.

Index heavyweight Reliance Industries gained 2.63%. With response to a news article titled, 'RIL to raise $1.85b in overseas loans', RIL clarified during market hours today, 25 June 2019, that it entered into agreements with offshore lenders for availing long term loans aggregating approximately $1.85 billion, primarily for meeting a part of its planned capital expenditure, in the normal course of its business.

With reference to news item, 'RIL under lens for diverting Rs 1.7K cr CSR funds', RIL clarified during market hours today, 25 June 2019, that the Ministry of Corporate Affairs (MCA) has been seeking information from the company from time to time about its CSR activities. The company has been providing information in response to the requirements of MCA. The MCA has recently sought additional information on CSR projects and the company is in the process of providing the same to MCA.

Metal stocks advanced. Steel Authority of India (up 2.44%), Jindal Steel & Power (up 2.40%), Tata Steel (up 2.36%), Hindalco Industries (up 2.20%), NMDC (up 1.14%), Hindustan Zinc (up 1.12%), Vedanta (up 1.10%), Hindustan Copper (up 0.64%) and National Aluminium Company (up 0.41%) edged higher.

Shares of most public sector oil marketing companies (PSU OMCs) gained as Brent crude oil price declined. Bharat Petroleum Corporation (up 2.94%), Hindustan Petroleum Corporation (up 2.44%) and Indian Oil Corporation (up 1.55%) edged higher.

SBI Life Insurance Company fell 5% to Rs 674.90. The company said one of its promoters, BNP Paribas Cardif, will sell up to 2.5% stake in the life insurance firm through offer for sale. BNP Paribas Cardif proposes to sell up to 2.50 crore equity shares, or 2.5% stake, in SBI Life Insurance Company. The OFS kicked off today, 25 June 2019 (T Day) (for non-retail investors only). It will continue tomorrow, 26 March 2019 (T+1 Day) (for retail investors and for non-retail investors who choose to carry forward their bids). BNP Paribas Cardif holds 7.70% stake in the life insurance company while State Bank of India has a 62.10% stake. The announcement was made after market hours yesterday, 24 June 2019.

On the first day of the bidding for OFS today, 25 June 2019, at 15:30 IST, bids were received for 8.58 crore shares from the non-retail investors, representing a subscription of 381.48%.

L&T Technology Services fell 2.04% to Rs 1715.35. The company said its promoter, Larsen & Toubro, will sell up to 0.19% stake in the engineering services company through offer for sale. Larsen & Toubro is selling up to 2 lakh equity shares, or 0.19% stake, in L&T Technology Services. OFS kicked off today, 25 June 2019 (T Day) (for non-retail investors only). It will also take place tomorrow, 26 March 2019 (T+1 Day) (for retail investors and for non-retail investors who choose to carry forward their bids). Larsen & Toubro currently holds 78.88% stake in L&T Technology Services. The announcement was made after market hours yesterday, 24 June 2019.

On the first day of the bidding for OFS today, 25 June 2019, at 15:30 IST, bids were received for 9.73 lakh shares from the non-retail investors, representing a subscription of 540.76%.

Induslnd Bank fell 0.73%. Induslnd Bank today inaugurated a branch at Jewar, a town located in the Gautam Buddha Nagar district of Uttar Pradesh (UP). The new branch is located within close proximity to the proposed International Airport and will house an ATM that will be available 24X7. With this, the Bank now has a wide network of 122 branches across UP. The announcement was made during market hours today, 25 June 2019.

TCS fell 0.36%. TCS announced that it is increasing its holding in TCS Japan, its joint venture with Mitsubishi Corporation (MC), one of Japan's largest integrated business enterprises. Following the stake hike, TCS will hold 55% equity in TCS Japan - up from 51%, when the joint venture was established in July 2014 - and MC will hold 34%. The announcement was made after market hours yesterday, 24 June 2019.

IFCI jumped 17.82%. IFCI said that the company's board has approved the sale of its remaining stake of 1.20 crore equity shares comprising of 2.44% of the total equity shares of NSE. The announcement was made after market hours yesterday, 24 June 2019.

Eris Lifesciences fell 0.31%. Eris Lifesciences said that the board of directors will consider a proposal of buyback of the fully paid-up equity shares of the company at its meeting scheduled to be held on 3 July 2019. The announcement was made after market hours yesterday, 24 June 2019.

Welspun Corp declined 1.04%. The board of the company has approved buyback of upto 2.88 crore equity shares at Rs 135 each, which is discount to the current price. The record date for buyback is 5 July 2019. The announcement was made after market hours yesterday, 24 June 2019.

Bharat Heavy Electricals (Bhel) gained 0.34%. Life Insurance Corporation of India (LIC) sold 6.96 crore, or 2.001% stake in Bhel. Post transaction, LIC's stake in Bhel decreased to 11.701% from 13.702%. The transaction took place between 4 April 2019 and 20 June 2019.

Emami jumped 8.79% to Rs 290.80 on bargain hunting after a recent slump. Shares of Emami fell 21.36% in the past eight trading sessions to settle at Rs 267.30 yesterday, 24 June 2019, from its close of Rs 339.90 on 12 June 2019. Emami announced after market hours yesterday, 24 June 2019, that its promoters sold a 10% stake in the company for raising approximately Rs 1230 crore. The amount raised would be utilized to tackle debt at the promoter level. Post sale, the total promoter stake in Emami stands at 52.74% from 62.74%. The promoters intend to maintain this controlling majority stake in Emami without further diluting it.

ICICI Lombard General Insurance Company tumbled 6.40% after multiple block deals on stock exchanges. The stock slipped as much as 8.16% at the day's low of Rs 1081.35 in afternoon trade, the lowest since 15 May 2019. It hit an intraday high of Rs 1180.

Mold-Tek Packaging rose 4.38% on a sudden buying interest. The stock surged as much as 11.39% at the day's high of Rs 268 in early trade, the most since 28 May 2019. It hit an intraday low of Rs 251 today.

Most PSU Banks surged. Oriental Bank of Commerce (up 2.45%), Allahabad Bank (up 3.55%), Bank of Baroda (up 1.44%), State Bank of India (up 0.92%), Union Bank of India (up 0.33%), Punjab National Bank (up 0.33%), Bank of India (up 0.12%), Bank of Baroda (up 1.44%) and State Bank of India (up 0.92%) edged higher.

Syndicate Bank jumped 5.75%. Syndicate Bank scheduled a board meeting on 29 June 2019, to consider and approve capital raising plan of the bank for the FY 2019-20. The announcement was made after market hours yesterday, 24 June 2019.

The Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman informed in the Lok Sabha that as per RBI data on global operations (provisional data for the financial year ending March 2019), gross non-performing assets (NPAs) of public sector banks (PSBs) have declined from the peak of Rs 895601 crore in March 2018 to Rs 806412 crore in March 2019 (provisional data). PSBs have recovered Rs 359496 crore over the last four financial years, including record recovery of Rs 123156 crore during 2018-19. Figures for PSBs include those for IDBI Bank, which was recategorised as a private sector bank by RBI with effect from 21 March 2019.

Tyre stocks were in demand after the government imposed anti-subsidy countervailing duty on imports of Chinese radial tyres with rim above 16 inch. This is in addition to the anti-dumping duty prevalent already on Chinese truck and bus radial imports. The government notification spells out names of Chinese tyre firms that are entitled to such subsidies.

JK Tyres & Industries (up 4.92%), Ceat (up 4.30%), MRF (up 1.47%) and Apollo Tyres (up 0.50%) edged higher.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.3475, compared with its close of 69.35 during the previous trading session.

In the commodities market, Brent crude for August 2019 settlement was down 38 cents at $64.48 a barrel. The contract fell 34 cents or, 0.52% to settle at $64.86 a barrel in the previous trading session.

Overseas, shares in Europe and Asia edged lower. On Monday, US-Iranian tensions escalated, as President Donald Trump signed an executive order imposing hard-hitting new sanctions on Iran.

Meanwhile, investors are also awaiting a meeting between President Trump and Chinese President Xi Jinping at this week's G-20 summit in Japan amid the ongoing trade war between the two nations.

In US, most major stock benchmarks finished lower on Monday, though the Dow managed a slight gain, on selling in the energy sector after Trump announced Iranian sanctions.

The domestic equity market declined on Monday as investors were caution ahead of the Union Budget on 5 July 2019. Concerns of higher crude oil prices and a deficient monsoon in India also affected investors' sentiment.

The key barometer, the S&P BSE Sensex, fell 71.53 points or 0.18% to 39,122.96. The index hit a high of 39,300.02 and a low of 39,021.70 in intraday.

The Nifty 50 index fell 24.45 points or 0.21% to 11,699.65. The index hit a high of 11,754 and a low of 11,670.20 in intraday.

The market breadth was negative. On the BSE, 1058 shares rose and 1455 shares fell. A total of 190 shares were unchanged.

In the broader market, the BSE Mid-Cap index fell 0.32% and the BSE Small-Cap index fell 0.15%.

Among the sectoral indices on the BSE, the S&P BSE Power index (up 0.37%), the S&P BSE Capital Goods index (up 0.29%) and the S&P BSE FMCG index (up 0.19%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Oil & Gas index (down 1.59%), the S&P BSE Metal index (down 1.44%) and the S&P BSE Energy index (down 1.23%) underperformed the S&P BSE Sensex.

Yes Bank (up 1.64%), Mahindra & Mahindra (up 1.47%), TCS (up 1.21%), State Bank of India (up 1.06%) and Indiabulls Housing Finance (up 0.93%) advanced.

JSW Steel (down 3.39%), Eicher Motors (down 3.27%), ONGC (down 3.01%) and Zee Entertainment Enterprises (down 2.07%) declined.

UPL rose 5.15% to Rs 936.40. UPL has fixed 3 July 2019 as the record date for issuing bonus shares. The announcement was made after market hours on Friday, 21 June 2019. The company will issue one bonus equity share for two existing equity shares.

Two-wheeler stocks witnessed selling pressure. Bajaj Auto (down 1.97%), Hero MotorCorp (down 0.77%) and TVS Motors (down 0.62%) declined.

The government is reportedly thinking of a 2023 deadline for three-wheelers and 2025 for all two-wheelers up to 150cc engine capacity to turn electric. Automakers reportedly opposed the proposal and warned that a sudden transition, at a time when auto sales have slumped to a two-decade low, would cause market disruption and job losses.

Most power sector shares declined. Adani Power (down 15.41%), CESC (down 1.74%), Coal India (down 1%), JSW Energy (down 0.49%), Tata Power (down 0.35%), GMR Infrastructure (down 0.32%) and Jaiprakash Power Ventures (down 0.23%) edged lower.

NHPC (up 4.8%), Torrent Power (up 0.96%), Reliance Infrastructure (up 0.71%), Reliance Power (up 0.6%) edged higher.

State-run NTPC rose 0.71%. Power Grid Corporation of India fell 0.35%. NTPC announced signing of a joint venture agreement with Power Grid Corporation of India to incorporate a joint venture company between NTPC and Power Grid with equity participation of 50:50 respectively with an objective to undertake the business for distribution of electricity in distribution circles in various States and Union Territories of India and other related activities. The aforesaid JVC shall be incorporated only after obtaining necessary approvals of the Government. The announcement was made during market hours today, 24 June 2019.

Meanwhile, Fitch Ratings affirmed NTPC's long-term foreign- and local-currency issuer default ratings at 'BBB-'. The outlook is stable.

CG Power and Industrial Solutions rose 1.74%. The company said that its board approved sale of remaining portion of company's land situated at Kanjurmarg, Mumbai currently housing the transformer manufacturing unit admeasuring approximately 13 acres to Evie Real Estate for Rs 498.96 crore and also approved closure/ shifting of the transformer manufacturing unit as a precondition to such sale of land. The announcement was made after market hours on Friday, 21 June 2019.

IT major Infosys fell 0.68%. The shareholders of the company have voted in favor of reappointment of Nandan M. Nilekani as director of the company, at 38th annual general meeting held on 22 June 2019. The announcement was made during market hours today, 24 June 2019.

Infosys announced a long term strategic partnership with Toyota Material Handling Europe (TMHE). As IT services partner, Infosys will help TMHE in its digital transformation journey by facilitating transformation to a scalable digital hybrid cloud platform, providing application services, digital workplace, infrastructure management and a dedicated data center operation. The announcement was made after market hours today, 24 June 2019.

Tata Steel fell 2.33%. Fitch Ratings affirmed the steel maker's long-term issuer default rating (IDR) at 'BB'. The outlook is stable. The affirmation of ratings follows confirmation by the European Commission that it has rejected a proposed joint venture with Thyssenkrupp AG on antitrust concerns.

IndusInd Bank gained 0.83%. As per reports, the Hinduja Group will invest another Rs 2,700 crore into IndusInd Bank through a warrant issue to ramp up the promoter holding after the merger of Bharat Financial Inclusion. The promoters will be subscribing to the warrants at a premium of Rs 1,709 a share, reports added.

Dr. Reddy's Laboratories fell 1.50%. Dr. Reddy's Laboratories informed that the audit of formulations manufacturing plants (Vizag SEZ Plant 1 and Vizag SEZ Plant 2) at Visakhapatnam by the US drug regulator completed on 21 June 2019. The company was issued a Form 483 with two observations. The company said it will address them comprehensively within the stipulated timeline. The announcement was made on Saturday, 22 June 2019.

In a separate announcement made on Saturday, 22 June 2019, Dr. Reddy's Laboratories, along with its subsidiaries, announced the launch of Phytonadione Injectable Emulsion USP, 10 mg/ml single-dose ampules, a therapeutic equivalent generic version of Vitamin K1 (Phytonadione) Injectable Emulsion USP, 10 mg/ml, approved by the US Food and Drug Administration (USFDA).

Neuland Laboratories dropped 0.79%. Neuland Laboratories said that the USFDA inspected the company's manufacturing facility at Hyderabad from 17 to 21 June 2019. The inspection completed with five observations given under form 483. The announcement was made after market hours on Friday, 21 June 2019.

Glenmark Pharmaceuticals fell 7.92%. The company announced on Saturday, 22 June 2019, that the US Food and Drug Administration (USFDA) has issued a complete response letter (CRL) regarding the new drug application for Ryaltris (olopatadine hydrochloride [665 mcg] and mometasone furoate [25 mcg]), nasal spray. The CRL cites deficiencies in the drug master file (DMF) pertaining to one of the active pharmaceutical ingredients (APIs) and in the manufacturing facilities.

The CRL does not specify any deficiencies with the clinical data supporting the new drug application for Ryaltris. The company said that it will be able to resolve these issues within the next 6 to 9 months. Glenmark Pharmaceuticals said it will continue to pursue regulatory approval for Ryaltris and work closely with the FDA to determine the appropriate next steps. Ryaltris is a nasal spray used as a treatment for seasonal allergic rhinitis.

In a separate announcement before market hours today, 24 June 2019, the company said that its Brazilian subsidiary, Glenmark Farmacéutica a has entered into an exclusive partnership agreement with Novartis Biosciences S.A, a subsidiary of Novartis AG, for three respiratory products indicated towards treatment of the symptoms of chronic obstructive pulmonary disease (COPD) in Brazil. This agreement will be effective from 1 July 2019 onwards. The products involved in the agreement are Seebri (Glycopyrronium bromide), Onbrizee (Indacaterol) and Ultibro (combination of Indacaterol and Glycopyrronium), which are indicated for relief of symptoms in adults with COPD. Under the terms of the agreement, Novartis remains the holder of the registration of these medicines and will be responsible to manufacture them with all technical excellence in line with its global commitment to quality, effectiveness and safety. Glenmark will be responsible for promoting, commercializing and distributing of these products in Brazil.

Larsen & Toubro gained 0.09%. The company announced that its power business arm has bagged a mega engineering, procurement and construction (EPC) order from SJVN Thermal to set up a 2x660 MW ultra-super critical power plant in Buxar district, Bihar. The order falls under Mega category the range for which is greater than 7000 crore as per its classification of contracts. The announcement was made during market hours today, 24 June 2019.

JMC Project (India) rose 1.71%. The company announced that it has secured new orders of Rs 514 crore. The company secured residential and commercial projects in South and West India totalling Rs 295 crore. It bagged factory works from a multinational client in East India of Rs 112 crore. It received institutional building order of Rs 107 crore in East India. The announcement was made during market hours today, 24 June 2019.

Emami fell 7.59% to Rs 267.30 after a huge block deal in early trade today. The company announced after market hours today, 24 June 2019, that the promoters of Emami Group have undertaken a stake sale 10% in Emami for raising approximately Rs 1230 crore. This amount is intended to be used primarily for further reducing debt at the promoter level. The total promoter stake in Emami subsequent to the stake sale stands at a controlling majority of 52.74%.

Housing Development and Infrastructure (HDIL) jumped 13.42%. The company announced allotment of 2 crore equity shares to one of its promoter, Sarang Wadhawan, upon conversion of share warrants. Post transaction, Sarang Wadhawan's stake in HDIL increased from 8.63% to 12.48%. The announcement was made on 22 June 2019.

Rites fell 2.19%. The company said its board recommended issuing one bonus equity share for every four equity shares held. The announcement was made during market hours today, 24 June 2019.

Meanwhile, rainfall in the southwest monsoon season so far this year has been 38% below normal, latest data from the India Meteorological Department showed. The weather department said that India received only 70.9 mm rainfall until 23 June, against a long-period average of 114.2 mm for the period. The southwest monsoon season starts from June 1 officially, and ends on September 30. This year, it reached the Kerala coast on 8 June.

On the economic front, the 35th GST council meeting took place on Friday, 21 June 2019. Altogether 12 agenda items were discussed during the council meeting. The council took a decision regarding location of the State and the Area Benches for the Goods and Services Tax Appellate Tribunal (GSTAT) for various States and the Union Territories with legislature. It has been decided to have a common State Bench for the States of Sikkim, Nagaland, Manipur and Arunachal Pradesh.

The tenure of National Anti-Profiteering Authority has been extended by 2 years. The council also decided to introduce electronic invoicing system in a phase-wise manner for B2B transactions. E-invoicing is a rapidly expanding technology which would help taxpayers in backward integration and automation of tax relevant processes. It would also help tax authorities in combating the menace of tax evasion. The Phase 1 is proposed to be voluntary and it shall be rolled-out from January 2020.

In the commodities market, Brent crude for August 2019 settlement was up 10 cents at $65.30 a barrel. The contract rose 75 cents or, 1.16% to settle at $65.20 a barrel in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.4375, compared with its close of 69.5850 during the previous trading session.

Overseas, most European shares were trading lower. Asian shars closed on a mixed note as investors pinned their hopes on any signs of a thaw in US-China trade negotiations. China's President Xi Jinping will reportedly attend the G20 summit in Japan this week, giving the first official confirmation of his attendance at a gathering where he is expected to meet US President Donald Trump.

US stocks finished lower Friday, 21 June 2019 amid heightened tensions between Iran and the US. US President Trump reportedly said on Sunday he was not seeking war with Tehran after a senior Iranian military commander warned any conflict in the Gulf region could spread uncontrollably and threaten the lives of US troops.

On the data front, US IHS Markit said its flash manufacturing purchasing managers index in June dropped to 50.1 from 50.5 in May. The flash services purchasing managers index in June fell to 50.7 from 50.9.

Domestic shares declined on Friday, as rising crude oil prices overshadowed investor euphoria surrounding the US Fed's hints at future rate cuts. Selling in index pivotals HDFC, Reliance Industries (RIL) and Kotak Mahindra Bank put pressure on bourses. Mixed cues from other Asian markets also spoiled investors sentiment.

The barometer index, the S&P BSE Sensex, fell 407.14 points or 1.03% to 39,194.49. The index hit a high of 39,617.95 and a low of 39,121.30 in intraday.

The Nifty 50 index fell 107.65 points or 0.91% to 11,724.10. The index hit a high of 11,827.95 and a low of 11,705.10 in intraday.

Investor sentiment took a hit after oil prices rose sharply. Brent crude, the global oil benchmark, surged amid renewed tensions in the Middle East after Iran shot down a US military drone. In the commodities market, Brent crude for August 2019 settlement was up $1.27 per barrel at $65.72 a barrel. The contract rose $2.63 or, 4.25% to settle at $64.45 a barrel in the previous trading session.

India imports majority of its crude requirements and a spike in crude raises concerns on fiscal deficit, inflation and gives less room for the government to boost growth through spending on infrastructure.

Domestic market was also cautious ahead of the outcome of the Union Finance Minister Nirmala Sitharaman's first meeting of the GST Council on Friday. In its 35th meeting, the GST Council is expected to discuss measures that will improve compliance by businesses and merchants and cut down tax evasion by the use of technology.

Sitharaman is scheduled to present the budget for 2019-20 on 5 July 2019. The Economic Survey for the current financial year will be tabled on 4 July 2019.

In broader market, the BSE Mid-Cap index fell 0.38% and the BSE Small-Cap index rose 0.14%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1185 shares rose and 1295 shares fell. A total of 169 shares were unchanged.

Among the sectoral indices on the BSE, the S&P BSE Basic Materials index (up 0.14%), the S&P BSE Power index (up 0.1%) and the S&P BSE Utilities index (down 0.01%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Auto index (down 1.32%), the S&P BSE Energy index (down 1.13%) and the S&P BSE Telecom index (down 1.08%) underperformed the S&P BSE Sensex.

Housing Development Finance Corporation (HDFC) fell 2.63% to Rs 2,140.90. Reliance Industries fell 1.36% to Rs 1,279.20. Kotak Mahindra Bank fell 1.84% to Rs 1,489.80.

Tech Mahindra (up 1.96%), Hindalco Industries (up 1.8%) and State Bank of India (up 1.28%), advanced.

Hero MotorCorp (down 2.17%) and Hindustan Unilever (down 2.04%), declined.

Pharma stocks witnessed selling pressure. Profit booking emerged after the S&P BSE Healthcare index jumped 2.27% to 12,795.83 yesterday, 20 June 2019.

Divi's Laboratories (down 3.41%), Glenmark Pharmaceuticals (down 3.38%), Cadila Healthcare (down 3.07%), GlaxoSmithKline Pharmaceuticals (down 1.77%), Dr Reddy's Laboratories (down 0.71%), Cipla (down 0.28%) and Lupin (down 0.19%), edged lower. While, IPCA Laboratories (up 3.34%), Alkem Laboratories (up 2.88%), Wockhardt (up 1.06%)and Piramal Enterprsies (up 0.51%), edged higher.

Aurobindo Pharma dropped 3.92% to Rs 602.35 after the company announced that it has received a warning letter dated 20 June 2019 from USFDA relating to its Unit XI, API manufacturing facility situated at Pydibhimavaram, Ranasthalam (Mandai), Srikakulam District, Andhra Pradesh. This action follows the earlier inspection of the site by the USFDA in February 2019. The company announced it will also be engaging with the regulator and are fully committed to resolving this issue at the earliest.

Private sector bank stocks declined. Yes Bank (down 4.36%), RBL Bank (down 1.98%), ICICI Bank (down 0.58%) and HDFC Bank (down 0.47%), edged lower. IndusInd Bank (up 0.92%) and Axis Bank (up 0.06%), edged higher.

PSU Bank stocks gained. Jammu and Kashmir Bank (up 9.09%), Syndicate Bank (up 1.48%), Bank of India (up 1.46%), Allahabad Bank (up 1.11%), Oriental Bank of Commerce (up 0.64%), Union Bank of India (up 0.6%) and Punjab National Bank (up 0.06%), edged higher.

Tata Motors was down 0.09% to Rs 159. Moody's Investors Service downgraded the company's corporate family rating (CFR) and the company's senior unsecured instruments rating to Ba3 from Ba2. The outlook remains negative. The announcement was made after market hours yesterday, 20 June 2019.

Indiabulls Housing Finance rose 2.02% to Rs 612.05 while Lakshmi Vilas Bank hit upper circuit of 9.96% at Rs 63.50 after the Competition Commission of India (CCI) approved the proposed amalgamation of Indiabulls Housing Finance with the Lakshmi Vilas Bank.

On 5 April 2019, Lakshmi Vilas Bank said that its board approved a merger with Indiabulls Housing Finance. The share-swap ratio for the merger has been fixed at 1:0.14, which means that for every 100 shares of Lakshmi Vilas Bank held by shareholders, they will be entitled to receive 14 shares of Indiabulls Housing Finance.

Car major Maruti Suzuki India fell 3.39% to Rs 6,412.45. Bank of Baroda was down 0.46% to Rs 118. Maruti Suzuki and Bank of Baroda joined hands to support dealer inventory financing. The partnership with Bank of Baroda will allow Maruti Suzuki India to provide more comprehensive financing opportunities for dealers as well as customers. The dealer inventory financing will be done as per Bank of Baroda's existing product program of supply chain finance.

Meanwhile, in a separate announcement, Maruti Suzuki India announced that Dzire is now compliant with AIS-145 Safety Norms (both petrol and diesel). Dzire Petrol is also now BS-VI compliant. This has led to a price hike across model. The price shall vary from Rs. 5,82,613 to Rs. 9,57,622 (ex-showroom price in Delhi and NCR region). The announcement was made after market hours yesterday, 20 June 2019.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.535, compared with its close of 69.44 during the previous trading session.

Overseas, most European markets were trading higher while Asian stocks ended mixed on Friday. Market focus is largely attuned to simmering geopolitical tensions between the US and Iran. Iran reportedly shot down a US military drone and escalated the volatile situation between Washington and Tehran. The event has intensified fears of military confrontation in the Middle-East.

US stocks advanced on Thursday, with the S&P 500 closing at a record high, in a broad market rally, after the Federal Reserve signaled that an interest-rate cut may be forthcoming.

Markets rallied after Federal Reserve Chairman Jerome Powell on Wednesday signaled that the central bank may cut benchmark interest rates, currently at a range of 2.25%-2.50%, in the coming weeks if the economic outlook buffeted by U.S.-China trade tensions doesn't show signs of improvement.

The Fed next meets July 30-31, while President Donald Trump is reportedly expected to speak to Chinese President Xi Jinping on the sidelines of the coming Group of 20 meeting of the world's richest countries in Japan next week.

In economic data, the US current-account deficit fell 9.4% in the first quarter mostly because of a smaller deficit in goods. The current-account deficit shrank to $130.4 billion from a revised $143.9 billion in the fourth quarter.

Key benchmark indices ended with robust gains on Thursday, supported by positive global stocks. Global shares jumped after a dovish US Federal Reserve opened the door to further rate cuts. Following the Fed meeting on Wednesday, the US central bank left interest rates unchanged but opened the door for a possible rate cut in the future.

The barometer index, the S&P BSE Sensex, gained 488.89 points or 1.25% to 39,601.63. The index hit a high of 39,638.64 and a low of 38,933.78 in intraday trade.

The Nifty 50 index rose 140.30 points or 1.20% to settle at 11,831.75. The index hit high of 11,843.50 and low of 11,635.05 in intraday trade.

After opening lower, key indices bounced back in morning trade and continued rising as the session progressed. The benchmarks hit fresh intraday high in late trade. Gains in pharma and banks stocks contributed to the rally.

Buying was broad based. Among secondary barometers, the BSE Mid-Cap index was up 1.64%. The BSE Small-Cap index was up 1.05%.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1530 shares rose and 1010 shares fell. A total of 140 shares were unchanged.

Among the sectoral indices on the BSE, the S&P BSE Auto index (up 2.46%), the S&P BSE Capital Goods index (up 2.36%) and the S&P BSE Healthcare index (up 2.27%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE FMCG index (up 0.11%), the S&P BSE IT index (up 0.28%) and the S&P BSE Teck index (up 0.49%) underperformed the S&P BSE Sensex.

Jet Airways India soared 93.35% to Rs 64. A consortium of 26 bankers led by the State Bank of India earlier this week took the airline to the National Company Law Tribunal (NCLT) for the speedy recovery of their dues. NCLT will pass an order at 17:00 IST today, 20 June 2019, on whether the bankruptcy case will be admitted, reports suggested.

Wind turbine maker Suzlon Energy surged 22.39% to Rs 4.10 after media reports suggested that the company's lenders will meet tomorrow to decide on the debt restructuring proposal for the company.

Titan Company was up 2.44% at Rs 1,305.80. The stock hit a record high of Rs 1,308.50 in intraday today.

Bajaj Finserv was up 2.03% to Rs 8,422. The stock hit a 52-week high of Rs 8,440 in intraday today.

Bajaj Finance was up 1.71% to Rs 3,585. The stock hit a 52-week high of Rs 3,590.70.

Yes Bank (up 11.43%), Sun Pharmaceutical Industries (up 3.68%), JSW Steel (up 3.45%), ICICI Bank (up 3.14%), Larsen & Toubro (up 3.45%) and Cipla (3.41), advanced.

Adani Ports and Special Economic Zone (down 1.34%) Britannia Industries (down 1.31%) Zee Entertainment Enterprises (down 0.54%) and ITC (down 0.07%), declined.

UPL was down 8.51%. The stock hit an intraday high of Rs 947.55 and an intraday low of Rs 833.65. The stock hit a 52-week low of Rs 537.90 on 19 July 2018 and a 52-week high of Rs 1045 on 12 June 2019.

IndusInd Bank was up 3.80%. Bharat Financial Inclusion was up 4.85%. The boards of IndusInd Bank and Bharat Financial Inclusion fixed 4 July 2019 as the record date for merger between IndusInd Bank and Bharat Financial Inclusion. The announcement was made after market hours yesterday, 19 June 2019.

Pharma stocks were in demand. Wockhardt (up 5.96%), Divi's Laboratories (up 3.9%), Cipla (up 3.35%), Strides Shasun (up 2.84%), Aurobindo Pharma (up 2.33%), Cadila Healthcare (up 1.93%), IPCA Laboratories (up 1.62%), Lupin (up 1.46%) and Dr Reddy's Laboratories (up 0.73%), edged higher. GlaxoSmithKline Pharmaceuticals (down 0.27%) and Alkem Laboratories (down 1.91%), edged lower.

The Indian pharmaceutical industry is aspiring to touch $120-130 billion by 2030 from the current $38 billion, industry body Indian Pharmaceutical Alliance (IPA) said on Wednesday.

Piramal Enterprises jumped 7.88% on bargain hunting after a recent slide. Shares of Piramal Enterprises fell 19.60% in the past six trading sessions to settle at Rs 1742.75 yesterday, 19 June 2019, from its close of Rs 2,167.65 on 11 June 2019.

Glenmark Pharmaceuticals was up 1.60%. Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Clindamycin Phosphate Foam, 1%, a generic version of Evoclin Foam, 1%, of Mylan Pharmaceuticals Inc. According to IQVIA sales data for the 12 month period ending April 2019, the Evoclin Foam, 1% market achieved annual sales of approximately $17 million. The announcement was made after market hours yesterday, 19 June 2019.

Shares of IT companies were mixed. Hexaware Technologies (up 4.08%), Oracle Financial Services Software (up 1.27%), TCS (up 0.85%), Infosys (up 0.36%), MindTree (up 0.29%) and HCL Technologies (up 0.23%), edged higher.

MphasiS (down 0.28%), Persistent Systems (down 0.28%), Tech Mahindra (down 1.39%) and Wipro (down 2.42%), edged lower.

Media reported that the United States has told India it is considering caps on H-1B work visas for nations that force foreign companies to store data locally. The move could have an adverse impact on Indian IT companies in the US. The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in specialty occupations that require theoretical or technical expertise.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.5625, compared with its close of 69.6850 during the previous trading session.

A firm rupee adversely affects operating profit margin of IT firms as the sector derives a lion's share of revenue from exports.

Housing Development Finance Corporation (HDFC) rose 0.94%. HDFC said it has entered into agreements for acquiring up to 51.2% of the equity share capital of Apollo Munich Health Insurance Company for a total consideration of Rs 1346.84 crore. The announcement was made after market hours yesterday, 19 June 2019.

Apollo Hospitals Enterprise rose 1.42%. The company said that the board of directors of the company approved the sale of the entire 9.96% equity stake held by the company in Apollo Munich Health Insurance Company, an unlisted public limited company for a total consideration of around Rs 300 crore. The announcement was made after market hours yesterday, 19 June 2019.

Ashok Leyland rose 5.85%, reversing early fall. The company said that as part of the company's strategy to align with the production and sales requirements, the company's plant situated at Pantnagar will remain closed from 24 June 2019 to 29 June 2019 (both days inclusive). The company does not expect any material impact on the same. The announcement was made after market hours yesterday, 19 June 2019.

Punjab National Bank (PNB) rose 2.12%. PNB said that the bank's board has granted permission for raising capital through issuance of Basel III compliant Tier II bonds amounting up to Rs 1500 crore in one or more tranches. The announcement was made after market hours yesterday, 19 June 2019.

Oil and Natural Gas Corporation (ONGC) was up 2.69%. The company said that its wholly-owned subsidiary, ONGC Videsh, along with its joint venture partners of Mozambique Rovuma Offshore Area 1, announced final investment decision (FID) for initial two LNG train project development. The FID signifies that the Golfinho/Atum Mozambique LNG project will now advance to the construction phase. The announcement was made after market hours yesterday, 19 June 2019.

Adani Green Energy (AEGL) was up 3.15%. The company announced that it had won bids for setting up 600 MWac ISTS-connected wind-solar hybrid power projects in a tender issued by Solar Energy Corporation of India (SECI). The fixed power purchase agreement (PPA) tariff is Rs. 2.69/ kWh for a period of 25 years. Projects are expected to be commissioned by Q4 FY 2021. The announcement was made after market hours yesterday, 19 June 2019.

In the commodities market, Brent crude for August 2019 settlement was up $1.43 at $63.25 a barrel. The contract fell 32 cents or, 0.51% to settle at $61.82 a barrel in the previous trading session.

Overseas, European stocks were trading higher as investors await an interest rate decision from the Bank of England. Asian stocks ended higher on Thursday. Investors globally were rejoiced after the US Federal Reserve spurred hopes of a rate cut as soon as July, even though it left interest rates unchanged. The Fed news came in after European Central Bank chief Mario Draghi said in his latest speech said that the European Central Bank could cut interest rates again or provide further asset purchases, if inflation does not reach its target.

Meanwhile, on the US-China trade front, hopes in Beijing appear to have risen for a trade deal between the two economic powerhouses. US President Donald Trump and Chinese Xi Jinping are reportedly set to meet at the upcoming G-20 summit in Japan, which will happen next week.

US stocks closed higher Wednesday after the Federal Reserve kept interest rates unchanged as widely expected but dropped the reference to patient in its statement to indicate it is ready to make ease monetary policy if needed.

The Fed said it will closely monitor the economy given increasing uncertainty about government policy though it signaled it may not need to lower rates before 2020. The central bank remained mostly optimistic about the economic outlook, but said inflationary pressures have receded, compelling it to lower its forecast for PCE inflation in 2019 to 1.5% from 1.8%, below its 2% target. At the same time, it left its gross domestic product estimate at 2.1%.

Despite global trade optimism, domestic equity market failed to hold its initial strength due to selling in auto and pharma shares. The Sensex ended with small gains while the Nifty ended almost flat. Trading was volatile ahead of the US Federal Reserve meet outcome.

The barometer index, the S&P BSE Sensex, gained 66.40 points or 0.17% to 39,112.74. The index hit a high of 39,435.80 and a low of 38,881.05 in intraday trade.

The Nifty 50 index ended almost flat at 11,691.45. The index hit high of 11,802.50 and low of 11,625.10 in intraday trade.

The domestic market opened on a positive note following upbeat Asian bourses on hopes that the US Fed might cut rates in the near future. Reports of US-China trade talks next week also boosted sentiment. However, domestic shares reversed gains and hit fresh intraday low in mid-afternoon trade led by selling in index pivotals.

Among secondary barometers, the BSE Mid-Cap index was down 0.69%. The BSE Small-Cap index was down 1.37%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 700 shares rose and 1867 shares fell. A total of 120 shares were unchanged.

Among the sectoral indices on the BSE, the S&P BSE Realty index (up 1.20%), the S&P BSE Consumer Durables index (up 0.87%) and the S&P BSE Metal index (up 0.55%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Healthcare index (down 1.29%), the S&P BSE Auto index (down 1.00%) and the S&P BSE Telecom index (down 0.99%) underperformed the S&P BSE Sensex.

Overseas, most European shares were trading higher ahead of a much-anticipated US Federal Reserve decision on interest rates. The US Fed kicked off its two-day monetary policy meeting yesterday. The Fed is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.

Asian stocks ended higher on Wednesday. President Donald Trump on Tuesday announced plans on Twitter for an extended meeting with Chinese President Xi Jinping at next week's G-20 summit, sparking hopes of a resolution to the ongoing trade war between the two nations.

Back home, Kotak Mahindra Bank (up 2.44%), NTPC (up 1.58%) and HDFC (up 1.11%), advanced.

Yes Bank (down 5.54%), IndusInd Bank (down 1.82%) and Bharti Airtel (down 1.68%), declined.

Pharma stocks were under pressure. Wockhardt (down 7.88%), Piramal Enterprises (down 6.81%), Strides Shasun (down 4.67%), Glenmark Pharmaceuticals (down 3.34%), Alkem Laboratories (down 2.71%), Cipla (down 2.54%), Aurobindo Pharma (down 1.53%), Dr Reddy's Laboratories (down 1.5%), Lupin (down 0.75%), Sun Pharmaceutical Industries (down 0.75%), IPCA Laboratories (down 0.31%), GlaxoSmithKline Pharmaceuticals (down 0.19%),Divi's Laboratories (down 0.13%), edged lower. Cadila Healthcare rose 1.71%.

Auto stocks witnessed steep losses. TVS Motor Company (down 2.62%), Tata Motors (down 2.31%), Escorts (down 2.29%), Hero MotoCorp (down 1.99%), Bajaj Auto (down 1.23%), Ashok Leyland (down 0.96%), Maruti Suzuki India (down 0.06%), edged lower. Only Eicher Motors (up 0.25%), edged higher.

Mahindra & Mahindra was down 1.71%. The company announced that effective from 1 July 2019, the prices of its passenger vehicles will increase by up to Rs 36,000 across models. This price increase is due to the implementation of AIS 145 Safety Norms across all passenger vehicles in India. The implementation of AIS 145 Safety Norms mandates the fitment of several safety features including driver airbag, seat belt reminder for driver and co-driver, rear parking sensors and an over speed alert for the driver across all passenger vehicle models. The announcement was made today during the market hours.

Tata Steel jumped 4.60%. The shares of Tata Steel were on bargain hunting after a recent slide. Shares of Tata Steel fell 6.50% in the past four trading sessions to settle at Rs 472.75 yesterday, 18 June 2019, from its close of Rs 505.60 on 12 June 2019. Meanwhile, a foreign brokerage has reportedly maintained a 'buy' recommendation on the Tata Steel stock with a target price of Rs 570 per share. The broker highlighted that the domestic demand for steel is resilient but spreads are unlikely to bounce back.

HDFC Bank rose 0.52%. HDFC Bank said that the Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on the bank for non-compliance with directions issued by RBI on Know Your Customer (KYC)/ Anti-Money Laundering (AML) Norms and on reporting of frauds. The announcement was made after market hours yesterday, 18 June 2019.

NMDC was up 2.80%. The company said that total production of iron ore on a provisional basis rose to 3.04 MT in May 2019 from 2.12 MT in May 2018. Total sales of iron ore on a provisional basis rose to 3.37 MT in May 2019 from 2.31 MT in May 2018. The announcement was made after market hours yesterday, 18 June 2019.

Larsen & Toubro rose 0.04%. The construction arm of L&T has secured orders from clients in Sri Lanka and from within India. The company said the Sri Lankan order falls under significant category which ranges between Rs 1000 crore and Rs 2500 crore as per its classification of contracts.

HCL Technologies was down 0.59%. The company announced a multi-year partnership, with Cricket Australia, the governing body of Australian Cricket. The company announced a digital technological partnership with Cricket Australia. The company did not disclose the deal value.

Jain Irrigation Systems slumped 28.10% to Rs 19.70. India Ratings and Research (Ind-Ra) on Tuesday, 18 June 2019, downgraded Jain Irrigation Systems's (JISL) long-term issuer rating to 'IND BBB' from 'IND A-'; while placing it on Rating Watch Negative (RWN). The downgrade reflects deterioration in the liquidity profile of JISL on account of a delay in the realisation of its receivables from its micro-irrigation systems (MIS) segment. The RWN reflects the risk of delay in the company's deleveraging plans or a further increase in its working capital requirement, resulting in further worsening of its liquidity position, the Ind-Ra statement said.

Realty stocks were mixed. Housing Development and Infrastructure (HDIL) (down 15.36%), Peninsula Land (down 7.38%), Parsvnath Developers,(down 6.54%), Unitech (down 5.66%), Indiabulls Real Estate (down 2.49%), Anant Raj (down 1.73%), Sunteck Realty (down 0.94%), D B Realty (down 0.46%) and Mahindra Lifespace Developers (down 0.13%), edged lower. Sobha (up 0.02%), Prestige Estates Projects (up 0.25%), Omaxe (up 0.85%), Godrej Properties (up 1.63%), DLF (up 1.88%), Oberoi Realty (up 2.55%) and Phoenix Mills (up 2.7%), edged higher.

Shares of public sector oil marketing companies (PSU OMCs) declined as Brent crude oil price increased. Indian Oil Corporation (down 2%), Hindustan Petroleum Corporation (down 1.82%) and Bharat Petroleum Corporation (down 1.75%), declined.

In the commodities market, Brent crude for August 2019 settlement was down 37 cents at $61.77 a barrel. The contract rose $1.20 or, 1.97% to settle at $62.14 a barrel in the previous trading session, rekindled by hopes for a US-China trade deal and potential economic stimulus from the European Central Bank (ECB).

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.7025, compared with its close of 69.7000 during the previous trading session.

Domestic shares ended the volatile trading session with small gains on Tuesday. Gains were supported by firmness in IT shares. The Sensex settled above the psychological 39,000 level after moving above and below that level in intraday trade. The Nifty settled below 10,700 mark after regaining that level in intraday trade.

Sentiment was cautious as the US Federal Reserve is scheduled to start a two-day monetary policy meeting later in the day. The Fed is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.

The barometer index, the S&P BSE Sensex, gained 85.55 points or 0.22% to 39,046.34. The index hit a high of 39,167.83 and a low of 38,870.96 in intraday trade.

The Nifty 50 index gained 19.35 points or 0.17% to 11,691.50. The index hit high of 11,727.20 and low of 11,641.15 in intraday trade.

The BSE Mid-Cap index rose 0.08%. The BSE Small-Cap index declined 0.42%.

The market breadth was weak. On BSE, 964 shares advanced and 1572 shares declined. A total of 124 shares were unchanged.

Among the sectoral indices on the BSE, the S&P BSE Oil & Gas Index (up 1.13%), the S&P BSE Information Technology Index (up 0.76%) and the S&P BSE Teck Index (up 0.69%), outperformed the S&P BSE Sensex. The S&P BSE Healthcare Index (down 0.55%), the S&P BSE Auto Index (down 0.52%) and the S&P BSE Consumer Discretionary Goods & Services Index (down 0.32%), underperformed the S&P BSE Sensex.

IT shares advanced. Persistent Systems (up 2.78%), HCL Technologies (up 1.57%), Infosys (up 1.38%), Hexaware Technologies (up 1.35%), Oracle Financial Services Software (up 1.17%), MphasiS (up 0.98%) and MindTree (up 0.53%), edged higher.

TCS gained 0.27%. TCS said it partnered with SAP to launch an Intelligent Field Inventory Management solution, powered by SAP Leonardo, which leverages Internet of Things (IoT) and blockchain to help medical device manufacturers streamline surgical kit handling. The announcement was made after market hours yesterday, 17 June 2019.

Tech Mahindra rose 0.59%. Tech Mahindra announced that a special committee of the board approved a proposal to acquire 100% shareholding in Objectwise Consulting Group Inc for CAD 2.75 million. The all-cash transaction is expected to close by 31 July 2019. The announcement was made after market hours yesterday, 17 June 2019.

HDFC Asset Management Company (HDFC AMC) dropped 6.32%. The company announced that it has decided to provide a liquidity arrangement to certain fixed maturity plan (FMP) schemes of HDFC Mutual Fund. The company also stated that arrangements have drafted to deal with the illiquidity faced by such FMP schemes due to their exposure to the non-convertible debentures (NCDs) issued by Edisons Infrapower & Multiventures and Sprit Infrapower & Multiventures, companies promoted by the Essel Group (collectively Essel Group companies). The liquidity arrangement may involve an aggregate outlay not exceeding Rs 500 crore and will be put in place shortly. The announcement was made after market hours yesterday, 17 June 2019.

Jet Airways (India) slumped 40.78% to Rs 40.45. According to media reports, a consortium of banks led by the State Bank of India (SBI) has referred the debt-laden Jet Airways (India) to the National Company Law Tribunal (NCLT) for bankruptcy proceedings after negotiations with Etihad Airways and Hinduja Group did not fructify. A petition has already been filed with the NCLT's Mumbai bench, reports added.

Jet Airways (India) announced during trading hours today, 18 June 2019, that Ashok Chawla and Sharad Sharma resigned as independent directors or the company with effect from 17 June 2019 in view of the board continuing to be in non compliance with the provisions of the Companies Act, no additional directors being appointed and the process of bank-led resolution plan not moving forward.

Spicejet was up 2.51%. As per the Directorate General of Civil Aviation (DGCA) data, Spice Jet posted strong 23.6% growth in the passenger traffic to 18.03 lakh.

InterGlobe Aviation rose 1.78%. Indigo has posted strong 23.2% growth in the passenger traffic to 59.80 lakh, while gaining market share of 49% in May 2019, DGCA data showed.

InterGlobe Aviation announced a jet engine deal with CFM International. The deal, which includes spare engines and an overhaul support agreement, is valued at more than $20 billion at list price. To support its new LEAP-1A fleet, InterGlobe Aviation also signed a long-term service agreement. Delivery of the first LEAP-1A-powered A320neo is scheduled in 2020. The announcement was made after market hours yesterday, 17 June 2019.

The air passenger traffic of domestic airlines has increased 3.0% to 122.07 lakh in May 2019 over 118.56 lakh in May 2018, while snapping 4.5% recorded for April 2019. However, the growth of air passenger traffic has moderated from 16.5% surge in May 2018.

The cumulative air passenger traffic increased 2.6% to 586.55 lakh in January-May 2019 over 571.58 lakh in January-May 2018.

Bank shares were mixed. Among private sector banks, Yes Bank (down 5.94%), HDFC Bank (down 0.21%), Axis Bank (down 0.06%), edged lower. While, ICICI Bank (up 1.88%), RBL Bank (up 0.93%), State Bank of India (up 0.74%), IndusInd Bank (up 0.66%) and Kotak Mahindra Bank (up 0.32%), edged higher.

AU Small Finance Bank rose 0.68%. AU Small Finance Bank said that its board will meet on 20 June 2019, to consider the issue of Basel II compliant, rated unlisted, tier II unsecured subordinated redeemable non-convertible debentures, being classified as subordinated debt in one or more tranches. The announcement was made after market hours yesterday, 17 June 2019.

Among state-run banks, Jammu and Kashmir Bank (down 9.93%), Allahabad Bank (down 1.23%), Punjab National Bank (down 0.66%) and Bank of Baroda (down 0.04%), edged lower. Meanwhile, Syndicate Bank (up 2.55%), Oriental Bank of Commerce (up 2.54%), Union Bank of India (up 2.21%) and Bank of India (up 0.06%), edged higher.

Bharti Airtel rose 0.92%. The company announced during trading hours today, 18 June 2019, that its subsidiary, Airtel Africa pic, has published the prospectus with reference to its initial public offering, following the approval by the UK Financial Conduct Authority.

Maharashtra Scooters dropped 4.96% while Bajaj Holdings and Investment was up 0.46%. Maharashtra Scooters and Bajaj Holdings and Investment announced that Western Maharashtra Development Corporation transferred its 27% stake in Maharashtra Scooters to Bajaj Holdings & Investment. Maharashtra Scooters has now become a subsidiary of Bajaj holdings & investments. The announcement was made after market hours yesterday, 17 June 2019.

Share of public sector oil marketing companies (PSU OMCs) rose as crude oil prices fell. Hindustan Petroleum Corporation (up 2.24%), Bharat Petroleum Corporation (up 2.33%) and Indian Oil Corporation (up 1.29%), gained.

Oil prices fell for a second day on Tuesday. Losses were limited by tensions in the Middle East after last week's tanker attacks. In the commodities market, Brent crude for August 2019 settlement was down 39 cents at $60.55 a barrel. The contract fell $1.07 or, 1.73% to settle at $60.94 a barrel.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.6850, compared with its close of 69.9100 during the previous trading session.

Overseas, shares in Europe and Asia edged higher. European equities rose, reversing earlier losses, after European Central Bank President Mario Draghi said interest rate cuts remain part of our tools.

US stocks closed higher Monday on the back of strong gains in social media and entertainment shares such as Facebook Inc. and Netflix Inc.

The market declined sharply on first trading day of the week led by slide in index pivotals Reliance Industries (RIL) and Larsen & Toubro (L&T). The Sensex settled below the psychological 39,000 mark. The Nifty ended below 11,700 level. Metal stocks slumped. PSU bank stocks fell.

Trading sentiment took a hit after after India slapped higher tariffs on 28 US products in retaliation to Washington's decision to remove certain trade privileges for New Delhi. Investors feared that the retaliatory tariffs might escalate into a trade war between the two countries.

The barometer index, the S&P BSE Sensex, lost 491.28 points or 1.25% to 38,960.79. The index hit a high of 39,540.42 and a low of 38,911.49 in intraday trade.

The Nifty 50 index lost 151.15 points or 1.28% to 11,672.15. The index hit high of 11,844.05 and low of 11,657.75 in intraday trade.

After opening on a weak note, the benchmark indices continued to drift lower as the session progressed. Selling pressure accentuated in late trade pulling the key indices to intraday low.

The S&P BSE Mid-Cap index fell 1.29%. The S&P BSE Small-Cap index fell 1.35%.

The market breadth was weak. On BSE, 685 shares advanced and 1879 shares declined. A total of 132 shares were unchanged.

Among the sectoral indices on the BSE, the S&P BSE Information Technology Index (down 0.25%), the S&P BSE TECK Index (down 0.49%) and the S&P BSE Utilities Index (down 0.62%), outperformed the S&P BSE Sensex. The S&P BSE Metal Index (down 3.05%), the S&P BSE Energy Index (down 2.49%) and the S&P BSE Oil & Gas Index (down 2.34%) underperformed the S&P BSE Sensex.

Index heavyweight RIL fell 2.69% to Rs 1281.50. Engineering and construction major L&T fell 1.97% to Rs 1499.

Metal stocks dropped sharply. Jindal Steel & Power (down 5.90%), Tata Steel (down 5.66%), Steel Authority of India (down 5.36%), Vedanta (down 3.33%), Hindalco Industries (down 2.07%), Hindustan Copper (down 1.49%), National Aluminium Company (down 1.32%), Hindustan Zinc (down 1.12%) and NMDC (down 0.75%) edged lower.

Banks stocks were mixed. Among state-run banks, Jammu and Kashmir Bank (down 2.48%), Allahabad Bank (down 2.40%), Bank of India (down 2.38%), Bank of Baroda (down 1.97%), Punjab National Bank (down 0.85%) and Union Bank of India (down 0.28%), declined. While, Syndicate Bank (up 1%) and Oriental Bank of Commerce (up 0.82%), advanced.

Private sector banks witnessed selling. Axis Bank (down 2.93%), IndusInd Bank (down 1.81%), Kotak Mahindra Bank (down 0.98%), RBL Bank (down 0.96%), ICICI Bank (down 0.84%) and HDFC Bank (down 0.60%), edged lower. While, Yes Bank (up 0.74%), gained.

Mahindra & Mahindra (M&M) fell 1.79%. M&M's farm equipment sector (FES) announced an investment of CHF 4.3 million ($4.3 million) for an 11.25% stake in Switzerland-based agri technology firm Gamaya SA. This investment will be through a subscription to 300 common shares and 30,469 Series B preferred shares of Gamaya SA. ICOS Capital, VI Partners and some existing investors also participated in the CHF 7.5 million Series B funding round. Through this investment, M&M will make superior farming solutions easily accessible to the global farming community, in line with the company's Farming 3.0 strategy. Incorporated in the year 2015, Gamaya is a Switzerland-based company focused on providing crop-specific technology solutions for agriculture. The announcement was made after market hours on Friday, 14 June 2019.

Bharat Heavy Electricals (Bhel) fell 1.97%. The company won two EPC orders for setting up Solar Photovoltaic (SPV) plants with a cumulative capacity of 200 MW. Valued at over Rs 800 crore, the orders have been secured from NTPC and Gujarat State Electricity Corporation (GSECL). The announcement was made on 16 June 2019.

Laurus Labs rose 0.81%. Laurus Labs said it has completed the US Food and Drug Administration (USFDA) inspection of its API facilities in Units 1 & 3 at Parawada, Visakhapatnam, Andhra Pradesh, with two observations which are procedural in nature. This is a regular surveillance audit by USFDA, and no data integrity issues were observed in the inspection. The announcement was made after market hours on Friday, 14 June 2019.

Dewan Housing Finance Corporation (DHFL) fell 4.91%. The company said it has made principal payment of Rs 100 crore and interest payment of Rs 25.49 lakh on non-convertible debentures (NCDs) due on 14 June 2019. The announcement was made after market hours on Friday, 14 June 2019.

Aster DM Healthcare was up 5.29%. ICRA revised ratings of the company's total credit facility of Rs 168 crore. The announcement was made on Saturday, 15 June 2019.

Reliance Infrastructure fell 4.72% after the company reported dismal Q4 results. The company reported consolidated net loss of Rs 3,301 crore in Q4 March 2019 as against net profit of Rs 133.66 crore in Q4 March 2018. Net sales rose 30.48% to Rs 4,012.65 crore in Q4 March 2019 over Q4 March 2018. The company said net loss was largely a result of one time impairment of Reliance Naval and Engineering acquired in 2016, which was already NPA company. The amount could be written back upon successful debt resolution of R-Naval pursuant to the new RBI circular, the firm added.

Divi's Laboratories rose 1.26% after the company announced that its unit-II at village Chippada, Bheemunipatnam District, Andhra Pradesh had an inspection by the US Food and Drug Administration (USFDA) from 10 to 15 June 2019. This was a general Current Good Manufacturing Practices (cGMP) inspection by the USFDA. The inspection has been concluded with no 483 observations.

On the economic front, India imposed higher retaliatory tariffs on 28 US products including almonds, apples and walnuts from Sunday (16 June 2019), following Washington's withdrawal of key trade privileges for New Delhi.

From 5 June 2019, President Trump scrapped trade privileges under the Generalized System of Preferences (GSP) for India, the biggest beneficiary of a scheme that allowed duty-free exports of up to $5.6 billion.

Meanwhile, India's exports were $29.99 billion in May 2019, as compared to $28.86 billion in May 2018, showing a growth of 3.93%. In rupee terms, exports were Rs 2.09 lakh crore in May 2019, as compared to Rs 1.94 lakh crore in May 2018, registering a growth of 7.36%. Imports were $45.35 billion (Rs 3.16 lakh crore) in May 2019, which was 4.31% higher in dollar terms and 7.76% higher in rupee terms over imports of $43.48 billion (Rs 2.93 lakh crore) in May 2018. The data was announced by the government after market hours on Friday, 14 June 2019.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.9325, compared with its close of 69.805 during the previous trading session.

In the commodities market, Brent crude for August 2019 settlement was down 36 cents at $61.65 a barrel. The contract rose 70 cents, or 1.14% to settle at $62.01 a barrel during the previous trading session.

Overseas, most European shares were trading lower on Monday. Asian shares ended on a mixed note. Investors were cautious ahead of a closely-watched Federal Reserve meeting, while political tensions in the Middle East and Hong Kong kept risk-appetite in check.

US stocks ended lower on Friday, 14 June 2019, as investors turned cautious before this week's Fed meeting, while a warning from Broadcom on slowing demand weighed on chipmakers and added to U.S.-China trade worries.

US industrial production rose 0.4% in May, a solid and broad-based gain helped by increased production of pickup trucks and cars, the Federal Reserve said Friday. It was the strongest monthly rise in six months.

Key domestic indices edged lower due to selling pressure in FMCG and banks shares. After opening lower, the benchmarks continued hovering in a narrow range with modest losses for most part of the session. However, a steep selling pressure emerged in the final hour of the trade. The Nifty managed to end above the 11,800 mark after slipping below that level in late trade.

The Sensex fell 289.29 points or 0.73% to settle at 39,452.07, its lowest closing level since 24 May 2019. The index rose 58.54 points, or 0.15% at the day's high of 39,799.90. The index fell 377.91 points, or 0.95% at the day's low of 39,363.45.

The Nifty 50 index fell 90.75 points or 0.76% to settle at 11,823.30, its lowest closing level since 23 May 2019. The index fell 2.2 points, or 0.02% at the day's high of 11,911.85. The index fell 116.35 points, or 0.98% at the day's low of 11,797.70.

The market breadth was weak. On BSE, 797 shares rose and 1725 shares fell while 144 shares were unchanged.

Broader market underperformed the benchmark indices. The BSE Mid-Cap index fell 1.02%. The BSE Small-Cap index fell 0.76%.

Among the sectoral indices on the BSE, the S&P BSE Capital goods Index (up 0.21%), the S&P BSE Industrials index (down 0.18%) and the S&P BSE Information Technology index (down 0.3%), outperformed the S&P BSE Sensex. The S&P BSE Realty index (down 2.11%), the S&P BSE Telecom index (down 1.62%) and the S&P BSE Bankex index (down 1.33%) underperformed the S&P BSE Sensex.

Private sector banks witnessed steep selling. IndusInd Bank (down 4.36%), Axis Bank (down 2.39%), Kotak Mahindra Bank (down 2.10%), RBL Bank (down 1.92%), Yes Bank (down 1.58%), State Bank of India (down 0.71%), ICICI Bank (down 0.50%) and HDFC Bank (down 0.43%), edged lower.

Yes Bank was down 1.58%, extending recent steep fall. The stock hit a 52-week low of Rs 113 in intraday today.

Gruh Finance fell 5.40% to Rs 291.85. The company disclosed after market hours that HDFC sold 3.10 crore shares, or 4.22% stake, of Gruh Finance in the open market today, 14 June 2019. Post transaction, HDFC's stake in Gruh Finance has reduced to 47.43% from 51.65% earlier. According to media reports, HDFC has been selling stake in Gruh Finance to meet the central bank's requirements of facilitating the proposed merger of Gruh Finance with Bandhan Bank.

Among state-run banks, Bank of Baroda (down 1.53%), Allahabad Bank (down 0.84%) and Bank of India (down 0.23%), edged lower. While, Jammu and Kashmir Bank (up 1.56%), Syndicate Bank (up 0.57%), Oriental Bank of Commerce (up 0.50 %), Punjab National Bank (up 0.39%) and Union Bank of India (up 0.07%), edged higher.

FMCG stocks tumbled. Tata Global Beverages (down 2.64%). Godrej Consumer Products (down 2.56%), United Spirits (down 2.42%), Marico (down 2.28%), Dabur India (down 2.09%), Colgate Palmolive (India) (down 1.62%), Godrej Industries (down 1.42%), Jubilant Foodworks (down 1.38%), Emami (down 1.34%), Hindustan Unilever (down 1.02%), Consumer Healthcare (down 0.97), GlaxoSmithKline Britannia Industries (down 0.88%), ITC (down 0.68%), Procter & Gamble Hygiene and Health Care (down 0.51%), edged lower.

Realty stocks witnessed heavy selling. Unitech (down 9.48%), Sobha (down 3.83%), Oberoi Realty (down 2.31%), Prestige Estates Projects (down 2.22%), Peninsula Land (down 2.2%), D B Realty (down 0.95%), Sunteck Realty (down 0.8%) and Omaxe (down 0.32%) declined. Meanwhile, Phoenix Mills (up 0.48%) and Anant Raj (up 0.34%), rose.

Shares of three state-run oil marketing companies fell after Brent crude prices firmed up in international market. HPCL (down 1.44%), BPCL (down 0.59%) and Indian Oil Corporation (down 0.47%) edged lower. Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

Pharma stocks declined. Aurobindo Pharma (down 3.2%), Strides Pharma Science (down 2.02%), Alkem Laboratories (down 1.65%), Cipla (down 1.3%) Divi's Laboratories (down 1.24%), Piramal Enterprises (down 0.5%) and Cadila Healthcare (down 0.33%), edged lower. Meanwhile, Glenmark Pharmaceuticals (up 1.01%), Sun Pharmaceutical Industries (up 0.58%) and Lupin (up 0.41%), edged higher.

Wockhardt rose 1%. The US Food and Drug Administration (USFDA) has carried out inspection of Bioequivalence Centre located at R&D Centre, Aurangabad from 10-12 June 2019, during which Bioanalytical and Quality systems of Bioequivalence studies of Tamsulosin 0.4mg capsules and Metoprolol ER tablets were audited. At the end of inspection, there was Nil observation (i.e. zero 483 observation), signifying that best practices were followed, in compliance to regulations. This outcome would lead approvals of ANDAs in pipeline for which Bioequivalence studies are being or will be done in the centre. The announcement was made after market hours yesterday, 13 June 2019.

Dr. Reddy's Laboratories fell 0.86%. The company announced that it entered into a definitive asset purchase agreement with Upsher-Smith Laboratories. Dr. Reddy's Laboratories would sell its US and select territory rights for 'Zembrace Symtouch' 3 mg and Tosymra 10 mg, also known as DFN-02, which are commercialized through its wholly owned subsidiary, Promius Pharma. Under the agreement, Dr.Reddy's Laboratories will receive $70 million as upfront consideration, $40.5 million in near term milestones and additional financial considerations including, existing contractual obligation and inventory.

IT major Wipro was up 0.05%. The stock hit a 52-week high of Rs 301.55 in intraday today. The company announced that it will open a new center of excellence for clients in the Minneapolis-St. Paul region in USA. Wipro and client teams will collaborate on digital solutions, with a focus on financial technology, and will add 100 local jobs over the next two years to its already substantial presence in the Twin Cities. The announcement was made after market hours yesterday, 13 June 2019.

Hexaware Technologies fell 0.38%. The company announced that it has acquired 100% shares of Mobiquity and Mobiquity Softech, a wholly owned subsidiary of Mobiquity for a total cash consideration of $182 million. Mobiquity creates digital products for brands like Amazon Web Services, Rabobank, Philips, Wawa, Backbase and Otsuka.

Adani Gas rose 3.20% after a media reports suggested that French Energy Giant Total SA was close to acquiring a 30% stake in the company. The deal is expected to trigger an open offer to public shareholders of Adani Gas, and Total may end up having a roughly equal stake in the company, reports added. Adani Gas is an arm of Adani Group and operates in distribution of pipeline networks.

Tata Communications rose 0.99%. The company announced today that its wholly owned subsidiary, Tata Communications International Pte Ltd (TCIPL), has divested its 26% stake in STT Tai Seng, which operates the data centre business in Singapore, to STT APDC, a wholly-owned subsidiary of STT GDC at an agreed consideration based on fair market value and changing market conditions.

Smartlink Holdings rose 11.88% to Rs 108.30 after the company's board of directors approved the buyback proposal not exceeding 42 lakh equity shares (approximately being 24.78% of the total paid-up equity capital of the company) at Rs 130 per share for an aggregate amount not exceeding Rs 54.60 crore. The buyback would be on a proportionate basis, through the tender offer route. The announcement was made during market hours today, 14 June 2019.

P I Industries rose 1.05% to Rs 1155 after the company announced that the credit rating agency, CRISIL has reaffirmed the Long-Term Rating at CRISIL AA/Positive and the Short-Term Rating at CRISIL A1+ in respect of the various banking facilities availed by the company. The ratings are for the total bank loan facilities of Rs Rs 500 crore (enhanced from Rs 430 crore) availed by the company. The announcement was made after market hours yesterday, 13 June 2019.

RITES rose 6.05% to Rs 293.65 after the company announced that a meeting of board of directors of the company will be held on 24 June 2019, to consider the proposal for issuance of bonus shares. The announcement was made during market hours today, 14 June 2019.

Intellect Design Arena rose 3.49%. Intellect Design Arena said that its subsidiary SFL Properties vide a share purchase agreement dated 13 June 2019 has been divested to a third party for a sale consideration of Rs 20.50 crore at arms length basis. The announcement was made after market hours yesterday, 13 June 2019.

Jet Airways (India) tumbled 10.77%, extending yesterday's 16.71% slump after the National Stock Exchange of India (NSE) said on Wednesday that shares of the company will be removed from daily trading of futures and options effective 28 June 2019, citing the air carrier's failure to respond to queries about persisting rumours in the market. No contracts would be available for trading in Jet Airways (India) from 28 June 2019, NSE said. As a preventive surveillance measure, from 28 June 2019 till further notice, the security of the company should be shifted from the rolling segment to the trade-for-trade segment, wherein the settlement in the security will take place on gross basis with 100% upfront margin and 5% price band, it added.

On domestic front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 2.45% (provisional) in May 2019 (over May 2018) as compared to 3.07% (provisional) for the previous month and 4.78% during the corresponding month of the previous year. The data came out during trading hours today, 14 June 2019.

The yield on India's 10-year benchmark federal paper fell to 6.973%, compared with 7.009% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.7275, compared with its close of 69.5050 during the previous trading session.

In the commodities market, Brent crude for August 2019 settlement was down 14 cents at $61.17 a barrel. The contract rose 2.23% or $1.34 to settle at $61.31 a barrel during the previous trading session amid reports of tanker explosions in the Gulf of Oman near the Iranian coastline.

Overseas, European shares were trading lower Friday as tensions heightened between the US and Iran following attacks on two oil tankers in the Gulf of Oman on Thursday.

Most Asian stock markets ended lower. US stocks gained on Wednesday on expectations that trade officials from the US and China will clinch a deal on the sidelines of a G-20.

A divergent trend was witnessed as the barometer index, the S&P BSE Sensex, settled with small losses while the Nifty 50 index registered small gains. Intraday volatility was high. The market breadth was weak. The Nifty settled above 11,900 level.

The barometer index, the S&P BSE Sensex, fell 15.45 points or 0.04% to 39,741.36. The index hit high an intraday high of 39,800.81 and an intraday low of 39,461.27

The Nifty 50 index, rose 7.85 points or 0.07% to 11,914.05. The index hit high of 11,931.35 and low of 11,817.05 in intraday trade.

The market breadth was weak. On BSE, 922 shares rose and 1611 shares fell while 155 shares were unchanged.

Broader market underperformed benchmark indices. The BSE Mid-Cap index fell 0.33%. The BSE Small-Cap index fell 0.50%.

Among the sectoral indices on the BSE, the S&P BSE Realty Index (up 0.62%), the S&P BSE Power Index (up 0.56%) and the S&P BSE Finance Index (up 0.32%), outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Information Technology Index (down 0.78%), S&P BSE Teck Index (down 0.57%) and the S&P BSE Auto Index (down 0.44%) underperformed the S&P BSE Sensex.

Power Grid Corp (up 1.54%), Kotak Mahindra Bank (up 1.33%), Mahindra & Mahindra (up 1.33%) and Bharti Airtel (up 0.96%) edged higher from the Sensex pack.

Private sector bank stocks were mixed. Among private sector banks IndusInd Bank (down 4.96%) and RBL Bank (down 2.99%), edged lower. Kotak Mahindra Bank (up 1.33%), Axis Bank (up 0.90%), HDFC Bank (up 0.82%) and ICICI Bank (up 0.48%), edged higher.

Yes Bank slumped 12.96% on BSE. With reference to news item captioned Another exit at Yes Bank over Rana Kapoor's re-entry bid, Yes Bank denied the contents of the media report. The bank said it was not aware of the source and the news item was factually incorrect.

PSU banks declined. Jammu and Kashmir Bank (down 5.12%), Punjab National Bank (down 3.72%), Union Bank of India (down 2.42%), Oriental Bank of Commerce (down 2.26 %), Bank of India (down 1.59%), Bank of Baroda (down 0.33%), Allahabad Bank (down 0.12%) edged lower. State Bank of India (up 0.61%) and Syndicate Bank (up 0.58%) edged higher.

Power Finance Corporation rose 0.98% after the company announced that it had been able to raise $1 billion from the international markets. The announcement was made after market hours yesterday, 12 June 2019.

IT stocks dropped. Larsen & Toubro Infotech (down 1.99%), Persistent Systems (down 1.52%), Infosys (down 1.49%), Oracle Financial Services Software (down 1.19%), NIIT Technologies (down 0.65%), HCL Technologies (down 0.48%), Tech Mahindra (down 0.33%) and MindTree (down 0.06%), edged lower. Mphasis (up 1.18%) and Hexaware Technologies (up 0.36%), edged higher.

IT major TCS fell 0.36% at Rs 2,250.25. The stock had hit a 52-week high of Rs 2,285.05 in intraday trade.

Tata Motors fell 0.95% after global wholesales, including Jaguar Land Rover, were at 82,374 units, lower by 23% in May 2019 over May 2018. The announcement was made after market hours yesterday, 12 June 2019.

Auto stocks saw mixed trend. Ashok Leyland (down 1.12%), Maruti Suzuki India (down 1.03%), Hero MotoCorp (down 0.95%), Bajaj Auto (down 0.60%) and TVS Motor Company (down 0.57%), edged lower. Meanwhile, Mahindra & Mahindra (up 1.33%), Escorts (up 0.85%) and Eicher Motors (up 0.55%) edged higher.

Most realty stocks fell. Peninsula Land (down 4.92%), Sobha (down 2.12%), D B Realty (down 1.94%), Unitech (down 1.69%), The Phoenix Mills (down 0.62%), Oberoi Realty (down 0.57%), Omaxe (down 0.35%) and Sunteck Realty (down 0.31%), declined. Prestige Estates Projects (up 0.29%), rose.

Jet Airways (India) slumped 16.71% after the National Stock Exchange of India (NSE) said on Wednesday that shares of the company will be removed from daily trading of futures and options effective 28 June 2019, citing the air carrier's failure to respond to queries about persisting rumours in the market. No contracts would be available for trading in Jet Airways (India) from 28 June 2019, NSE said. As a preventive surveillance measure, from 28 June 2019 till further notice, the security of the company should be shifted from the rolling segment to the trade-for-trade segment, wherein the settlement in the security will take place on gross basis with 100% upfront margin and 5% price band, it added.

On the economic front, the all-India general Consumer Price Index (CPI) inflation rose to 3.05% in May 2019 (new base 2012=100), compared with 2.99% in April 2019.

India's industrial production (base year 2011-12=100) accelerated to a six-month high of 3.4% in April 2019, from 0.4% growth recorded in the previous month. Also, the industrial production growth for March 2019 has been revised upwards to 0.4% from (-) 0.1% as reported provisionally.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.51, compared with its close of 69.34 during the previous trading session.

Overseas, European stocks were trading higher Thursday, amid a surge in telecom stocks on Germany's completion of its 5G mobile spectrum auction.

Asian market ended on a mixed note after most indices bounced back in late trade. China's Shanghai Composite recovered from early losses to end with 0.05% gains on Thursday on hopes Beijing will roll out further measures to boost the economy amid ongoing trade tussle with the US.

US stocks declined on Wednesday as market focus remained largely on global trade developments after President Donald Trump said that he was holding up a trade deal with China and had no interest in moving ahead unless Beijing agreed.

Crude oil prices rebounded Thursday amid reports of tanker explosions in the Gulf of Oman near the Iranian coastline. In the commodities market, brent crude for August 2019 settlement was up $2.03 at $62 a barrel. The contract fell 3.72% or $2.32 to settle at $59.97 a barrel during the previous trading session.

Local stocks ended with modest losses, snapping three-day gains, as negative global cues triggered profit booking. Global shares declined as worries over US-China trade war flared up, curbing risk appetite. The Nifty settled slightly above 10,900 level. Stocks from auto banking and realty sectors declined.

The barometer index, the S&P BSE Sensex, fell 193.65 points or 0.48% to 39,756.81. The index hit an intraday high of 39,982.10 and an intraday low of 39,623.53.

The Nifty 50 index fell 59.4 points or 0.50% to 11,906.2. The index hit high of 11,962.45 and low of 11,866.35 in intraday trade.

The market breadth was negative. On BSE, 1029 shares rose and 1488 shares fell while 162 shares were unchanged.

Broader market underperformed the Sensex. The BSE Mid-Cap index fell 0.79%. The BSE Small-Cap index fell 0.48%.

Among the sectoral indices on the BSE, the S&P BSE Telecom index (down 1.55%), the S&P BSE Auto index (down 1.12%) and the S&P BSE Bankex index (down 1.01%) underperformed the S&P BSE Sensex. The S&P BSE Metal index (up 0.48%) outperformed the S&P BSE Sensex.

ONGC (up 0.83%), Hindustan Unilever (up 0.23%), TCS (up 0.22%) and ITC (up 0.09%) edged higher from the Sensex pack.

Power Grid Corporation of India (down 1.09%) and Larsen & Toubro (down 1.03%) edged lower from the Sensex pack.

Reliance Industries (RIL) rose 0.19%. RIL and BP announced the sanction of the MJ project (also known as D55) in Block KG D6, offshore the east coast of India. MJ is the third of three new projects in the Block KG D6 integrated development plan and its approval follows sanctions for the development of 'R-Series' deep-water gas field in June 2017 and for the Satellites cluster in April 2018. The announcement was made after market hours yesterday, 11 June 2019.

NTPC was down 0.63%. The company said that investment approval has been accorded for 100 MW Ramagundam Floating Solar PV Project, Phase-I in District Peddapelli, Telangana.

Private banks stocks witnessed selling pressure. Kotak Mahindra Bank (down 1.65%), RBL Bank (down 1.49%), IndusInd Bank (down 1.23%), ICICI Bank (down 0.82%), HDFC Bank (down 0.81%) and Axis Bank (down 0.32%), declined.

Yes Bank lost 3.34%. Credit rating agency Moody's Investors Service has placed Yes Bank's foreign currency issuer rating of Ba1 under review for downgrade. Moody's has also placed the bank's long-term foreign and local currency bank deposit ratings of Ba1, foreign currency senior unsecured MTN program rating of (P)Ba1, and Baseline Credit Assessment (BCA) and adjusted BCA of ba2 under review for downgrade. The announcement was made after market hours yesterday, 11 June 2019.

The review for downgrade takes into account Moody's expectation that the ongoing liquidity pressures on Indian finance companies will negatively impact the credit profile of Yes Bank, given the bank's sizeable exposure to weaker companies in the sector. At the end of March 2019, Yes Bank's exposure to Indian housing finance companies (HFC) and non-bank finance companies (NBFC) represented 6.4% of its total exposure. In addition, Yes Bank had a 7% direct exposure to the commercial and residential real estate sector as of the same date, which is also under pressure, because liquidity conditions have worsened for the real estate sector, just like with the HFCs and NBFCs.

Auto shares declined. Escorts (down 2.26%), Ashok Leyland (down 2.14%), Hero MotoCorp (down 1.55%), Bajaj Auto (down 1.38%), Tata Motors (down 0.97%), TVS Motor Company (down 0.84%) and Mahindra & Mahindra (down 0.81%), edged lower. Eicher Motors (up 0.15%) rose.

Maruti Suzuki India fell 1.79% after foreign brokerage reportedly maintained hold rating on the car major, but slashed price target to Rs 6,325 from Rs 6,450 earlier.

Most metal stocks rose. Tata Steel (up 2.60%), Jindal Steel & Power (up 2.22%), Steel Authority of India (up 1.51%), Vedanta (up 0.5%), Hindustan Zinc (up 0.04%) and Hindalco Industries (up 0.2%) edged higher. Hindustan Copper (down 0.83%), National Aluminium Company (down 0.5%), NMDC (down 0.7%) edged lower.

Pharma stocks slipped. Cadila Healthcare (down 2.07%), Piramal Enterprises (down 1.88%), Divi's Laboratories (down 1.5%), Aurobindo Pharmaceuticals (down 1.38%), Glenmark Pharmaceuticals (down 0.75%), Dr. Reddy's Laboratories (down 0.5%), Sun Pharmaceuticals (up 0.47%) and Lupin (down 0.32%), declined. Cipla (up 0.05%) gained.

Telecom stocks fell across the board. Tata Teleservices (Maharashtra) (down 4.86%), Vodafone Idea (down 2.36%), MTNL (down 2.28%) and Bharti Airtel (down 0.91%) declined.

Realty stocks ended on a weaker note. Indiabulls Real Estate (down 5.64%), DLF (down 3.58%) Prestige Estates Projects (down 2.17%), Oberoi Realty (down 0.91%), Phoenix Mills (down 0.75%) and Mahindra Lifepace Developers (down 0.28%), edged lower. Sobha hit 52-week high and rose 1.6%.

Reliance Capital (down 6.82%) and Reliance Home Finance (down 4.23%) declined after Price Waterhouse & Co Chartered Accountants LLP resigned as one of the statutory auditors. Pathak H.D. & Associates took charge as as the sole statutory auditor until conclusion of the AGM for the year ended 31 March 2021.

Eros International Media hit a lower circuit of 10% at Rs 33.25, extending recent slump. Moody's Investors Service downgraded the corporate family ratings to B2 from B1. It also changed the outlook to negative from stable.

Overseas, European stocks were trading lower Wednesday amid ongoing US-China trade tussle. Asian stocks ended lower.

US stocks declined on Tuesday, snapping a six-day winning streak. President Donald Trump reportedly said he is personally holding up a trade deal with China and that he will not complete the agreement unless Beijing returns to terms negotiated earlier in the year.

US Federal Reserve policymakers will meet on June 18-19 against the backdrop of rising trade tensions, slowing US growth and a sharp step-down in hiring last month.