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 barometer index, the S&P BSE Sensex, rose 272.03 points or 0.7% to 39,394.99, as per the provisional closing data. The Nifty 50 index rose 96.80 points or 0.83% to 11,796.45, as per the provisional closing data.

The S&P BSE Mid-Cap index was up 0.66%. The S&P BSE Small-Cap index was up 0.32%.

The market breadth, indicating the overall health of the market, was almost even. On the BSE, 1239 shares rose and 1266 shares fell. A total of 167 shares were unchanged.

Most PSU Banks surged. Syndicate Bank (up 6.29%), Allahabad Bank (up 3.55%), Oriental Bank of Commerce (up 2.34%), Bank of Baroda (up 1.27%), State Bank of India (up 0.92%), Union Bank of India (up 0.40%), Punjab National Bank (up 0.26%) edged higher. Bank of India (down 0.12%) declined.

The Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman informed 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.

Tata Consultancy Service was down 0.56% to Rs 2,262.15. Reliance Industries was up 2.58% to Rs 1,295.20 and HDFC Bank was up 0.30% to Rs 2,424.

JSW Steel (up 3.03%), Bharat Petroleum Corporation (up 2.94%), Axis Bank (up 2.46%) and HDFC (up 1.07%) advanced.

Yes Bank (down 1.7%), Asian Paints (down 0.97%) and IndusInd Bank (down 0.72%) declined.

Metal stocks gained. Jindal Steel & Power (up 2.83%), Steel Authority of India (up 2.34%), Tata Steel (up 2.13%), Hindalco Industries (up 1.82%), NMDC (up 1.14%), Hindustan Zinc (up 1.12%), Vedanta (up 0.83%), National Aluminium Company (up 0.51%) and Hindustan Copper (up 0.13%) edged higher.

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 3.92%), MRF (up 1.08%) and Apollo Tyres (up 0.43%) edged higher.

Emami jumped 8.79% to Rs 290.8 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.

The company 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.

IFCI gained 17.82% to Rs 9.39. 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 1.82% to Rs 503. 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.

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. Mixed global cues and rise in crude oil prices also affected investors' sentiment.

The barometer index, the S&P BSE Sensex, fell 55.86 points or 0.14% to 39,138.63, as per the provisional closing data. The Nifty 50 index fell 20.45 points or 0.17% to 11,703.65, as per the provisional closing data.

The S&P BSE Mid-Cap index was down 0.32%. The S&P BSE Small-Cap index was up 0.15%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1058 shares rose and 1456 shares fell. A total of 189 shares were unchanged.

Media reports indicated today, 24 June 2019, that the Reserve Bank of India (RBI) deputy governor Viral Acharya has quit his role six months before the end of his tenure. Acharya is reportedly returning to New York University's Stern School of Business (NYU Stern) in August, instead of February 2020, as CV Starr Professor of Economics.

The RBI clarified today, 24 June 2019, that a few weeks ago, Dr. Viral V. Acharya, submitted a letter to the RBI informing that due to unavoidable personal circumstances, he is unable to continue his term as a deputy governor of the RBI beyond 23 July 2019. Consequential action arising from his letter is under consideration of the competent authority, the central bank added.

On the equity front, Reliance Industries was down 1.38% to Rs 1,261.50. Kotak Mahindra Bank was down 0.99% to Rs 1,475.

UPL (up 5.22%), Yes Bank (up 2.14%) and Indiabulls Housing Finance (up 1.16%) advanced.

JSW Steel (down 3.5%), ONGC (down 3.36%) and Axis bank (down 1.06%) declined.

Two-wheeler stocks witnessed selling pressure. Bajaj Auto (down 1.97%), Hero Motorcorp (down 1.28%) 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.

Realty stocks were mixed. Sunteck Realty (down 3.93%), Oberoi Realty (down 2.6%), Prestige Estates Projects (down 2.53%), DLF (down 1.18%), Phoenix Mills (down 0.96%), Anant Raj (down 0.69%), Omaxe (down 0.37%) and Sobha (down 0.25%) declined. Indiabulls Real Estate (up 0.84%), Mahindra Lifespace Developers (up 0.34%) and Godrej Properties (up 0.08%) increased.

Metal stocks declined. Jindal Steel & Power (down 4.67%), Tata Steel (down 2.32%), Vedanta (down 1.97%), Steel Authority of India (down 1.8%), NMDC (down 1.53%), Hindustan Zinc (down 1.41%), National Aluminium Company (down 0.71%) and Hindustan Copper (down 0.38%) declined. Hindalco Industries (up 0.18%) edged higher.

CG Power and Industrial Solutions rose 1.74% to Rs 29.25. CG Power and Industrial Solutions said that in continuation of the asset optimisation initiatives taken by the company, the board of directors of the company approved entering into conveyance agreement for 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 was down 0.68% to Rs 745.6. 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.

Glenmark Pharmaceuticals was down 7.92% to Rs 460.60. 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.

Emami fell 7.59% to Rs 267.3 after a block deal of 3.46 crore shares was executed on the scrip at Rs 272 per share at 9:20 IST on BSE. On the BSE, 5.80 crore shares were traded in the counter, compared with average daily volumes of 45,000 shares in the past two weeks.

Hexaware Technologies fell 5.81% to Rs 393.25 on profit booking after a recent rally. Shares of Hexaware Technologies rose 21.14% in the past five trading sessions to settle at Rs 417.50 yesterday, 21 June 2019, from its close of Rs 344.65 on 14 June 2019.

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, dragged by losses in index pivotals HDFC, Reliance Industries (RIL) and Kotak Mahindra Bank, amid mixed cues from other Asian markets.

The barometer index, the S&P BSE Sensex, fell 407.14 points or 1.03% to 39,194.49, as per the provisional closing data. The Nifty 50 index fell 107.65 points or 0.91% to 11,724.10, as per the provisional closing data.

The S&P BSE Mid-Cap index was down 0.38%. The S&P BSE Small-Cap index was up 0.14%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1183 shares rose and 1299 shares fell. A total of 167 shares were unchanged.

Investor sentiment took a hit after oil prices rose sharply. Brent crude, the global oil benchmark, surged on Thursday 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 39 cents at $64.84 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.

On the equity front, index heavyweights witnessed selling pressure. HDFC was down 2.75% to Rs 2,138.30. Reliance Industries was down 1.36% to Rs 1,279.30. Kotak Mahindra Bank was down 1.61% to Rs 1,493.15.

Tech Mahindra (up 2.36%), Hindalco Industries (up 1.98%) and State Bank of India (up 1.17%), advanced.

Yes Bank (down 4.28%), Hindustan Unilever (down 2.25%) and Hero MotorCorp (down 2.02%) declined.

State-run NTPC rose 0.19% to Rs 134.80. NTPC said that the company participated in the 750 MW tender floated by Solar Energy Corporation of India (SECI) for Rajasthan. In the reverse auction held on 19 June 2019, NTPC has won 160 MW of Solar capacities at a levelised tariff of Rs.2.50 per unit, applicable for 25 years. This solar project shall be set up by NTPC under EPC mode and shall add to the installed capacity of NTPC. The announcement was made after market hours yesterday, 20 June 2019.

Tata Motors was down 0.22% to Rs 158.80. 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%. Lakshmi Vilas Bank hit an upper circuit limit of 10% at Rs 63.50. The Competition Commission of India approved the proposed amalgamation of Indiabulls Housing Finance with the Lakshmi Vilas Bank. The scheme of amalgamation of Indiabulls Housing Finance (IBH) and Indiabulls Commercial Credit (ICCL) with The Lakshmi Vilas Bank (LVB) was approved by the Competition Commission of India (CCI). The scheme of amalgamation remains subject to receipt of applicable regulatory and other approvals.

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 was down 3.13% to Rs 6,429.75. Bank of Baroda was down 0.25% to Rs 118.25. 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.

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. The Nifty ended above 11800 mark. Strong rally in the final hour of trading session was supported by pharma, metal and banks stocks.

The barometer index, the S&P BSE Sensex, rose 488.89 points or 1.25% to 39,601.63, as per the provisional closing data. The Nifty 50 index rose 140.30 points or 1.20% to 11,691.45, as per the provisional closing data.

Global shares traded higher 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 rally 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, 1532 shares rose and 1008 shares fell. A total of 140 shares were unchanged.

Wind turbine maker Suzlon Energy surged 24.18% to Rs 4.16 after media reports suggested that the company's lenders will meet tomorrow to decide on the debt restructuring proposal for the company.

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.

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.

Housing Development Finance Corporation (HDFC) rose 1.04% to Rs 2,200.90. 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% to Rs 1371.40 after 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.

Adani Green Energy (AEGL) was up 3.66% to Rs 41.10 after 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.

UPL was down 8.40% to Rs 870.70. 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.

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%.

The Sensex ended with small gains while the Nifty ended almost flat after a volatile trading session on Wednesday. The barometer index, the S&P BSE Sensex, rose 66.40 points or 0.17% to 39,112.74, as per the provisional closing data. The Nifty 50 index ended almost flat at 11,691.45, as per the provisional closing data.

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, 710 shares rose and 1858 shares fell. A total of 119 shares were unchanged.

Zee Entertainment Enterprises (up 5.32%), Kotak Mahindra Bank (up 2.69%), NTPC (up 1.74%) and Titan Company (up 1.45%), were major gainers.

Yes Bank (down 4.85%), UPL (down 4.85%), Adani Ports and Special Economic Zone (down 3.08%) and Cipla (down 2.41%), were major losers.

Tata Steel rose 5.49% 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.

Shares of Indiabulls Group slumped in today's trade. Indiabulls Real Estate (down 1.74%), Indiabulls Ventures (down 4.14%) and Indiabulls Housing Finance (down 8.48%), all declined.

Asian Oilfield Services shares climbed 1.46% to Rs 73. The company announced today that it has received two public tenders (orders) for 2D and 3D CDP seismic acquisition within Block 12 in Republic of Iraq totaling to $37 million. The order is to be executed within FY2020 and FY2021.

Granules India rose 1.32% to Rs 92.45. The company's chairman reportedly said it expects pledge on shares to reduce in coming weeks. Krishna Prasad Chigurupati, chairman & MD, Granules India was quoted by the media as saying that currently, promoter pledge is at 43% and in the next few weeks, it is going to go down.

Meanwhile, NITI Aayog CEO Amitabh Kant said in Delhi on Monday that circular economy has potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs. A circular economy is an alternative to a traditional linear economy (make, use, dispose) in which resources are kept in use for as long as possible, the maximum value is extracted from them whilst in use, the products and materials are recovered and regenerated at the end of each service life. This economic system is aimed at minimising waste and making the most of resources.

Overseas, most European shares were trading lower 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.

Benchmark indices settled with modest gains after a volatile session on trade. The barometer index, the S&P BSE Sensex, gained 85.55 points or 0.22% to 39,046.34, as per the provisional closing data. The Nifty 50 index gained 19.35 points or 0.17% to 11,691.50, as per the provisional closing data. The Sensex settled above the psychological 39,000 level after moving above and below that level in intraday trade.

The market breadth was weak. On BSE, 970 shares advanced and 1560 shares declined. A total of 130 shares were unchanged.

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

Yes Bank (down 5.94%), Maruti Suzuki India (down 2.2%) and HDFC Bank (down 1.97%) dropped from the Sensex pack.

Pharma stocks dropped. Piramal Enterprises (down 6.8%), Cadila Healthcare (down 3.6%), Alkem Laboratories (down 1.23%), Sun Pharmaceutical Industries (down 1.22%), Aurobindo Pharma (down 0.16%), Wockhardt (down 0.13%) edged lower. Dr Reddy's Laboratories (up 1.53%), Glenmark Pharmaceuticals (up 0.9%), Divi's Laboratories (up 0.31%), Cipla (up 0.3%) and Lupin (up 0.21%), edged higher.

PSU OMCs rose as crude oil prices fell. Hindustan Petroleum Corporation (up 2.75%), Bharat Petroleum Corporation (up 1.84%) and Indian Oil Corporation (up 1.29%) gained.

In the commodities market, Brent crude for August 2019 settlement was down 61 cents at $60.33 a barrel. The contract fell $1.07, or 1.73% to settle at $60.94 a barrel during the previous trading session.

Jet Airways crashed 41.65% after media reports suggested that 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. This comes 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.

Overseas, most shares in Europe and Asia were trading higher after European Central Bank President Mario Draghi said interest rate cuts remain “part of our tools”.

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

The US Federal Reserve begins a two-day meeting later on Tuesday. The central bank is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.

Benchmark indices settled with modest gains after a volatile session on trade. The barometer index, the S&P BSE Sensex, gained 85.55 points or 0.22% to 39,046.34, as per the provisional closing data. The Nifty 50 index gained 19.35 points or 0.17% to 11,691.50, as per the provisional closing data. The Sensex settled above the psychological 39,000 level after moving above and below that level in intraday trade.

The market breadth was weak. On BSE, 970 shares advanced and 1560 shares declined. A total of 130 shares were unchanged.

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

Yes Bank (down 5.94%), Maruti Suzuki India (down 2.2%) and HDFC Bank (down 1.97%) dropped from the Sensex pack.

Most pharma stocks dropped. Piramal Enterprises (down 6.8%), Cadila Healthcare (down 3.6%), Alkem Laboratories (down 1.23%), Sun Pharmaceutical Industries (down 1.22%), Aurobindo Pharma (down 0.16%), Wockhardt (down 0.13%) edged lower. Dr Reddy's Laboratories (up 1.53%), Glenmark Pharmaceuticals (up 0.9%), Divi's Laboratories (up 0.31%), Cipla (up 0.3%) and Lupin (up 0.21%), edged higher.

PSU OMCs rose as crude oil prices fell. Hindustan Petroleum Corporation (up 2.75%), Bharat Petroleum Corporation (up 1.84%) and Indian Oil Corporation (up 1.29%) gained.

In the commodities market, Brent crude for August 2019 settlement was down 61 cents at $60.33 a barrel. The contract fell $1.07, or 1.73% to settle at $60.94 a barrel during the previous trading session.

Jet Airways crashed 41.65% after media reports suggested that 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. This comes 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.

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

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

The US Federal Reserve begins a two-day meeting later on Tuesday. The central bank is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.

Domestic stocks dropped sharply on first trading day of the week led by slide in index heavyweights Reliance Industries (RIL), Axis Bank and L&T. The barometer index, the S&P BSE Sensex, lost 491.28 points or 1.25% to 38,960.79, as per the provisional closing data. The Nifty 50 index lost 151.15 points or 1.28% to 11,672.15, as per the provisional closing data. The Sensex dropped settled below the psychological 39,000 mark. Metal stocks slumped. PSU bank stocks fell.

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

The market breadth was weak. On BSE, 695 shares advanced and 1868 shares declined. A total of 133 shares were unchanged.

The BSE Mid-Cap index fell 1.29%. The BSE Small-Cap index declined 1.35%.

Shares of index heavyweights, Reliance Industries (down 2.69%), Axis Bank (down 2.93%) and L&T (down 1.97%) declined.

Metal stocks dropped sharply. Tata Steel (down 5.73%), Jindal Steel & Power (down 5.66%), Steel Authority of India (down 4.86%), Vedanta (down 3.07%), Hindalco Industries (down 2.30%), Hindustan Copper (down 1.49%), National Aluminium Company (down 1.32%), NMDC (down 1.22%) and Hindustan Zinc (down 0.93%) edged lower.

PSU bank stocks fell. Allahabad Bank (down 3.24%), IDBI Bank (down 1.81%), State Bank of India (down 1.70%), Bank of Baroda (down 1.68%), Bank of Maharashtra (down 1.57%), United Bank of India (down 0.89%), Punjab & Sind Bank (down 0.78%) and Central Bank (down 0.44%) declined.

Overseas, European shares were trading higher on Monday. Asian shares were mixed. 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.

In economic data, 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.

Selling in banks and FMCG stocks pushed major indexes steeply lower on Friday. The barometer index, the S&P BSE Sensex, fell 289.29 points or 0.73% to 39,452.07, as per the provisional closing data. The Nifty 50 index fell 90.75 points or 0.76% to 11,823.30, as per the provisional closing data.

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 market breadth was inclined towards sellers. On BSE, 804 shares advanced and 1715 shares declined. A total of 147 shares were unchanged. The BSE Mid-Cap index was down 1.02%. The BSE Small-Cap index was down 0.76%.

FMCG shares slumped. Hindustan Unilever (down 1.25%), Nestle India (down 1.03%), Britannia Industries (down 1%), Dabur India (down 1.88%), Godrej Consumer Products (down 2.81%), Marico (down 2.08%) and ITC (down 0.73%), edged lower.

Private sector banks tumbled. Axis Bank (down 2.53%), Kotak Mahindra Bank (down 2.3%), ICICI Bank (down 0.7%) and HDFC Bank (down 0.62%), edged lower.

IndusInd Bank slumped 4.43% to Rs 1424.

Yes Bank was down 1.71% to Rs 115.20, extending recent steep fall. The stock hit a 52-week low of Rs 113 in intraday today. The stock is currently down 22.14% in June so far from its close of Rs 147.95 on 31 May 2019.

Among public sector banks, Punjab & Sind Bank (down 2.67%), Bank of Maharashtra (down 2.48%), Bank of Baroda (down 2.03%), United Bank of India (down 1.76%), IDBI Bank (down 1.24%), State Bank of India (down 0.98%) and Central Bank (down 0.87%), edged lower.

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.

In the commodities market, Brent crude futures for August 2019 settlement was down 36 cents at $60.95 a barrel. The contract increased by $1.34 or 2.23% 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.

Key benchmark indices ended almost flat after a roller-coaster trading session. The barometer index, the S&P BSE Sensex, fell 15.45 points or 0.04% to 39,741.36, as per the provisional closing data. The Nifty 50 index rose 7.85 points or 0.07% to 11,914.05, as per the provisional closing data.

The Nifty regained 11,900 level after opening below that mark. Stocks initially witnessed selling pressure amid negative global cues. After hitting a fresh intraday low in early afternoon trade, benchmarks staged a smart recovery in mid-afternoon trade. Positive trade in European market and recovery in most Asian indices improved investors sentiment.

The broader market ended lower with the advance-decline ratio leaning in favour of the sellers. On BSE, 926 shares rose and 1606 shares fell. A total of 156 shares were unchanged. The BSE Mid-Cap index was down 0.33%. The BSE Small-Cap index was down 0.50%. Both these indices underperformed the Sensex.

Yes Bank slumped 13.44%. With reference to news item captioned Another exit at Yes Bank over Rana Kapoor's re-entry bid, Yes Bank denied the contents of said media report. The bank said it was not aware of the source and the news item was factually incorrect.

IT major TCS was down 0.68% at Rs 2243.20 after hitting a 52-week high of Rs 2,285.05 in morning trade today.

Tata Motors was down 0.59% 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.

Jet Airways (India) slumped 16.67% after The National Stock Exchange of India (NSE) said on Wednesday that shares of Jet Airways (India) 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. The stock has now hit an all-time low at Rs 84.80.

Power Finance Corporation rose 1.17% 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.

Edelweiss Financial Services fell 1.16% while Bank of Baroda fell 0.25%. Edelweiss Financial Services and Bank of Baroda signed an agreement to form a strategic partnership to explore co-lending. With this partnership, both Edelweiss Financial Services and Bank of Baroda will jointly offer loans and expertise for the growing needs of MSME and self-employed as well as priority sector groups. The announcement was made today during market hours.

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.

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 jumped $2.02 at $61.99 a barrel. The contract tumbled $2.32 or 3.72% to settle at $59.97 a barrel 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.

Key barometers ended lower, snapping three straight days of gains, as negative global cues triggered profit booking. Global shares declined as worries over US-China trade war flared up, curbing risk appetite. Selling in banks shares weighed on the domestic bourses.

Investors awaited outcome of key domestic economic data. Inflation based on consumer price index (CPI) for May and industrial production (IIP) data for April will release today, 12 June 2019.

The barometer index, the S&P BSE Sensex, fell 193.65 points or 0.48% to 39,756.81, as per the provisional closing data. The Nifty 50 index fell 48.30 points or 0.40% to 11,917.30, as per the provisional closing data.

The market breadth was negative. On BSE, 1029 shares rose and 1482 shares fell. A total of 168 shares were unchanged. In broader market, the BSE Mid-Cap index was down 0.79%. The BSE Small-Cap index was down 0.48%.

Kotak Mahindra Bank (down 1.69%), Hero MotoCorp (down 1.52%), Bajaj Auto (down 1.29%), Mahindra & Mahindra (down 1.13%), IndusInd Bank (down 1.12%), Power Grid Corporation of India (down 1.09%) and Larsen & Toubro (down 1.03%), declined.

Tata Steel (up 2.59%), ONGC (up 0.83%), Sun Pharmaceutical Industries (up 0.50%), Hindustan Unilever (up 0.23%), Vedanta (up 0.27%), TCS (up 0.22%) and ITC (up 0.09%), advanced.

Reliance Industries (RIL) was up 0.12%. 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.

Yes Bank was down 3.41%. The bank informed on Tuesday that Mukesh Sabharwal, non-executive independent director, tendered his resignation on 10 June 2019. He was appointed as an independent director and spent over 7 years with the Bank since 25 April 2012. Sabharwal mentioned that he wants to devote quality time on his academic pursuits and hence has tendered his resignation.

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.

Maruti Suzuki India fell 1.71% after foreign brokerage reportedly maintained hold rating on the car major, but slashed price target to Rs 6,325 from Rs 6,450 earlier.

Reliance Capital (down 7.24%) and Reliance Home Finance (down 4.51%), 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.

NTPC was down 0.92%. The company said that investment approval has been accorded for 100 MW Ramagundam Floating Solar PV Project, Phase-I in District Peddapelli, Telangana.

Adani Green Energy was up 1.41%. Gautam S. Adani & Priti G. Adani (on behalf of Gautam S. Adani Family Trust) and Gautam S. Adani & Rajesh S. Adani (on behalf of S. B. Adani Family Trust) (Sellers) announced Offer for sale up to 67,24,766 and 8,68,59,534 equity shares, respectively (representing up to 0.43% and 5.55% of the paid-up equity share capital of the company, respectively), cumulatively aggregating up to 9,35,84,300 Equity Shares (cumulatively representing 5.98% of the paid-up equity share capital of the company), by way of an offer for sale through the stock exchange mechanism (OFS). The Floor Price for the OFS is Rs 43 per share. The announcement was made after market hours yesterday, 11 June 2019.

Overseas, European stocks were trading lower amid ongoing US-China trade tussle. Asian stocks ended lower on Wednesday. China's inflation data showed the producer price index in the country rising 0.6% year-on-year in May. The consumer price index also rose 2.7% year-on-year in the same period.

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.

Key barometers ended with decent gains, mirroring positive global cues. The barometer index, the S&P BSE Sensex, rose 165.94 points or 0.42% to 39,950.46, as per the provisional closing data. The Nifty 50 index rose 39.95 points or 0.34% to 11,962.65, as per the provisional closing data. The Nifty retracted after touching 12,000 mark in mid-afternoon trade.

Globally, investors were relieved that the United States shelved plans to impose tariffs on Mexico. Hopes that US interest rates will be cut as early as next week also supported shares.

The market breadth was inclined towards the sellers. On BSE, 1157 shares advanced and 1394 shares declined. A total of 159 shares were unchanged.

In broader market, the S&P BSE Midcap index was up 0.79%, beating the Sensex. While, S&P BSE Smallcap index lagged the Sensex with 0.24% rise.

IT major Wipro was up 0.22% to Rs 297.85. It hit a 52-week high of Rs 299.50 in intraday today.

Drug major Sun Pharmaceutical Industries fell 2.82%. A foreign brokerage firm reportedly downgraded its recommendation on the stock to sell from neutral. The brokerage reportedly cut its price target to Rs 355 from Rs 437 earlier.

Tata Motors rose 2.65%. The company announced that Jaguar Land Rover retail sales in May 2019 were 42,370 vehicles, down 12.2% compared to May 2018.

Yes Bank rose 2.50% while Fortis Healthcare rose 3.86%. Yes Bank announced yesterday that it sold 1.51 crore equity shares, or 2% equity, of Fortis Healthcare (FHL) as at 31 March 2019, in various tranches last being on 7 June 2019. The transaction has resulted into a change in holding of Yes Bank by more than 2% of the total shareholding of FHL, from the last disclosure made by Yes Bank on 18 December 2018.

Indiabulls Real Estate fell 4.47%, Indiabulls Housing Finance fell 7.37% and Indiabulls Ventures fell 2.56%.

According to reports, a Writ Petition was filed in Supreme Court against Sameer Gehlaut, chairman of Indiabulls group, allegedly siphoning off Rs 98,000 crore from Indiabulls Housing Finance. IHFL clarified after market hours on Monday that the Writ Petition was filed on Monday and is not heard by the court. Further, the total loans on the books of Indiabulls Housing Finance are approximately Rs 90000 crore. The company also stated that allegation of siphoning off of Rs 98000 crore is bizarre. The company added that blackmailers had been trying to extort money from the company and threatened them to write complaints to various government departments alleging siphoning off of Rs 55,000 crore if extortion money of Rs 10 crore was not paid to them.

Bharat Heavy Electricals (BHEL) rose 2.35% on the BSE after the company announced that it had received an order from the Nuclear Power Corporation of India Limited (NPCIL) for erection of Kudankulam Units 3&4.

HCL Technologies rose 1.28%. HCL Technologies and PTC, announced an Internet of Things (IoT) solution of Realtime Manufacturing Insights (RMI) for the discrete manufacturing industry.

Vodafone Idea rose 3.21%. Care Rating has revised its rating on long term bank facilities of Vodafone Idea to CARE A+ from CARE AA-. Outlook continues to be negative.

Sterlite Technologies rose 11.01%. Sterlite Technologies announced that the promoters of the company have removed 100% of entire pledge on shares of Sterlite Technologies (STL) with immediate effect.

Zensar Technologies rose 2.88% after the company announced global partnership with NetApp and Cisco to deliver private cloud services. The announcement was made after market hours yesterday, 10 June 2019.

Share price of Bharat Financial Inclusion rose 2.82%. The company announced that the National Company Law Tribunal (NCLT), Mumbai on 10 June 2019 sanctioned the Composite Scheme of Arrangement among Bharat Hnandal Inclusion, Induslnd Bank, Induslnd Financial Inclusion and their respective Shareholders and Creditors. The scheme will come into effect upon filing certified copy of the order with the jurisdictional Registrar of Companies and the certified copy of the order is awaited.

Eveready Industries India fell 1.43% after the company announced that a rating agency has downgraded the company's long term credit rating. The announcement was made after market hours yesterday, 10 June 2019.

Overseas, European shares were trading higher, while Asian shares ended higher. Sentiment in global stock markets was upbeat after the US suspended its proposed tariffs on Mexican imports.

US President Donald Trump is set to meet with Chinese President Xi Jinping at the G-20 summit, which is scheduled for June 28-29 in Osaka, Japan. Trump has reportedly threatened that immediate tariffs would be imposed on a further $300 billion of Chinese goods if President Xi does not attend this month's G-20 meeting.

In Europe, the race to replace UK Prime Minister Theresa May has begun, with ten candidates in the running for the vacated Conservative Party leadership position.

Key equity barometers ended with decent gains on Monday, supported by positive global stocks. Investors concerns eased after the United States and Mexico struck a migration deal last week to avert a tariff war. Moreover, a weak US jobs data boosted hopes of interest rate cuts by the Federal Reserve.

The barometer index, the S&P BSE Sensex, rose 168.62 points or 0.43% to 39,784.52, as per the provisional closing data. The Nifty 50 index rose 52.05 points or 0.44% to 11,922.70, as per the provisional closing data.

Indices opened higher and hit fresh intraday high in early trade. Benchmarks started regressing from the day's high in morning trade as profit booking emerged at higher level. Barometers regained composure in mid-afternoon trade and managed to end with decent gains. The Nifty regained 11,900 mark after slipping below that level in intraday trade. Smart gains in IT and FMCG shares compensated for losses in banks shares.

Broader market underperformed benchmark indices. The BSE Mid-Cap index rose 0.11% The BSE Small-Cap index fell 0.49%.

The market breadth was weak. On BSE, 983 shares rose and 1624 shares fell while 176 shares were unchanged.

Private sector banks declined. Yes Bank (down 2.61%), Federal Bank (down 0.75%), RBL Bank (down 0.47%), HDFC Bank (down 0.29%), ICICI Bank (down 0.22%) and IndusInd Bank (down 0.04%), edged lower.

Kotak Mahindra Bank was down 0.47%. The Reserve Bank of India (RBI) has, by an order dated 6 June 2019, imposed a monetary penalty of Rs 2 crore on Kotak Mahindra Bank for non-compliance with the directions issued to the bank. This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank.

Reliance Power was down 8.59% after the company reported a consolidated net loss of Rs 3558.51 crore in Q4 March 2019 over a net profit of 189.21 crore in Q4 March 2018. Consolidated net sales fell 32.52% to Rs 1,585.66 crore during the period under review.

Jammu & Kashmir Bank plummeted 13.04%. The bank announced that its board has appointed R. K. Chhibber as the interim chairman cum managing director for a period of three months with effect from 10 June 2019. The bank has received an approval from the Reserve Bank of India in this regard. The bank's board also recommended splitting of the post of chairman & managing director of the bank in compliance to the SEBI Regulations and RBI Guidelines.

IT shares were in demand. TCS (up 2.41%), Infosys (up 1.86%), HCL Technologies (up 1.14%) and Wipro (up 0.66%), edged higher.

The S&P BSE IT index rose 1.74%, outperforming the Sensex.

FMCG shares advanced as onset of monsoon could boost rural demand for groceries and daily essentials. Normal monsoon season could lift buying power in the villages. Britannia Industries (up 3.23%), Nestle India (up 1.46%), ITC (up 1.29%), Marico (up 1.07%) and Hindustan Unilever (up 0.87%), edged higher.

The S&P BSE FMCG index rose 1.17%, outperforming the Sensex.

The 2019 monsoon set in over parts of Kerala on Saturday, 8 June 2019, against its normal date of 1 June. Southwest Monsoon has further advanced into remaining parts of south Arabian Sea & Lakshadweep area, most parts of Kerala, somemore parts of Tamilnadu, remaining parts of southeast Bay of Bengal, most parts of southwest & eastcentral Bay of Bengal, some moreparts of northeast Bay of Bengal, some parts of westcentral Bay of Bengal, most parts of Mizoram and some parts of Manipur, IMD said in a release.

In bond market, the yield on India's 10-year benchmark federal paper rose to 7.051% at 15:26 IST, compared with 6.974% at close in the previous trading session.

Meanwhile, the Reserve Bank of India on 7 June 2019 announced introduction of prudential framework for resolution of stressed assets with immediate effect. The regulator made these provisions applicable to non-banks and small finance banks.

The early stress recognition guidelines specify that borrowers must be categorized into special mention accounts based on their delay in repayment. These categories are special mention account-0 (SMA-0) loans, where the repayment overdue is between 1-30 days, SMA-1 (31-60 days) and SMA-2 (61-90 days).

All lenders must put in place board-approved policies for resolution of stressed assets, including the timelines for resolution. Since default with any lender is a lagging indicator of financial stress faced by the borrower, it is expected that the lenders initiate the process of implementing a resolution plan (RP) even before a default.

Overseas, shares in Europe and Asia edged higher after the US and Mexico reached a deal to avoid the implementation of tariffs.

President Donald Trump said on Friday that the United States and Mexico have signed an agreement to avoid tariffs that were scheduled to go into effect on Monday. Trump said that Mexico in return has agreed to take strong measures to stop illegal immigration coming through the US southern border. Last week, Trump threatened to impose 5% tariffs on all Mexican imports starting 10 June if Mexico did not do more to stop illegal immigration.

Meanwhile, China's May exports rose 1.1% from a year earlier, leaving it with an overall trade surplus of $41.65 billion for the month.

US stocks ended higher on Friday, as weak jobs data raised hopes for interest rate cuts by the Federal Reserve. The US economy added 75,000 jobs in May, marking the second time in four months that jobs growth totaled less than 100,000.

Local stocks ended with modest gains after a volatile session of trade. The barometer index, the S&P BSE Sensex, rose 86.18 points or 0.22% at 39,615.90. The Nifty 50 index rose 26.90 points or 0.23% at 11,870.65. Gains were led by HDFC Bank, ICICI Bank and HDFC. However, gains were capped by fall in index heavyweight Reliance Industries.

Domestic stocks drifted lower in early trade on selling pressure in index pivotals. Volatility struck bourses in morning trade as the key indices regained positive zone soon after hitting day's low. Trading continued to be volatile in mid-morning trade as the key indices once again slipped in negative zone. Indices turned range bound with tiny losses in afternoon trade. Stocks once again regained positive zone in mid-afternoon trade. Key indices hit day's high in late trade.

The S&P BSE Mid-Cap index fell 0.17%. The S&P BSE Small-Cap index fell 0.11%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1059 shares rose and 1414 shares fell. A total of 148 shares were unchanged.

Shares of ICICI Bank (up 1.28%), HDFC Bank (up 0.91%) and HDFC (up 0.65%) gained.

Shares of index heavyweight Reliance Industries fell 0.89% to Rs 1,315.30

IndusInd Bank gained 1.9%. The credit rating of the debt instruments issued by IndusInd Bank has been reaffirmed by IndiaRatings. The rating of infra bonds and the long term issuer rating have been reaffirmed at AA+, with stable outlook. The rating of additional tier I bonds was reaffirmed at AA with stable outlook and short term issuer rating has been reaffirmed at A1+.

Bharti Airtel rose 0.65%. Bharti Airtel said it partnered with OYO Hotels & Homes, to launch OYO Store on 'Airtel Thanks' application. Through OYO Store, Airtel customers can now seamlessly book quality and affordable accommodations directly out of the Airtel Thanks app. Additionally, customers can also make online payments seamlessly via Airtel Payments Bank.

Overseas, European stocks were trading higher on Friday, as investors digested the latest news surrounding trade and the global economy. The European Central Bank (ECB) decided that it would postpone its first post-crisis interest rate hike, while raising its inflation forecast.

Meanwhile, Theresa May is expected to officially step down as leader of the UK's Conservative Party, however she will maintain her position as Prime Minister until a political heir is found.

Most Asian stocks were trading higher as investors waited for concrete signs of progress in the US-Mexican trade standoff, while bracing for a US jobs report that could sway the course of interest rates there.

US stocks closed higher after a choppy session on Thursday as investors grew more optimistic on trade after reports that the United States is considering a delay in imposing tariffs on Mexican imports.

The International Monetary Fund (IMF) has raised economic growth forecasts for the US to 2.6% this year and 2% in 2020, compared to 2.3% and 1.9% in April respectively, despite the trade war with China and threats to Mexico.

Domestic stocks dropped sharply as investors booked profits after the Reserve Bank of India (RBI) cut repo rate by 25 basis points, as expected, and changed policy stance to accommodative from neutral. The barometer index, the S&P BSE Sensex, lost 553.82 points or 1.38% at 39,529.72. The Nifty 50 index lost 177.90 points or 1.48% at 11,843.75. Shares of index heavyweights L&T, Reliance Industries and HDFC dropped.

Indices were trading with small losses in early trade as trading resumed after a public holiday on Wednesday. Key indices extended decline triggered in early trade on selling pressure in index pivotals. The Sensex fell below the psychological 40,000 level while the Nifty declined below the psychological 12,000 level. Stocks were trading on a weak note in mid-morning trade. Stocks extended slide in early afternoon trade after the central bank cut repo rates by 25 basis points, as expected. Selling frenzy in index pivotals dragged the key indices to day's low in mid-afternoon trade. Indices cut losses in late trade.

The S&P BSE Mid-Cap index fell 1.77%. The S&P BSE Small-Cap index declined 1.6%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 761 shares rose and 1837 shares fell. A total of 134 shares were unchanged. Breadth was strong in early trade.

Shares of index heavyweights L&T (down 3.41%), Reliance Industries (down 1.78%) and HDFC (down 1.65%) declined.

Infosys rose 0.44%. Infosys during market hours today, 6 June 2019 announced a collaboration with Microsoft to deliver smart buildings and spaces (SB&S) solutions for the architecture, engineering, construction, facilities management and real estate development markets. Leveraging the latest digital technologies, the solutions aim to improve the entire lifecycle of building construction and operations, and the user experiences of those that manage and work in buildings.

Aurobindo Pharma declined 4.56% after the company said it has received 10 observations from the US health regulator for its Unit 3 in Hyderabad. Aurobindo Pharma clarified that the United States Food and Drug Administration (USFDA) had conducted an inspection at the company's Unit III, a formulation manufacturing facility located at Bachupally, Hyderabad from 13 May 2019 to 24 May 2019. In this regard, the company has received a “Form 483” with ten observations. None of the observations are repetitive and are more procedural in nature. The company will be responding to the USFDA within the stipulated time. The Form 483 will not have an impact on existing business of this facility.

On the economic front, the Reserve Bank of India (RBI) concluded its three-day Monetary Policy Committee (MPC) meeting today, 6 June 2019. On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 5.75% from 6% with immediate effect.

Consequently, the reverse repo rate under the LAF stands adjusted to 5.50%, and the marginal standing facility (MSF) rate and the Bank Rate to 6%. The MPC also decided to change the stance of monetary policy from neutral to accommodative.

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth, RBI said in a statement.

Overseas, European stocks were trading higher on Thursday, as investors are awaiting the latest decision from the European Central Bank (ECB).

Asian shares were trading mixed Thursday as investors kept a close watch on impending US tariffs on Mexico while trade talks with Beijing remained at a standstill. South Korean markets were closed for a holiday.

American and Mexican officials said late Wednesday that progress was being made at immigration talks at the White House, but President Donald Trump tweeted that it was not nearly enough.

US stocks closed solidly higher Wednesday, after volatile morning trade that saw benchmarks flipping between gains and losses, as investors digested a round of conflicting economic data that showed strength in the U.S. services sector but signaled a potential weakening of the labor market.

In economic data, the Institute for Supply Management services sector index came in at 56.9%, compared with April's 55.5%. The Federal Reserve released its beige book for April through mid-May, which described the U.S. economy as expanding at a modest pace overall, though it also reported anecdotal evidence that labor shortages and new tariffs are holding back growth.

Key indices settled with modest losses on selling pressure in index pivotals. The barometer index, the S&P BSE Sensex, fell 184.08 points or 0.46% at 40,083.54. The Nifty 50 index fell 66.90 points or 0.55% at 12,021.65. Investors are awaiting the Reserve Bank of India (RBI's) decision on interest rate. Domestic stock market remains closed tomorrow, 5 June 2019 on account of Id-Ul-Fitr (Ramzan Id).

The RBI's Monetary Policy Committee (MPC) meeting is scheduled from 3 to 6 June 2019. The MPC of the RBI will announce its resolution under the Second Bi-monthly Monetary Policy Statement for 2019-20 on Thursday, 6 June 2019.

Key indices cut losses soon after opening with downward gap. A bout of volatility was witnessed in morning trade as the key indices once again sank in negative zone after briefly turning positive. Stocks hovered in negative zone in mid-morning trade. Weakness persisted on the bourses in early afternoon trade. Stocks sharply pared losses after hitting fresh intraday low in afternoon trade. Key indices were trading with modest losses in mid-afternoon trade. Indices extended losses in late trade.

The S&P BSE Mid-Cap index fell 0.22%. The S&P BSE Small-Cap index fell 0.19%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1115 shares rose and 1448 shares fell. A total of 178 shares were unchanged.

Wipro rose 0.86% to Rs 293.80 after the company fixed 21 June 2019, as the record date for the proposed buyback of shares. Wipro plans to buyback up to 32.30 crore fully paid-up equity shares of Rs 2 each, representing up to 5.35% of the total paid-up equity share capital of the company, at a price of Rs 325 per share, for an aggregate amount of up to Rs 10500 crore. The announcement was made after market hours yesterday, 3 June 2019.

Maruti Suzuki India rose 0.6%. Maruti Suzuki India today flagged off one-of-its-kind mobile NEXA terminal, taking the NEXA experience to markets where it is currently not present. The NEXA terminal will reach out to prospective and existing customers throughout the country, giving them an opportunity to experience NEXA. The announcement was made during market hours today, 4 June 2019.

Dr Reddy's Laboratories lost 2.53%. Dr Reddy's Laboratories announced the relaunch of Zenatane (lsotretinoin capsules), 10 mg, 20 mg, 30 mg and 40 mg, a therapeutic equivalent generic version of Accutane, which was approved by the US Food and Drug Administration (USFDA). The announcement was after market hours on Monday, 3 June 2019.

Adani Ports and Special Economic Zone rose 0.27% to Rs 425.05 after the company announced buyback of shares. The company said that its board at its meeting held on 4 June 2019, approved the proposal for buying back up to 3.92 crore equity shares, or 1.89% equity, at maximum buyback price of Rs 500 per share, for an aggregate amount not exceeding Rs 1,960 crore. The announcement was made during the market hours on Tuesday, 4 June 2019.

Overseas, shares in Europe and Asia were under pressure as an intensifying US-China trade war inflamed concerns about global growth. In Europe, Trump and first lady Melania Trump will be continuing their state visit in Britain on Tuesday.

US stocks finished mostly lower Monday, as the government stepped up scrutiny of technology giants for possible violations of antitrust law.

Comments from the US Federal Reserve on Monday, meanwhile, raised expectations the U.S. central bank is moving closer to a rate cut, as did a closely watched U.S. factory survey.

In US economic data, the Institute for Supply Management said its US Manufacturing Purchasing Managers Index declined to 52.1 in May from 52.8 in April, marking the lowest level since October 2016.

Strong buying demand in index pivotals triggered a sharp rally on the bourses on first trading day of the week and month. The barometer index, the S&P BSE Sensex, gained 553.42 points or 1.39% at 40,267.62. The Nifty 50 index gained 165.75 points or 1.39% at 12,088.55. The Sensex and the Nifty, both, scaled record high. Sentiment was boosted by steep slide in crude oil prices during the previous trading session. Auto shares were in demand after monthly sales data.

Domestic stocks drifted higher in early trade on buying demand in index pivotals. Key indices marched ahead as the day's trading session progressed. The Sensex hit day's high above the psychological 40,000 level and the Nifty hit day's high above the psychological 12,000 level.

Broader market lagged key benchmarks. The S&P BSE Mid-Cap index rose 0.9%. The S&P BSE Small-Cap index rose 0.48%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1191 shares rose and 1418 shares fell. A total of 160 shares were unchanged.

Auto shares were in demand after monthly sales data. Hero MotoCorp surged 6.01%. The company reported sales of 652,028 units of motorcycles and scooters in the month of May 2019. The company recorded a sequential increase in sales compared to the previous month (April 2019) when it sold 574,366 units of two-wheelers.

Bajaj Auto gained 3.92% after the company reported 3% increase in total vehicle sales to 4.19 lakh units in May 2019 over May 2018. Bajaj Auto's total domestic vehicle sales increased 5% to 2.35 lakh units. Total export rose by 1% to 1.83 lakh units in May 2019 over May 2018.

In a separate announcement during trading hours today, Bajaj Auto said that it has agreed on new electric vehicle alliance with KTM Industries AG. As per the deal, Bajaj Auto and KTM Industries AG will develop a common 48 volt electric two-wheeler platform in the power range 3 to 10 kW for planned serial production in India. This platform will support different product variants - scooters, mopeds, small mopeds, under brands of both partners. The serial production will start at Bajaj's production site in Pune by 2022.

Maruti Suzuki India rose 2.89%. Maruti Suzuki India reported 22% decline in total vehicle sales to 1.34 lakh units in May 2019 over May 2018. Total domestic passenger vehicle sales declined 25.1% to 1.21 lakh units. Total export sales fell by 2.4% to 9089 units. The announcement was made on Saturday, 1 June 2019.

Tata Motors rose 1.19%. Tata Motors Commercial and Passenger Vehicles Business sales in the domestic market in May 2019 were reported at 40,155 units, a drop of 26%, as against 54,290 units sold in May 2018, as market sentiments continued to be muted. The announcement was made on Saturday, 1 June 2019.

Mahindra & Mahindra (M&M) rose rose 1.15% to Rs 654.55. M&M Benefit Trust (the Trust) which forms part of the promoter group of the company, has today sold 1.92 crore equity shares (treasury stock) representing 1.54% of the total paid up equity share capital of the company. The sale has been executed on the stock exchange(s), at a gross price of Rs 648 per share. Following the sale, the shareholding of the promoters and promoter group of the company has come down from 20.44% to 18.90% of the total paid up equity share capital of the company. The announcement was made during market hours today, 3 May 2019.

M&M reported a 3% decline in total vehicle sales to 45,421 units in May 2019 over May 2018. Total domestic sales declined 2% to 43,056 units in May 2019 over May 2018. Total exports declined 22% to 2,365 units in May 2019 over May 2018. The announcement was made on Saturday, 1 June 2019.

Further, M&M's Farm Equipment Sector (FES), reported a 16% decline in total sales to 24,704 units in May 2019 over May 2018. Total domestic sales declined 17% to 23,539 units in May 2019 over May 2018. Total exports increased 3% to 1,165 units in May 2019 over May 2018.

Crude oil prices dropped amid stalling demand as trade wars fanned fears of a global economic slowdown. Brent for August 2019 settlement was up 16 cents at $62.15 a barrel. The contract fell $3.34 a barrel or 5.11% to settle at $61.99 a barrel during the previous trading session.

On the macro front, India's economic growth rate slowed to five-year low of 5.8% in January-March 2018-19, due to slackness in agriculture and manufacturing sectors, official data stated. The Central Statistics Office also revealed that GDP growth during the 2018-19 fiscal stood at 6.8%, lower than 7.2% in the previous financial year. The data was released after market hours on Friday, 31 May 2019.

The combined Index of Eight Core Industries stood at 127.5 in April 2019, which was 2.6% higher as compared to the index of April 2018. The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

The total gross GST revenue collected in the month of May 2019 is Rs 1,00,289 crore of which CGST is Rs 17,811 crore, SGST is Rs 24,462 crore, IGST is Rs 49,891 crore (including Rs 24,875 crore collected on imports) and Cess is Rs 8,125 crore (including Rs 953 crore collected on imports). The revenue in May 2018 was Rs 94,016 crore.

Overseas, European shares were trading lower while Asian stocks were mixed on Monday amid increasing concerns over the state of global trade. A private gauge indicated that activity in China's factories held steady in May. The Caixin China manufacturing purchasing managers index in May remained unchanged from April at 50.2, Caixin Media Co. and research firm Markit said Monday.

US stocks closed sharply lower Friday, after President Donald Trump unexpectedly announced plans to impose tariffs on imports from Mexico in an attempt to pressure the country to stem the flow of migrants across the U.S. border.

Late Thursday, Trump announced that the U.S. would impose a 5% tariff on all goods from Mexico until that country stops the flow of illegal immigrants into the country. He said the tariffs will rise to 10% on July 1 if the crisis persists, and by another 5% for every successive month, up to 25% by October 1.

In US economic data, the University of Michigan's final consumer sentiment index reading for May came in at 100 versus an initial 102.4, but remained up from 97.2 in April.

Key equity indices ended with modest losses on Friday as investors booked profits after the Narendra Modi government announced the allocation of the Cabinet portfolios. Sentiment was also impacted by negative global cues.

The barometer index, the S&P BSE Sensex, fell 117.77 points or 0.30% to 39,714.20, as per the provisional closing data. The Nifty 50 index fell 24.95 points or 0.21% to 11,920.95, as per the provisional closing data.

Indices opened higher and advanced further to hit fresh intraday high in morning trade. The Sensex crossed 40,000 and the Nifty breached 12,000. After hovering near day's high in mid-morning trade, benchmarks reversed trend in early afternoon trade. Indices hit fresh intraday low in afternoon trade. Barometers pared loses in late trade.

The BSE Mid-Cap index was rose 0.23%. The BSE Small-Cap index fell 0.65%.

The market breadth was weak. On BSE, 1024 shares rose and 1555 shares fell. A total of 158 shares were unchanged.

Yes Bank (down 4.4%), ITC (down 3.49%), Vedanta (down 2.26%), Mahindra & Mahindra (down 2.18%), Tata Motors (down 1.91%) and Hero MotoCorp (down 1.51%), were the major Sensex losers.

Asian Paints (up 2.47%), TCS (up 2.40%), HCL Technologies (up 1.56%), IndusInd Bank (up 1.16%), Bharti Airtel (up 0.56%) and Infosys (up 0.48%), were the major Sensex gainers.

Coal India was up 0.10%. The company's consolidated net profit jumped 362.47% to Rs 6024.23 crore on 6.32% rise in total income to Rs 30365.84 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 30 May 2019.

ONGC rose 1.89%. The company's net profit dropped 31.62% to Rs 4044.60 crore on 4.71% rise in total income to Rs 29008.74 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 30 May 2019.

As per the allocation of portfolios of the Union Council of Ministers, Nirmala Sitharaman is appointed as the Minister of Finance; and Minister of Corporate Affairs. Raj Nath Singh becomes Minister of Defence. Amit Shah is appointed Minister of Home Affairs. Nitin Jairam Gadkari is Minister of Road Transport and Highways; and Minister of Micro, Small and Medium Enterprises. Ravi Shankar Prasad is named Minister of Law and Justice; Minister of Communications; and Minister of Electronics and Information Technology. Piyush Goyal is Minister of Railways; and Minister of Commerce and Industry. Smriti Zubin Irani is Minister of Women and Child Development; and Minister of Textiles.

The first meeting of the new Union Cabinet will reportedly take place later in the evening today. Prime Minister Narendra Modi along with his other Cabinet colleagues were sworn in by the President at a function yesterday at Rashtrapati Bhavan.

On the global front, trading in US index futures indicated that the Dow Jones Industrial Average could fall 293.50 points at the opening bell today, 31 May 2019. The move came after US President Donald Trump announced that fresh tariffs would be slapped on all Mexican goods starting from 10 June.

European stocks were trading lower as risk assets slipped after the Trump administration sparked new fears over global trade. Asian shares ended mixed Friday, as the ongoing trade fight between the US and China also continues to weigh on markets, following a recent escalation in rhetoric.

China's official manufacturing Purchasing Managers' Index (PMI) for May came in at 49.4. PMI readings above 50 indicate expansion, while those below that signal contraction.

US stocks ended higher on Thursday, but gains were capped as worries over the global economy and trade lingered. In economic news, the second read on first-quarter US GDP showed the economy expanded by 3.1% on an annualized basis.

Key equity benchmarks ended with strong gains on Thursday, supported by IT and private sector banks. On NSE, the May 2019 Futures and Options (F&O) contracts expired today, 30 May 2019.

The barometer index, the S&P BSE Sensex, rose 329.92 points or 0.84% to 39,831.97, as per the provisional closing data. The Nifty 50 index rose 84.80 points or 0.71% to 11,945.90, as per the provisional closing data.

Among secondary barometers, the BSE Mid-Cap index was up 0.40%. The BSE Small-Cap index was up 0.20%. Both these indices underperformed the Sensex.

The market breadth was almost even. On BSE, 1252 shares rose and 1299 shares fell. A total of 161 shares were unchanged.

Index heavyweight Reliance Industries (RIL) rose 1.16% to Rs 1,328.50.

Private sector banks rose. Yes Bank (up 2.18%), ICICI Bank (up 1.17%), HDFC Bank (up 0.96%), Kotak Mahindra Bank (up 0.96%), RBL Bank (up 0.95%), Axis Bank (up 0.77%) and Federal Bank (up 0.60%), edged higher. IndusInd Bank (down 1.1%) and City Union Bank (down 1.77%), edged lower.

IT shares advanced. MphasiS (up 4.52%), Hexaware Technologies (up 2.31%), TCS (up 2.08%), Oracle Financial Services Software (up 0.89%), Infosys (up 0.64%) and Wipro (up 0.35%), edged higher.

Overseas, European market was trading higher Thursday, as investors navigate the latest escalations in the US-China trade war.

Asian stocks, however, ended mostly lower Thursday. Latest exchanges between Beijing and Washington signalled the heightened risk of a prolonged trade war, fueling concerns about the impact on global economic growth.

On the political front, Narendra Modi will take oath as the Prime Minister of India for the second consecutive term at Rashtrapati Bhavan at 19:00 IST today, 30 May 2019.

Modi today visited the memorials of Mahatma Gandhi and Atal Bihari Vajpayee, where he paid tributes to the late leaders ahead of the swearing-in ceremony, which will see several foreign dignitaries in attendance. A record number of 8,000 guests are likely to attend the ceremony.

In its latest monsoon update, the Indian Metereological Department (IMD) stated that conditions are becoming favourable for further advance of Southwest Monsoon into some parts of Maldives-Comorin area, some more parts of South Bay of Bengal, Andaman Islands and north Andaman Sea during next 48 hours. Widespread rainfall is very likely over Andaman & Nicobar during next 4 days. Fairly widespread to widespread rainfall activity with isolated heavy falls very likely to occur over Sub-Himalayan West Bengal & Sikkim and north-eastern states from today onwards.

On the economic front, the Reserve Bank of India (RBI) on Wednesday said it constituted a committee on the development of housing finance securitisation market. The mortgage securitisation market in India is primarily dominated by direct assignments among a limited set of market participants on account of various structural factors impacting both the demand and the supply side, as well as certain prudential, legal, tax and accounting issues.

The six-member committee on the development of housing finance securitisation market, headed by Bain & Co Senior Advisor Harsh Vardhan, has been asked to review the existing state of mortgage backed securitisation in India, including the regulations currently in place, and to make specific recommendations on suitably aligning the same with international norms. The panel would also suggest specific measures for facilitating secondary market trading in mortgage securitisation instruments, such as broadening investor base, and strengthening market infrastructure.

Further, RBI constituted a task force on the development of secondary market for corporate loans and appointed T N Manoharan, chairman, Canara Bank as chairperson of the task force. The task force will review existing state of the market for loan sale or transfer in India as well as the international experience in loan trading. It will also make recommendations on policy or regulatory interventions for development of secondary market in corporate loans, among other things. The task force shall submit its report by the end of August 2019.

Domestic benchmark indices snapped three-day rising streak due to weak global cues. The Nifty settled below 11,900 mark. Selling in State Bank of India, ICICI Bank and Reliance Industries weighed on bourses.

The barometer index, the S&P BSE Sensex, fell 247.68 points or 0.62% to 39,502.05, as per the provisional closing data. The Nifty 50 index fell 66.80 points or 0.56% to 11,861.95, as per the provisional closing data.

Among secondary barometers, the BSE Mid-Cap index fell 0.83%. The BSE Small-Cap index fell 0.57%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1057 shares rose and 1509 shares fell. A total of 158 shares were unchanged.

Shares came under pressure in afternoon trade after outgoing Finance Minister Arun Jaitley said that he has decided not to take up any active responsibility in the new government due to his poor health. In a letter to the Prime Minister, Jaitley said he had orally informed Modi about his desire to not be a part of the new BJP government so that it enabled him to concentrate on his treatment and health.

Modi will be inaugurated for a second term as Prime Minister of India on Thursday, 30 May 2019.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.835, compared with its close of 69.69 during the previous trading session.

Overseas, European shares were trading lower amid worries over the US-China trade war and a potential budget standoff between Italy and the EU. Fears of a coming political battle between Rome and Brussels returned this week as reports emerged stating the EU is considering disciplinary action over the Italian government's failure to rein in debt.

Asian stocks fell on worries over the outlook for global growth with trade tensions between US and China showing no signs of waning.

In US, shares fell on Tuesday as investors watched for developments on the US-China trade front. President Donald Trump, speaking at a joint news conference Monday in Tokyo with Japanese Prime Minister Shinzo Abe, reportedly said the US was not ready to make a trade deal with China.

A decline in interest rates also sparked worries about a possible slowdown in the US economy. The yield on the benchmark 10-year note fell to around 2.26%, the lowest level since September 2017. That put it below the 2.35% yield on the three-month Treasury bill. Yields move inversely to prices.

Back home, State Bank of India (down 3.2%), Tata Steel (down 2.82%), ICICI Bank (down 2.58%), Tata Motors (down 2.35%), Bajaj Auto (down 2.32%), Larsen & Toubro (down 1.19%) and Reliance Industries (down 0.83%), were the major Sensex losers.

TCS (up 1.41%), HCL Technologies (up 1.01%), Power Grid Corporation of India (up 0.45%), Coal India (up 0.28%), Hindustan Unilever (up 0.21%) and Kotak Mahindra Bank (up 0.19%), were the major Sensex gainers.

Sun Pharmaceutical Industries rose 2.69%. The company's consolidated net profit dropped 52.63% to Rs 635.88 crore on 2.27% rise in total income to Rs 7445.45 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 28 May 2019.

Sun Pharmaceutical Industries said that consolidated net profit was Rs 636 crore with resulting net profit margin at 9% in Q4 March 2019. This is not comparable with Q4 March 2018 due to the one-time impact of distribution change for India business in Q4 March 2019 as well as the one-time tax benefit of Rs 259 crore in Q4 March 2018.

Sun Pharmaceutical Industries consolidated sales / income from operations rose 5% to Rs 7044 crore in Q4 March 2019 over Q4 March 2018. Sales for Q4 March 2019 include a one-time impact of approximately Rs 1085 crore related to the change in distribution for India business. Consolidated sales, adjusted for this one-time impact, rose 21% to Rs 8129 crore in Q4 March 2019 over Q4 March 2018.

Adani Enterprises fell 1.11%. On a consolidated basis, the company's net profit rose 50.53% to Rs 283.44 crore on 33.31% increase in total income to Rs 13,472.97 crore in Q4 March 2019 over Q4 March 2018. The result was announced during trading hours today, 29 May 2019.

Auto major Mahindra & Mahindra (M&M) rose 0.21%. On a consolidated basis, the group's profit from ordinary activities after tax (after El) fell 16% to Rs 969 crore on 5% increase in revenue and other income to Rs 14,055 crore in Q4 March 2019 over Q4 March 2018.

Operating margin (OPM) was reported at 13.5% in Q4 March 2019, lower than 15.1% in Q4 March 2018. The financials include numbers of its commercial vehicle unit—Mahindra Vehicle Manufacturers. The result was announced during trading hours today, 29 May 2019.

Car major Maruti Suzuki India fell 2.57%. The company announced today that it recently laid the foundation stone for a 5 MW Solar Power plant at the Gurugram facility. The captive Solar Power plant is expected to be commissioned in FY 2019-20. The company will invest around Rs 24 crore, and will offset Co2 emissions to the tune of over 5390 tonnes annually, for the next 25 years. This is the second grid based Solar Power plant for Maruti Suzuki. The 1st Solar Power plant was set up in 2014 at Manesar, with 1 MW capacity. In 2018, this solar power plant was further expanded to 1.3 MW.