Key equity indices reported sharp gains, snapping three sessions of losses, helped by rally in index heavyweights Reliance Industries and HDFC twins. Auto sector pivotals declined. The Sensex settled above the psychological 39,000 level. The Nifty settled above the 11,700 mark.

The Sensex rose 489.80 points or 1.27% to settle at 39,054.68. The index rose 530.47 points, or 1.38% at the day's high of 39,095.35. The index rose 6.12 points, or 0.02% at the day's low of 38,571.

The Nifty 50 index rose 150.20 points or 1.30% to settle at 11,726.15. The index rose 164.90 points, or 1.42% at the day's high of 11,740.85. The index rose 2.9 points, or 0.03% at the day's low of 11,578.85.

Key indices edged higher in early trade on positive Asian stocks. Stocks hovered in positive zone in morning trade. Key indices traded in a small range with positive bias in mid-morning trade. Key equity benchmarks were trading with small gains in afternoon trade. Stocks extended gains in mid-afternoon trade. Strong buying demand propelled the key indices to intraday high in late trade.

Broader market lagged key benchmarks. The S&P BSE Mid-Cap index rose 0.43%. The S&P BSE Small-Cap index rose 0.42%.

The market breadth, indicating the overall health of the market, was almost even. On the BSE, 1256 shares rose and 1244 shares fell. A total of 154 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (up 2.32%), the S&P BSE Telecom index (up 1.83%) and the S&P BSE IT index (up 1.34%), outperformed the Sensex. The S&P BSE Auto index (down 0.29%), the S&P BSE Power index (up 0.04%) and the S&P BSE Metal index (up 0.23%), underperformed the Sensex.

HCL Technologies (up 3.40%), ONGC (up 2.90%), IndusInd Bank (up 2.75%), Yes Bank (up 2.71%), Bharti Airtel (up 2.62%), Bajaj Finance (up 1.86%), State Bank of India (up 1.65%) and HDFC Bank (up 1.51%), were the major Sensex gainers.

Coal India (down 0.49%), Power Grid Corporation of India (down 0.42%), Axis Bank (down 0.07%) and NTPC (down 0.04%), were the Sensex losers.

Index heavyweight Reliance Industries (RIL) rose 1.96% to Rs 1,390.

HDFC rose 2.23%. GRUH Finance rose 5.41%. Bandhan Bank rose 4.87%. HDFC announced that the Reserve Bank of India (RBI) through its letter dated 22 April 2019 has granted its final approval to HDFC to acquire upto 9.9% of the paid-up voting equity capital of Bandhan Bank post proposed amalgamation of GRUH Finance with Bandhan Bank. The amalgamation scheme remains subject to approvals from the National Company Law Tribunal and the respective shareholders and creditors of GRUH Finance and Bandhan Bank. The announcement was made after market hours yesterday, 23 April 2019.

Auto majors declined. Tata Motors (down 3.33%), Hero MotoCorp (down 0.60%) and Ashok Leyland (down 0.33%), skid.

Maruti Suzuki India fell 0.26%. The company introduced the New Alto, which has been India's best-selling car for 15 consecutive years. Keeping years of trust and faith in mind, Maruti Suzuki drives in the New Alto with enhanced safety features and captivating design. The New Alto now comes with BS-VI compliant engine, nearly a year before the regulation being mandated. The announcement was made after market hours yesterday, 23 April 2019.

Bajaj Auto (up 1.29%), Escorts (up 1.15%), TVS Motor Company (up 0.93%), Eicher Motors (up 0.89%) and Mahindra & Mahindra (up 0.56%), advanced from the auto sector pack.

Cement major ACC lost 3.07%. Consolidated net profit rose 38.20% to Rs 345.99 crore on 8.23% increase in net sales to Rs 3,849.63 crore in Q1 March 2019 over Q1 March 2018. The result was announced after market hours yesterday, 23 April 2019.

Operating EBITDA for the quarter registered a growth of 8% to Rs 532 crore as against Rs 492 crore during the same quarter of the previous year. Cement sales volume rose 5.63% to 7.5 million tonnes in Q1 March 2019 over Q1 March 2018.

The prices of fuel and slag rose in the quarter, which were mitigated by market initiatives, sustained cost reduction initiatives viz. material source-mix & fuel mix optimization and productivity improvement measures. Plant capacity utilization improved during the quarter. Strict controls on third party spend resulted in lower fixed cost as well as Selling General & Administrative expenses (SG&A) on year on year basis.

In its outlook, ACC said that predictions of a normal monsoon augur well for the rural economy. The government's continued thrust on infrastructure development as well as Housing-for-All initiatives are expected to invigorate the construction sector and stimulate cement demand.

UltraTech Cement advanced 5.51% after consolidated net profit rose 127.13% to Rs 1013 crore on 17.14% rise in net sales to Rs 10739 crore in Q4 March 2019 over Q4 March 2018. Consolidated EBITDA rose 30% to Rs 2459 crore in Q4 March 2019 over Q4 March 2018. The result was announced during trading hours today, 24 April 2019.

In its outlook, UltraTech Cement said the cement industry started witnessing pick-up in demand since FY2018, achieving double digit growth since the last 2 years, after a period of tepid growth. However, there continues to be relatively low increase in new capacity. Incremental capacity added during the year has been 12 mtpa against incremental demand of around 38 million tons, which resulted in improving industry capacity utilisation and will further help in improving the demand-supply balance.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.845, compared with its close of 69.62 during the previous trading session.

In the global commodities markets, Brent for June 2019 settlement was down 13 cents at $74.38 a barrel. The contract rose 47 cents, or 0.63% to settle at $74.51 a barrel during the previous trading session.

Overseas, European shares were mixed as market participants monitored the latest flurry of corporate results. Asian stocks ended on a mixed note on Wednesday.

In US, the S&P 500 index and the Nasdaq registered record closing highs after a broad-based rally on Tuesday, as a clutch of better-than-expected earnings reports eased concerns about a slowdown. The Dow Jones Industrial Average rose 145.34 points, or 0.55%, to 26,656.39, the S&P 500 gained 25.71 points, or 0.88%, to 2,933.68 and the Nasdaq Composite added 105.56 points, or 1.32%, to 8,120.82.

Key equity benchmarks settled lower after witnessing some volatility in intraday trade. Mixed cues from global equity markets and firm crude oil prices put pressure on bourses. Investors also remained cautious ahead of the expiry of derivative contracts on Thursday, 25 April 2019. The Nifty ended below 11,600 mark.

The Sensex fell 80.30 points or 0.21% to settle at 38,564.88. The index rose 187.43 points, or 0.49% at the day's high of 38,832.61. The index fell 126.92 points, or 0.33% at the day's low of 38,518.26.

The Nifty 50 index fell 18.50 points or 0.16% to settle at 11,575.95. The index rose 51.50 points, or 0.44% at the day's high of 11,645.95. The index fell 29.65 points, or 0.26% at the day's low of 11,564.80.

Local stocks nudged higher in early trade on buying demand in index pivotals. Stocks trimmed gains in morning trade after an initial upmove. Stocks hovered in positive zone in mid-morning trade and turned range bound in afternoon trade. Key equity indices were hovering near day's high in mid-afternoon trade. Stocks erased intraday gains to sink in negative zone in mid-afternoon trade.

The S&P BSE Mid-Cap index rose 0.03%. The S&P BSE Small-Cap index fell 0.13%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1125 shares rose and 1403 shares fell. A total of 152 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Energy index (up 1.25%), the S&P BSE Consumer Durables index (up 0.96%) and the S&P BSE Oil & Gas index (up 0.77%), outperformed the Sensex. The S&P BSE Telecom index (down 1.38%), the S&P BSE Auto index (down 1.32%) and the S&P BSE Utilities index (down 1.1%), underperformed the Sensex.

Auto shares declined. Maruti Suzuki India (down 3.6%), Hero MotoCorp (down 1.74%), Tata Motors (down 1.39%), Escorts (down 1.3%), Mahindra & Mahindra (down 1.14%), Ashok Leyland (down 0.6%), Bajaj Auto (down 0.34%) and Eicher Motors (down 0.33%), edged lower. TVS Motor Company rose 0.23%.

Most private sector banks declined. Yes Bank (down 2.33%), IndusInd Bank (down 2.18%), HDFC Bank (down 1%), RBL Bank (down 0.92%), Federal Bank (down 0.1%), Kotak Mahindra Bank (down 0.1%) and Axis Bank (down 0.05%), edged lower. ICICI Bank (up 0.44%) and City Union Bank (up 2.59%), edged higher.

AU Small Finance Bank fell 0.30%. AU Small Finance Bank's net profit rose 42.39% to Rs 118.24 crore on 51.22% increase in total income to Rs 1,007.40 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 22 April 2019.

Public sector banks were mixed. Indian Bank (down 1.44%), State Bank of India (down 1.4%), Syndicate Bank (down 1.4%), Central Bank of India (down 1.04%), United Bank of India (down 0.64%), Andhra Bank (down 0.54%), Corporation Bank (down 0.54%), Bank of Baroda (down 0.49%) and IDBI Bank (down 0.12%), edged lower. UCO Bank (up 0.27%), Punjab National Bank (up 0.69%), Punjab & Sind Bank (up 0.87%), Canara Bank (up 0.97%), Union Bank of India (up 1.03%), Allahabad Bank (up 1.13%) and Bank of Maharashtra (up 4.03%), edged higher.

Bank of India fell 1.24%. Bank of India said it has allotted 51.76 crore fresh equity shares of Rs 10 each to Government of India (promoters) at Rs 89.60 per share amounting to Rs 4638 crore through preferential issue. The announcement was made after market hours yesterday, 22 April 2019.

GAIL (India) fell 1.34% after the company emerged as highest bidder for wind assets portfolio of IL&FS. The sale process for wind energy assets of IL&FS Group was launched through a public invitation for expressions of interest, dated 29 November 2018. At the end of the binding bidding process, reached after comprehensive due-diligence including site visits across 12 sites spread across 7 states, GAIL (India) has emerged as the highest bidder for 7 operating wind power plants (SPVs) having a total generation capacity of 874 MW.

GAIL's offer of approximately Rs 4,800 crore for 100% of enterprise value contemplates no hair-cut to the debt of the SPVs, aggregating to approximately Rs 3,700 crore, IL&FS said in a statement yesterday, 22 April 2019. The proposal was unanimously approved by the committee of creditors of IL&FS Wind Energy (IWEL), majority owner of the SPVs, it added.

Biocon rose 1.03%. Biocon said that its board of directors will consider and recommend a proposal for dividend and issue of bonus shares at the scheduled meeting on 25 April 2019. The announcement was made after market hours yesterday, 22 April 2019.

Hindustan Copper rose 0.52%. The company announced that its board will meet on 25 April 2019, to consider and recommend seeking members approval for raising funds through issue of equity shares through qualified institutional placement method in supersession of earlier resolution. The announcement was made after market hours yesterday, 22 April 2019.

On the political front, as many as 116 Lok Sabha constituencies held polls today, 23 April 2019, across 14 states and Union Territories in Phase 3 of the 2019 general election. The 2019 general election, which is scheduled to be held in seven phases, kicked off on 11 April 2019 and will conclude on 19 May 2019. The counting of votes will be conducted on 23 May, and on the same day the results will be declared.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.755, compared with its close of 69.67 during the previous trading session.

In the global commodities markets, Brent for June 2019 settlement was up 38 cents at $74.42 a barrel. The contract rose $2.07 a barrel or 2.88% to settle at $74.04 a barrel during the previous trading session.

Overseas, most European shares were trading lower as investors monitored a number of geopolitical issues and looked ahead to a new earnings season. Asian markets ended mixed Tuesday as oil prices surged to nearly six-month highs after the U.S. said it would soon impose sanctions on all buyers of Iranian oil.

On Monday, the Trump administration said it would no longer exempt any countries from U.S. sanctions if they continue to buy Iranian oil. The administration had granted eight waivers when it re-imposed sanctions on Iran in November. These expire May 2. Asian countries, namely China, India, Japan and South Korea are major importers of Iranian oil.

US stocks closed mostly stronger Monday, with the tech-heavy Nasdaq finishing at a six-month high, as investors face a big week for corporate quarterly results and economic data following an extended holiday weekend.

In US economic data, the Chicago Fed national activity index rose to negative 0.15 March from negative 0.31 in February. Existing homes were sold at a seasonally adjusted annual rate of 5.21 million in March, 4.9% lower than February's pace.

Key indices logged strong losses on Monday, as global crude oil prices spiked. Higher crude oil prices could increase fiscal deficit, current account deficit and stoke fuel price inflation. Crude oil prices rose to the highest in almost six months as the US government reportedly said it won't renew waivers to allow buyers to buy Iranian crude.

The Sensex fell 495.10 points or 1.26% to settle at 38,645.18. The index rose 17.94 points, or 0.05% at the day's high of 39,158.22. The index fell 554.63 points, or 1.42% at the day's low of 38,585.65.

The Nifty 50 index fell 158.35 points or 1.35% to settle at 11,594.45. The index fell 25.75 points, or 0.22% at the day's high of 11,727.05. The index fell 168.85 points, or 1.44% at the day's low of 11,583.95.

Domestic stocks drifted lower in early trade as trading resumed after a long weekend. Stock markets were shut on Friday, 19 April 2019, on account of Good Friday. Key indices cut losses in morning trade after an initial slide triggered by rise in crude oil prices. Stocks hovered in negative zone in mid-morning trade. Key equity indices extended losses in afternoon and mid-afternoon trade. Fresh selling dragged the key indices to intraday low in late trade.

The S&P BSE Mid-Cap index fell 1.53%. The S&P BSE Small-Cap index fell 1.44%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 739 shares rose and 1764 shares fell. A total of 194 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (down 3.2%), the S&P BSE Energy index (down 2.73%) and the S&P BSE Realty index (down 2.54%), underperformed the Sensex. The S&P BSE IT index (up 0.58%), the S&P BSE Telecom index (down 0.12%) and the S&P BSE Consumer Durables index (down 0.14%), outperformed the Sensex.

Shares of three state-run oil marketing companies fell after Brent crude prices firmed up in international market. HPCL (down 6.11%), BPCL (down 5.99%) and Indian Oil Corporation (down 4.13%) 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.

Shares of aviation companies fell as Brent crude prices firmed up in international market. SpiceJet (down 8.15%), Jet Airways (India) (down 5.67%) and InterGlobe Aviation (down 4.22%) dropped. ATF constitutes majority of an airline's operating costs. Prices of jet fuel are directly linked to crude oil prices.

Yes Bank (down 6.62%), IndusInd Bank (down 4.11%), ICICI Bank (down 2.54%), HDFC (down 2.44%), Axis Bank (down 2.05%) and Hero MotoCorp (down 2.03%), were the major Sensex losers.

TCS (up 0.88%), Infosys (up 0.59%), NTPC (up 0.26%) and Power Grid Corporation of India (up 0.08%), were the Sensex gainers.

Reliance Industries (RIL) dropped 2.76%. RIL's consolidated net profit rose 9.79% to Rs 10362 crore on 18.60% rise in net sales to Rs 138659 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Thursday, 18 April 2019.

RIL's gross refining margin (GRM) came in at $8.2 per barrel in Q4 March 2019. The figure was $8.8 and $11 per barrel in Q3 December 2018 and Q4 March 2018, respectively.

Commenting on the results, Mukesh D. Ambani, chairman and managing director, Reliance Industries (RIL) said that during FY 2018-19, RIL achieved several milestones and made significant strides in building Reliance of the future. Reliance Retail crossed Rs 100,000 crore revenue milestone, Jio now serves over 300 million consumers and petrochemicals business delivered its highest ever earnings.

Meanwhile, RIL clarified on 20 April 2019, that press stories suggesting that Reliance is involved in an arrangement that leads to cash payment for oil supplies to PDVSA via third parties are false and reckless.

HDFC Bank fell 0.96%. The bank's net profit rose 22.63% to Rs 5,885.12 crore on 22.13% rise in total income to Rs 31,204.46 crore in Q4 March 2019 over Q4 March 2018. The result was announced on Saturday, 20 April 2019.

The bank's gross non-performing assets (NPAs) stood at Rs 11,224.16 crore as on 31 March 2019 as against Rs 10,902.86 crore as on 31 December 2018 and Rs 8,606.97 crore as on 31 March 2018. The bank's provisions and contingencies rose 22.59% to Rs 1,889.22 crore in Q4 March 2019 over Q4 March 2018.

The ratio of gross NPAs to gross advances stood at 1.36% as on 31 March 2019 as against 1.38% as on 31 December 2018 and 1.30% as on 31 March 2018. The ratio of net NPAs to net advances stood at 0.39% as on 31 March 2019 as against 0.42% as on 31 December 2018 and 0.40% as on 31 March 2018..

HDFC Bank said that its board of directors has approved the issue of perpetual debt instruments (part of Additional Tier I capital), Tier II capital bonds and long term bonds (financing of infrastructure and affordable housing) up to a total amount of up to a total amount of Rs 50,000 crore in the period of next twelve months through private placement mode, subject to the approval of the shareholders at the ensuing annual general meeting of the bank and any other regulatory approvals as applicable.

Bharti Airtel rose 0.89%. Bharti Airtel announced on Friday, 19 April 2019, that its proposed rights issue is scheduled to open on 3 May 2019 and will close on 17 May 2019.

Wipro rose 1.21%. Wipro clarified on Friday, 19 April 2019, that it became aware of a potentially abnormal activity within its network about 10 days ago in respect of few of its employee accounts, which were subjected to an advanced phishing campaign. The company promptly kicked off its standard operating procedure for addressing such incidents. The company has used its industry leading cyber security practices and partner ecosystem for remedial steps and has shared this intelligence with its partners to develop the antivirus signatures. The incident did not impact the company's ongoing critical business operations.

Maruti Suzuki India declined 1.82%. Maruti Suzuki India said that the company is all set to launch new 1.2 litre DUALJET, DUAL VVT BS VI engine with next generation Smart Hybrid technology in Baleno. The new BS VI compliant Baleno (Petrol) with Smart Hybrid will soon be available at NEXA showrooms across the country. Existing 1.2L VVT petrol engine variants will also be BS VI compliant and available in all variants including CVT. The announcement was made during market hours today, 22 April 2019.

Reliance Capital fell 10.71% to Rs 135.50 after CARE Ratings and Brickwork Ratings downgraded credit rating of long-term debt program of the company.

Reliance Capital announced on Friday, 19 April 2019, that CARE Ratings (CARE) has revised its rating to A (credit watch with developing implications) for long-term debt programme, market linked debentures and subordinated debt of the company. CARE has stated this action is primarily due to extension of timeline for progress of planned divestments in various companies. Moreover, the Brickwork Ratings (Brickwork) has revised rating to A+ (credit watch with negative implications) for long-term debt program, market linked debentures and subordinated debt of the company. Brickwork has stated this action is primarily due to extension of timeline for progress of planned disinvestments in various companies.

Reliance Capital said it considers the above rating action completely unjustified and inappropriate. There has not been any adverse change in the company's operational parameters from the time of the last rating action.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.575, compared with its close of 69.35 during the previous trading session.

In the global commodities markets, Brent for June 2019 settlement was up by $1.89 at $73.86 a barrel. The contract rose 35 cents, or 0.49% to settle at $71.97 a barrel during the previous trading session.

Overseas, most Asian stocks drifted lower as crude oil prices rose on a report over Iranian oil waivers while the Easter holiday weekend continued in many countries.

Major US exchanges were closed on Good Friday. The most-watched European markets were closed on Good Friday and will also remain closed on Easter Monday.

The market snapped gains in past four trading sessions as selling in financial shares put pressure on bourses. Negative cues from other Asian shares triggered selling. Investors were cautious amid ongoing Q4 earnings season and second phase of polling for the 2019 Lok Sabha elections. Domestic financial market will remain shut tomorrow, 19 April 2019, on account of Good Friday.

The Sensex fell 135.36 points or 0.34% to settle at 39,140.28. The index rose 211.81 points, or 0.54% at the day's high of 39,487.45. The index fell 192.48 points, or 0.49% at the day's low of 39,083.16.

The Nifty 50 index fell 34.35 points or 0.29% to settle at 11,752.80. The index rose 69 points, or 0.59% at the day's high of 11,856.15. The index fell 48.65 points, or 0.41% at the day's low of 11,738.50.

After opening higher, the key indices reversed trend in morning trade. Some range bound trading was witnessed in mid-morning trade. Fresh bout of selling pressure emerged in early afternoon trade. After a brief recovery in mid-afternoon trade, indices hit fresh intraday low in late trade.

Selling was broad based. Among secondary barometers, the BSE Mid-Cap index fell 0.89%. The BSE Small-Cap index fell 0.99%.

The market breadth, indicating the overall health of the market, was weak. On BSE, 886 shares rose and 1674 shares fell. A total of 167 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Realty index (down 2.33%), the S&P BSE Metal index (down 1.28%), the S&P BSE Telecom index (down 1.22%) underperformed the Sensex. The S&P BSE Energy index (up 1.93%), the S&P BSE Oil & Gas index (up 0.75%), the S&P BSE Consumer Durables index (down 0.04%) outperformed the Sensex.

Public sector banks declined. Punjab & Sind Bank (down 3.26%), Bank of Baroda (down 3.25%), Punjab National Bank (down 2.86%), Syndicate Bank (down 2.77%), Union Bank of India (down 2.54%), Bank of India (down 2.33%), Central Bank of India (down 2.02%), Canara Bank (down 1.98%), Andhra Bank (down 1.91%), Allahabad Bank (down 1.73%), UCO Bank (down 1.6%), State Bank of India (down 1.55%), IDBI Bank (down 1.48%), United Bank of India (down 1.43%), Indian Bank (down 1.34%), Corporation Bank (down 0.71%) and Bank of Maharashtra (down 0.19%), edged lower.

Most private sector banks declined. Yes Bank (down 4.18%), IndusInd Bank (down 2.86%), Kotak Mahindra Bank (down 1.31%), Federal Bank (down 1.27%), ICICI Bank (down 0.82%) and HDFC Bank (down 0.63%), edged lower. Axis Bank (up 0.07%) and City Union Bank (up 1.35%), edged higher.

RBL Bank fell 0.71%. The bank's net profit rose 38.77% to Rs 247.18 crore on 46.18% increase in total income to Rs 2,243.35 crore in Q4 March 2019 over Q4 March 2018. The result was announced during trading hours today, 18 April 2019.

Reliance Industries (RIL) rose 2.79% ahead of its Q4 results today, 18 April 2019. Meanwhile, Reliance Ethane Holding Pte. Ltd. (REHPL) (incorporated in Singapore, a wholly owned subsidiary of RIL, having 100% holding in six limited liability companies (LLCs) which own Very Large Ethane Carriers (“VLEC” or the “Vessel”)), Mitsui O.S.K Lines (MOL) of Japan and a strategic minority investor have signed binding definitive agreements for a strategic investment by MOL and minority investor in the six special purpose limited liability companies (SPVs), each owning a VLEC. The announcement was made yesterday, 17 April 2019.

IT major Wipro rose 1.32%. The board of directors of Wipro has approved a proposal to buyback up to 32.30 crore shares of the company for an aggregate amount not exceeding Rs 10500 crore, being 5.35% of the total paid-up equity share capital, at a price of Rs 325 per share. Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback. The announcement was made after market hours on Tuesday, 16 April 2019.

Wipro's consolidated net profit fell 1.07% to Rs 2,483.50 crore on 1.45% rise in total income to Rs 15915.30 crore in Q4 March 2019 over Q3 December 2018. The result was announced after market hours on Tuesday, 16 April 2019.

In its outlook for Q1 June 2019, Wipro expects revenue from IT services business to be in the range of $2,046 million to $2,087 million. This translates to a sequential growth of -1% to 1% excluding the impact of the divestment of Workday and Cornerstone On Demand business which was concluded in Q4 March 2019. The outlook is based on the following exchange rates: GBP/USD at 1.32, Euro/USD at 1.14, AUD/USD at 0.71, USD/INR at 70.16 and USD/CAD at 1.33

Mahindra & Mahindra (M&M) fell 0.56%. Mahindra Group and Ford Motor Company today, 18 April 2019, took the next step in strengthening their ongoing strategic alliance in India with a definitive agreement to co-develop a midsize sports utility vehicle (SUV). Under the new agreement, Mahindra and Ford will work together to introduce a benchmark product for India and emerging markets. The new agreement reinforces the steady progress made since the announcement of the strategic alliance between the two companies in September 2017, followed by an announcement on powertrain sharing and connected car solutions in October 2018. The new midsize sports utility vehicle (C-SUV) will have a common Mahindra product platform and powertrain, thus driving engineering and commercial efficiencies.

Jet Airways (India) slumped 32.23% to Rs 163.90. The company yesterday, 17 April 2019, announced temporary suspension of flight operations. The airlines was informed by the State Bank of India (SBI), on behalf of the consortium of Indian lenders, that they are unable to consider its request for critical interim funding. Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going. Consequently, with immediate effect, Jet Airways is compelled to cancel all its international and domestic flights. Jet Airways will now await the bid finalisation process by SBI and the consortium of Indian lenders.

Interglobe Aviation fell 1.80% to Rs 1554.70. The stock hit a record high of Rs 1,650 in the intraday today.

SpiceJet rose 2.68% to Rs 136.25. The company announced during trading hours today, 18 April 2019, that it will induct six more Boeing 737-800 NG aircraft on dry lease. These six aircraft are in addition to the 16 B737s and 5 Q400s that the airline will soon induct. The total number of planes to be inducted in the immediate future now stands at 27. The airline has applied to the Directorate General of Civil Aviation for a No Objection Certificate (NOC) to import the planes. Subject to regulatory approvals the aircraft would begin joining SpiceJet's fleet in the next ten days.

Local search service Just Dial fell 4.19%. Media reported that Just Dial faced a data breach on Wednesday, with data of more than 100 million users, including names, email ids, mobile numbers, gender, date of birth and addresses publicly available.

Just Dial, however, clarified during trading hours today, 18 April 2019, that there has been no data breach of 100 million users, etc. as claimed in reports or otherwise. All sensitive user information including any financial information as well as any user passwords are protected as per industry practices (further, majority of JD platforms works on OTP-based authentication). Financial information is stored in double-encrypted format and regularly audited by PCI DSS compliant auditing firm.

However, the older versions of Just Dial apps, which currently cater to only a very small fraction of users, were using certain APIs by which basis a particular mobile number entered, certain basic user details were accessible (no financial information was accessible). This vulnerability which existed on the older app platforms is also now fixed. Newer (current) versions of app where majority of users are available do not have the above vulnerability, the company added.

On the political front, voting in the second phase of the 2019 general elections began today, 18 April 2019, in 95 constituencies across 11 states and one Union Territory. The 2019 Indian general election, which is scheduled to be held in seven phases, kicked off on 11 April 2019. It will conclude on 19 May 2019. The counting of votes will be conducted on 23 May, and on the same day the results will be declared.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.555, compared with closing of 69.60 during the previous trading session.

In global commodities markets, Brent crude oil futures edged lower. Brent for June 2019 settlement was off 7 cents at $71.55 a barrel.

Overseas, most European shares came off early lows on Thursday, as investors cautiously awaited manufacturing data to gauge the health of euro zone economies ahead of the Easter holiday. European markets will remain closed on Friday and Monday for the Easter holiday.

Asian shares slipped on Thursday. Chinese government data showed the country's economy grew 6.4% year-over-year in the first quarter of 2019, maintaining the pace seen in the last quarter of 2018 as factory output picked up steam.

US stocks closed lower Wednesday as the health-care sector slumped on concerns over potential adverse impact from future policy changes.

The US trade deficit fell 3.4% in February to the lowest level in eight months, the Commerce Department said. Meanwhile, wholesale inventories in the US rose a mild 0.2% in February and sales increased 0.3%.

Meanwhile, most of the US Federal Reserve's 12 district banks reported economic activity expanded at a slight-to-moderate pace in March and early April, according to the Federal Reserve's Beige Book report, released Wednesday.

Local stocks ended with strong gains on positive global cues and sustained buying by foreign portfolio investors. Met department's forecast of near-normal monsoon also boosted gains. The Sensex and the Nifty, both, hit record high on intraday as well as closing basis. Shares of Polycab India surged on debut.

Domestic financial market will remain closed on Wednesday, 17 April 2019, on account of Mahavir Jayanti and on Friday, 19 April 2019, on account of Good Friday.

The barometer index, the S&P BSE Sensex, rose 369.80 points or 0.95% to 39,275.64, its record closing high. The index hit record high of 39,364.34 in intraday trade. The index hit low of 39,038.81 in intraday trade.

The Nifty 50 index rose 96.80 points or 0.83% to 11,787.15, its record closing high. The index hit record high of 11,810.95 in intraday trade. The index hit low of 11,731.55 in intraday trade.

Among secondary barometers, the BSE Mid-Cap index rose 0.12%. The BSE Small-Cap index rose 0.37%.

The market breadth, indicating the overall health of the market, was almost even. On BSE, 1292 shares rose and 1279 shares fell. A total of 153 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Finance index (up 1.08%), the S&P BSE Telecom index (up 1.03%), the S&P BSE Bankex (up 1.62%) outperformed the Sensex. The S&P BSE Realty index (down 0.86%), the S&P BSE IT index (up 0.05%), the S&P BSE Metal index (up 0.23%) underperformed the Sensex.

IndusInd Bank (up 3.96%), ICICI Bank (up 3.58%), ONGC (up 2.49%), Larsen & Toubro (up 1.82%) and Maruti Suzuki India (up 1.74%) were the major Sensex gainers.

Power Grid Corporation of India (down 0.63%), Infosys (down 0.39%) and Tata Motors (down 0.22%) were the major Sensex losers.

Dr. Reddy's Laboratories rose 1.16%. The company said that it received the Establishment Inspection Report (EIR) from US FDA, for Formulations Manufacturing Plant - 3 at Bachupally, Hyderabad. The announcement was made after market hours yesterday, 15 April 2019.

Cipla fell 1.43%. Cipla Technologies LLC (Cip Tec), a subsidiary of Cipla and Pulmatrix, Inc. announced their entry into a Definitive Agreement for the co-development and commercialization of Pulmazole - an inhaled iSPERSE formulation of the antifungal drug itraconazole for the treatment of allergic bronchopulmonary aspergillosis (ABPA) in patients with asthma. The announcement was made after market hours yesterday, 15 April 2019.

Shares of Polycab India settled at Rs 655 on BSE, a premium of 21.75% over the initial public offer (IPO) price of Rs 538. Shares of Polycab India debuted at Rs 633 on BSE, a premium of 17.65% to the IPO price of Rs 538. The stock hit a high of Rs 667.55 and low of Rs 633. On BSE, 22.43 lakh shares were traded on the counter.

Deepak Fertilisers and Petrochemicals Corporation surged 13.54%. The company announced the commercial production of Nitric Acid complex at Dahej, Gujarat. The new facility, with project cost of approx. Rs 550 crore, has production capacities of about 92 KTPA for Concentrated Nitric Acid (CNA) and about 149 KTPA for Diluted Nitric Acid (DNA). The announcement was made after market hours yesterday, 15 April 2019.

Tata Metaliks rose 1.09% after net profit rose 17.75% to Rs 64.35 crore on 8.67% rise in net sales to Rs 593.80 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 15 April 2019.

Meanwhile, India Meteorological Department (IMD) has issued its first stage operational forecast for the southwest monsoon season (June to September) rainfall for the country as a whole in 2019 of its two stages forecast. The first stage forecast is issued in April and the second stage forecast is issued in June.

The Southwest monsoon seasonal (June to September) rainfall over the country as a whole is likely to be near normal. Quantitatively, the monsoon seasonal (June to September) rainfall is likely to be 96% of the Long Period Average (LPA) with a model error of ± 5%. The LPA of the season rainfall over the country as a whole for the period 1951-2000 is 89 cm.

Weak El Niño conditions are likely to prevail during the monsoon season with reduced intensity in the later part of the season. IMD will issue the second stage Monsoon-2019 Forecast during the first week of June 2019.

On the economic front, India's overall exports (merchandise and services combined) in April-March 2018-19 are estimated to be $535.45 billion, exhibiting a positive growth of 7.97% over the same period last year.

India's merchandise exports increased 11% to $32.55 billion in March 2019 over a year ago. Meanwhile, merchandise imports rose 1.4% to $43.44 billion. The trade deficit for March 2019 narrowed to $10.89 billion as against the deficit of $13.51 billion in March 2018.

As per the data released by the Reserve Bank of India, India's services exports increased 5.6% to $16.58 billion in February 2019 over February 2018. Meanwhile, India's services imports declined 3.3% to $9.81 billion in February 2019. India's services trade surplus jumped 21.7% to $6.78 billion in February 2019 from $5.57 billion in February 2018.

Overseas, most European shares rose as data out of China added to hopes of stabilization in the world's second-largest economy. Asian shares advanced on Tuesday on expectations that Chinese and US trade negotiators would strike a deal soon.

Meanwhile, US-Japan trade talks kicked off and the Bank of Japan chief commented on the risks of increasing trade protectionism for the global economic growth outlook. US President Donald Trump has made it clear he is unhappy with Japan's $69 billion trade surplus with the United States and wants a two-way agreement to address it, the media reported.

Meanwhile, US stocks closed lower Monday, as results from Goldman and Citigroup failed to thrill investors.

Domestic shares advanced on first trading day of the week, in line with most Asian stocks. The market breadth, indicating the overall health of the market, was positive. The Sensex settled above 38,900 level.

Indices opened higher and extended gains in mid-morning trade. Positive cues from other Asian markets boosted investors sentiment. Trading was range bound in early afternoon trade. Benchmarks firmed up further and hit fresh intraday high in mid-afternoon trade.

The barometer index, the S&P BSE Sensex, rose 138.73 points or 0.36% to 38,905.84. The index hit high of 38,976.58 and low of 38,780.08 in intraday trade.

The Nifty 50 index rose 46.90 points or 0.40% to 11,690.35. The index hit high of 11,704.60 and low of 11,648.25 in intraday trade.

Among secondary barometers, the BSE Mid-Cap index rose 0.49%. The BSE Small-Cap index rose 0.62%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1455 shares rose and 1128 shares fell. A total of 217 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Metal index (up 2.24%), the S&P BSE Realty index (up 1.57%), the S&P BSE Auto index (up 1.43%) outperformed the Sensex. The S&P BSE Oil & Gas index (down 0.42%), the S&P BSE Energy index (down 0.04%), the S&P BSE Capital Goods index (up 0.07%) underperformed the Sensex.

Tata Motors (up 7.04%), Coal India (up 4.3%), Tata Steel (up 3.42%), Hero MotoCorp (up 2.32%) and HCL Technologies (up 1.92%) were the major Sensex gainers.

Sun Pharmaceuticals Industries (down 1.26%), ONGC (down 0.79%), HDFC (down 0.62%) and ICICI Bank (down 0.43%) were the major Sensex losers.

TCS rose 4.78% after the company declared its Q4 result after market hours on Friday, 12 April 2019. On a consolidated basis, Tata Consultancy Services (TCS) reported 0.26% rise in net profit to Rs 8126 crore on 1.82% rise in total income to Rs 39203 crore in Q4 March 2019 over Q3 December 2018.

Revenue growth continued to accelerate in BFSI, crossing over into double digits (+11.6% vs +8.6% in Q3). Growth was broad-based, with most verticals showing strong growth: Life Sciences & Healthcare (+18.2%), Energy & Utilities (+11.3%), Communications & Media (+10%), Retail & CPG (+9.9%) and Manufacturing (+9.2%).

All major markets showed strong growth momentum. Growth was led by UK (+21.3%) and Europe (+17.5%). Other markets continued to grow well: North America (+9.9%), Asia Pacific (+11.5%), India (+11.3%) and Latin America +16.2%.

Commenting on the Q4 performance, Rajesh Gopinathan, Chief Executive Officer and Managing Director, TCS, said that the company's order book is bigger than in the prior three quarters, and the deal pipeline is robust.

Infosys lost 2.83% after the company declared its Q4 result after market hours on Friday, 12 April 2019. On a consolidated basis, Infosys reported 12.88% rise in net profit to Rs 4074 crore on 0.23% rise in total income to Rs 22204 crore in Q4 March 2019 over Q3 December 2018.

Infosys has given FY2020 revenue guidance in the range of 7.5%-9.5% in constant currency and operating margin guidance in the range of 21%-23%.

Salil Parekh, CEO and MD, Infosys, said the company has completed the first year of transformation journey with strong results on multiple dimensions including revenue growth, performance of our digital portfolio, large deal wins, and client metrics.

Infosys has declared a final dividend of Rs 10.50 per equity share for the financial year ended 31 March 2019.

Shares of Metropolis Healthcare settled at Rs 959.55 on BSE, a premium of 9.04% over the initial public offer price of Rs 880. The stock debuted at Rs 960 on BSE, a premium of 9.09% to the initial public offer (IPO) price of Rs 880. It hit a high of Rs 981.30 and low of Rs 934.80. On BSE, 6.13 lakh shares were traded on the counter.

The initial public offer (IPO) of Metropolis Healthcare received bids for 4.47 crore shares, as per the National Stock Exchange of India (NSE) data. The issue was subscribed 5.84 times. The issue opened for subscription on 3 April 2019 and closed on 5 April 2019. The price band for the issue was fixed at Rs 877 to Rs 880 per share.

Cosmo Films surged 10.14%. The company has recently introduced a cast polypropylene (CPP) film for packaging applications requiring high moisture & oxygen barrier and high hot tack properties. The announcement was made after market hours on Friday, 12 April 2019.

Quick Heal Technologies rose 1.13%. The company said that the buyback committee has fixed 26 April 2019 as the record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the buyback offer of the company. The announcement was made on Saturday, 13 April 2019.

On the economic front, the Wholesale Price Index (WPI)-based inflation, base year 2011-12, increased to 3.2% in March 2019 from 2.9% in February 2019 and 10-month low of 2.8% in January 2019. The WPI inflation is retained unchanged at 2.8% for January 2019 from 2.8% reported earlier. The data was released during trading hours today, 15 April 2019.

India's industrial production (base year 2011-12=100) growth moderated sharply to 20-month low of mere 0.1% in February 2019, compared with 1.4% growth recorded in January 2019. The industrial production growth for January 2019 has been revised downwards from 1.7% increase reported provisionally. The data was released after market hours on Friday, 12 April 2019.

The all-India general Consumer Price Index (CPI) inflation rose to 2.86% in March 2019 (new base 2012=100), compared with 2.57% in February 2019. However, the core CPI inflation eased to 5.02% in March 2019 compared with 5.29% in February 2019. The data was released after market hours on Friday, 12 April 2019.

Overseas, most shares in Europe and Asia rose on Monday with investors reacting to developments in US-China trade talks. Investors also cheered Chinese data on Friday showing exports rebounded in March to a five-month high while new bank loans jumped by far more than expected.

Over the weekend, US Treasury Secretary Steve Mnuchin said he was hopeful the US-China trade talks would soon come to a close. He said Saturday that a US-China trade deal would go way beyond previous agreements between the two nations, and that the two sides were close to the final round of negotiations, media reported.

US stocks closed higher Friday after a series of strong bank earnings boosted confidence in the US economy.

On the data front, US import prices rose sharply in March for the second straight month. The import price index climbed 0.6% last month after a revised 1% gain in February. Further, the University of Michigan said its consumer sentiment index fell to 96.9 in April.

Key benchmark indices logged modest gains on last trading day of the week on steady buying demand in index pivotals. FMCG stocks gained. The Nifty 50 index settled above 11,600 level.

The barometer index, the S&P BSE Sensex, rose 160.10 points or 0.41% at 38,767.11. The index hit high of 38,818.87 and low of 38,554.79 in intraday trade.

The Nifty 50 index rose 46.75 points or 0.4% at 11,643.45. The index hit high of 11,657.35 and low of 11,578.80 in intraday trade.

The S&P BSE Mid-Cap index rose 0.29%. The S&P BSE Small-Cap index rose 0.37%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1384 shares rose and 1154 shares fell. A total of 165 shares were unchanged.

ITC (up 3.14%), Maruti Suzuki India (up 2.13%), Axis Bank (up 1.61%), Vedanta (up 1.43%) and Hero MotoCorp (up 1.43%) edged higher from the Sensex pack.

Bharti Airtel (down 1.71%), Bajaj Finance (down 1.37%), L&T (down 1.22%), Tata Motors (down 1.08%) and IndusInd Bank (down 0.72%) edged lower from the Sensex pack.

FMCG stocks gained. Britannia Industries (up 1.14%), GlaxoSmithkline Consumer Healthcare (up 1.01%), Dabur India (up 0.81%), Godrej Consumer Products (up 0.53%), Hindustan Unilever (up 0.78%), Marico (up 0.52%), Nestle India (up 1.67%), Jyothy Laboratories (up 3.42%), Bajaj Consumer Care (up 2.34%) and Tata Global Beverages (up 0.16%) rose. Colgate-Palmolive (India) (down 1.21%) and Procter & Gamble Hygiene and Health Care (down 0.24%) fell.

Infosys rose 0.63% ahead of its Q4 March 2019 result today, 12 April 2019.

TCS fell 0.26% ahead of its Q4 March 2019 result today, 12 April 2019.

Prabhat Dairy hit an upper circuit limit of 5% at Rs 82.05. Prabhat Dairy said that the sale of its shareholding in wholly-owned step down subsidiary, Sunfresh Agro Industries (SAIPL), to Tirumala Milk Products and the sale and transfer of company's dairy products business by way of slump sale on a going concern basis to SAIPL post completion of transfer of SAIPL shares is successfully completed and closed on 10 April 2019. The announcement was made after market hours yesterday, 11 April 2019.

Dewan Housing Finance Corporation (DHFL) fell 3.21%. Brickwork Ratings India has downgraded the credit ratings on DHFL's facilities/instruments, including secured non-convertible debentures and fixed deposits, aggregating Rs 56,550 crore. The downgrade is on account of limited progress in building up liquidity, selling/ exiting riskier construction finance loans, according to DHFL's stock exchange notice issued after market hours yesterday, 11 April 2019.

On the macro front, industrial production data for February 2019 will be unveiled after market hours today, 12 April 2019. The inflation rate for March 2019 will also be announced today.

Overseas, most European shares declined as investors continue to remain concerned over global growth. Meanwhile, European Union leaders agreed to postpone Brexit until Oct. 31 to allow British Prime Minister Theresa May more time to try to get the U.K.'s Parliament to approve the country's divorce deal.

Asian stocks were trading mixed as caution prevailed ahead of the release of first-quarter corporate earnings.

US stocks were little changed on Thursday as growing anxiety over a global economic slowdown offset upbeat data and investors waited for earnings season to kick into high gear.

In US economic data, new applications for jobless benefits fell to 196,000 in the week ended April 6, the lowest number in 50 years, the Labor Department said.

Key equity indices ended with small gains after a lackluster trading session. Investors were cautious a day ahead of consumer inflation data and the onset of Q4 corporate earnings, while voting for the first phase of the 2019 Lok Sabha elections began today, 11 April 2019.

The Sensex rose 21.66 points or 0.06% to settle at 38,607.01. The index rose 64.63 points, or 0.17% at the day's high of 38,649.98. The index fell 125.10 points, or 0.32% at the day's low of 38,460.25.

The Nifty 50 index rose 12.40 points or 0.11% to settle at 11,596.70. The index rose 22.40 points, or 0.19% at the day's high of 11,606.70. The index fell 33.75 points, or 0.29% at the day's low of 11,550.55.

Key indices were trading near flat line in early trade. Indices were trading with small gains in morning trade. Stocks hovered in a small range in mid-morning trade amid divergent trend in index pivotals. Shares were trading with tiny gains in afternoon trade. A divergent trend was witnessed in mid-afternoon trade as the barometer index, the S&P BSE Sensex, was trading with small losses while the Nifty 50 index was trading with minor gains.

The S&P BSE Mid-Cap index rose 0.09%. The S&P BSE Small-Cap index fell 0.02%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1164 shares rose and 1340 shares fell. A total of 189 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Telecom index (up 1.06%), the S&P BSE Oil & Gas index (up 0.94%) and the S&P BSE FMCG index (up 0.52%), outperformed the Sensex. The S&P BSE Metal index (down 1.18%), the S&P BSE IT index (down 1.07%) and the S&P BSE Realty index (down 0.45%), underperformed the Sensex.

Vedanta (down 3.72%), Sun Pharmaceutical Industries (down 1.38%), Tata Steel (down 1.3%), Axis Bank (down 1.27%), TCS (down 1.21%) and Power Grid Corporation of India (down 1.14%), were the major Sensex losers.

Bajaj Auto (up 1.76%), Bajaj Finance (up 1.56%), Tata Motors (up 1.18%), State Bank of India (up 1.12%), Hindustan Unilever (up 0.93%) and NTPC (up 0.86%), were the major Sensex gainers.

IT major Infosys dropped 1.46% ahead of its Q4 March 2019 results tomorrow, 12 April 2019.

Tata Consultancy Services (TCS) fell 1.21% ahead of its Q4 March 2019 results tomorrow, 12 April 2019. TCS announced that it has entered into an agreement with Ageas UK, one of the UK's largest insurers and part of the international group headquartered in Brussels, to digitally transform its lT infrastructure and operations to meet changing business priorities and customer expectations. The announcement was made during market hours today, 11 April 2019.

TCS announced that it has partnered with Google Cloud to build industry-specific cloud solutions that will help organizations accelerate their digital transformation and leverage data-driven insights that power superior customer experiences. The announcement was made after market hours yesterday, 10 April 2019.

Wipro rose 0.11% to Rs 281.30 after the company said that its board will consider a proposal for buyback of equity shares at its meeting scheduled on 16 April 2019. The announcement was made after market hours yesterday, 10 April 2019.

Reliance Industries (RIL) rose 1.29%. RIL clarified after market hours yesterday, 10 April 2019, that the company or any of its subsidiaries neither set up any gas pipeline in 2006, nor have contracts with any Netherland company for setting up of any gas pipeline and hence the report cannot relate to RIL. RIL has always complied with all rules, regulations and applicable laws and any suggestion of impropriety by RIL is emphatically denied.

Bharti Airtel rose 2.19%. Bharti Airtel said it has fixed 24 April 2019 as the record date for the purpose of determining the shareholders eligible to apply for the equity shares in the rights issue. The announcement was made after market hours yesterday, 10 April 2019.

L&T rose 0.58%. L&T has purchased the entire stake held by Tamil Nadu Industrial Development Corporation (TIDCO) in L&T Shipbuilding, a subsidiary company, on 10 April 2019. The announcement was made during market hours today, 11 April 2019.

NBCC (India) rose 1.56% to Rs 61.85 after the company announced that it has secured the total business of Rs 3,031.70 crore in March 2019. The announcement was made after market hours yesterday, 10 April 2019.

Shares of Rail Vikas Nigam settled at 19.05 on BSE, a small premium of 0.26% over the initial public offer (IPO) price of Rs 19. The stock debuted at Rs 19, at par with the IPO price. The stock hit a high of Rs 19.75 and low of Rs 18.60. On BSE, 1.11 crore shares were traded on the counter.

The IPO of Rail Vikas Nigam received bids for 46.33 crore shares. The IPO was subscribed 1.83 times. The issue opened for subscription on 29 March 2019 and closed on 3 April 2019. The price band for the issue was fixed at Rs 17 to Rs 19 per share.

On the political front, voting for the first phase of the 2019 Lok Sabha elections is being held today. Voting will take place in 91 Lok Sabha seats in 20 states and Union territories today. Elections will be held in seven phases from 11 April 2019 to 19 May 2019 and counting will take place on 23 May 2019.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 68.995, compared with its close of 69.11 during the previous trading session.

In the global commodities markets, Brent for June 2019 settlement was down 45 cents at $71.28 a barrel. The contract rose $1.12 a barrel or 1.59% to settle at $71.73 a barrel during the previous trading session.

Overseas, European stocks bounced back from early lows. European Union leaders agreed to delay Brexit for up to six months. Talks between EU leaders and British Prime Minister Theresa May culminated in a flexible extension of the U.K.'s departure from the bloc until 31 October 2019.

The European Central Bank (ECB) kept its loose monetary policy stance and warned that threats to world economic growth remained. The central bank has already delayed its first post-crisis interest rate hike and President Mario Draghi raised the prospect of further supportive policy measures if a slowdown in the euro zone economy persisted.

Asian stocks ended mixed after a dovish turn by the ECB and milder than expected US inflation. In US, technology stocks led Wall Street slightly higher on Wednesday, as US inflation data proved to be benign and the minutes from the Federal Reserve's March meeting were unsurprising.

The Federal Reserve is likely to leave interest rates unchanged this year given risks to the US economy from a global slowdown and uncertainty over trade policies and financial conditions, according to the minutes from its March 19-20 policy meeting.

Key equity indices witnessed steep decline on Wednesday after the International Monetary Fund (IMF) lowered global economic growth outlook. Investors were also cautious ahead of Q4 March 2019 earnings beginning later this week.

The Sensex fell 353.87 points or 0.91% to settle at 38,585.35. The index rose 11.23 points, or 0.03% at the day's high of 38,950.45. The index fell 396.94 points, or 1.02% at the day's low of 38,542.28.

The Nifty 50 index fell 87.65 points or 0.75% to settle at 11,584.30. The index rose 8.10 points, or 0.07% at the day's high of 11,680.05. The index fell 100.20 points, or 0.86% at the day's low of 11,571.75.

Local stocks drifted lower in early trade on mixed Asian stocks. Stocks hovered in negative zone in morning trade. Key indices continued to trade with weakness in early afternoon trade. The Sensex and the Nifty continued trading with small losses in afternoon trade. Indices extended slide in mid-afternoon trade. Fresh selling in index pivotals dragged the key benchmark indices to intraday low in late trade.

The S&P BSE Mid-Cap index fell 0.33%. The S&P BSE Small-Cap index fell 0.02%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1141 shares rose and 1401 shares fell. A total of 169 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Realty index (up 0.96%), the S&P BSE Healthcare index (up 0.51%) and the S&P BSE Auto index (up 0.21%), outperformed the Sensex. The S&P BSE Telecom index (down 2.09%), the S&P BSE Finance index (down 1.06%) and the S&P BSE Metal index (down 1.01%), underperformed the Sensex.

Bharti Airtel (down 3.28%), Asian Paints (down 2.15%), TCS (down 2.12%), HDFC (down 1.96%) and HCL Technologies (down 1.84%), were the major Sensex losers.

HDFC Bank fell 2.07%. Media reports suggested that private equity giant KKR & Co offloaded around 1.14 crore shares, or 0.42% stake, in HDFC Bank through a bulk deal today, 10 April 2019.

Hindustan Unilever (up 0.78%), Kotak Mahindra Bank (up 0.61%), Coal India (up 0.55%), Sun Pharmaceutical Industries (up 0.36%) and Mahindra & Mahindra (up 0.24%), were the major Sensex gainers.

Tata Motors gained 4.68%. The Tata Motors Group global wholesales in March 2019, including Jaguar Land Rover, were at 1,45,459 units, lower by 5%, as compared to March 2018. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in March 2019 were at 57,163 units, higher by 1%, over March 2018. Global wholesales of all passenger vehicles in March 2019 were at 88,314 units, lower by 9%, compared to March 2018. The announcement was made during market hours today, 10 April 2019.

Tata Consultancy Services (TCS) fell 2.12%. TCS during market hours today announced the world's first successful cross-border securities settlement between two central securities depositories (CSDs) - Maroclear, the CSD of Morocco, and Kuwait Clearing Company, the CSD of Kuwait - using cash coins on the BaNCS Network, powered by Quartz Blockchain.

IndusInd Bank dropped 1.09%. IndusInd Bank priced its maiden USD bond issuance in the offshore public markets. The bank raised $400 million at a coupon rate of 3.875% per annum, payable semi-annually. Notes will be listed on Singapore SGX and the India INX, Gift City. The announcement was made after trading hours yesterday, 9 April 2019.

Hindalco Industries fell 2.47%. Hindalco Industries announced that there was an incident in the red mud (bauxite residue) storage area connected to the alumina plant situated at Muri in Jharkhand on 9 April 2019. The incident involved a spillage in the red mud cake storage area.

As a precautionary measure, operations have been temporarily suspended to assess the situation. Preliminary investigations indicate no material impact on the surrounding environment or to property. Efforts are ongoing to clear the spillage. Four persons with minor injuries have been treated, and one contract workman is missing. This incident is not expected to have any material impact on the company's performance, the company said.

Meanwhile, the IMF lowered the outlook for global economic growth in 2019 to 3.3% from 3.5% projected in January, marking its third reduction of growth expectations in six months. The decline has been broadly felt, with all advanced economies, including the U.S., and most major emerging-market economies seeing deterioration in their outlook.

According to IMF, India's economy grew 7.1% in 2018 and is expected to accelerate to 7.3% in 2019 and to 7.5% in 2020. All IMF estimates are 0.2% less than its previous assessment in January. Growth is supported by the continued recovery of investment and robust consumption amid a more expansionary stance of monetary policy and some expected impetus from fiscal policy, IMF said.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.33, compared with its close of 69.30 during the previous trading session.

In the global commodities markets, Brent for June 2019 settlement was up 49 cents at $71.10 a barrel. The contract fell 49 cents, or 0.69% to settle at $70.61 a barrel during the previous trading session.

Overseas, European shares were trading higher Wednesday. Market focus is largely attuned to global trade developments, after the U.S. and Europe locked horns over tariffs in the previous session. Meanwhile, policymakers at the European Central bank (ECB) will meet in Frankfurt on Wednesday, to decide on interest rates.

Asian shares ended mixed as the IMF lowered its global growth outlook and as tensions over tariffs between the United States and Europe escalated.

U.S. stocks closed lower Tuesday, with the S&P 500 snapping its eight-day winning streak, on fears over escalation of trade tensions with the European Union and a weaker global outlook from IMF.

The office of the U.S. Trade Representative threatened to levy tariffs on many European goods late Monday. The threat is a retaliation against European companies' subsidies for aircraft manufacturer Airbus. If the U.S. follows through, the proposed tariffs would affect about $11 billion in imports to the U.S., including helicopters, bicycles, cheese and wine. Lighthizer said the Trump administration would wait for World Trade Organization clearance to implement the duties.

Key equity benchmarks settled with modest gains, supported by firmness in index stocks. Trading was volatile as investors geared up for the upcoming Q4 March 2019 results beginning later this week.

The Sensex rose 238.69 points or 0.62% to settle at 38,939.22. The index rose 278.46 points, or 0.72% at the day's high of 38,978.99. The index fell 101.81 points, or 0.26% at the day's low of 38,598.72.

The Nifty 50 index rose 67.45 points or 0.58% to settle at 11,671.95. The index rose 79.40 points, or 0.68% at the day's high of 11,683.90. The index fell 34.80 points, or 0.30% at the day's low of 11,569.70.

Stocks hovered with minor losses in early trade. Indices trimmed gains in morning trade after reversing early losses. Key indices gyrated in positive and negative zone near flat line in mid-morning trade. Indices hit fresh intraday low in early afternoon trade. Key equity indices pared losses in afternoon trade. Barometers extended gains in mid-afternoon trade and hit fresh intraday high in late trade.

The S&P BSE Mid-Cap index rose 0.15%. The S&P BSE Small-Cap index fell 0.10%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1170 shares rose and 1376 shares fell. A total of 153 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Realty index (up 1.40%), the S&P BSE Auto index (up 1.21%) and the S&P BSE Bankex (up 1.09%), outperformed the Sensex. The S&P BSE Telecom index (down 0.83%), the S&P BSE Consumer Durables index (down 0.40%) and the S&P BSE Capital Goods index (up 0.12%), underperformed the Sensex.

Tata Motors (up 2.67%), ICICI Bank (up 2.52%), Bajaj Auto (up 2.19%), Coal India (up 2.12%) and HCL Technologies (up 1.83%), were the major Sensex gainers.

Infosys (down 0.95%), Bharti Airtel (down 0.76%), Bajaj Finance (down 0.48%) and ONGC (down 0.35%), were the major Sensex losers.

ITI jumped 5.46% to Rs 103.25. ITI said it achieved a turnover of Rs 2051.59 crore (provisional and unaudited) during the financial year 2018-2019, showing a double digit growth, an increase of 20% over the previous year's turnover of Rs 1703 crore. The announcement was made after trading hours yesterday, 8 April 2019.

Panacea Biotec jumped 10.65% to Rs 200.45. India Resurgence Fund (lndiaRF), promoted by Piramal Enterprises and Bain Capital Credit, along with its affiliates announced an investment of up to Rs 992 crore ($144 million) in Panacea Biotec. The investment proceeds will be used for a one-time settlement with existing lenders, general working capital and growth requirements of the company. This investment is structured by way of non-convertible debentures (NCDs) of up to Rs 864 crore and subscription amount of Rs 32 crore towards share warrants to be allotted on a preferential basis. The subscription amount represents 25% of total amount of Rs 128 crore proposed to be raised upon issuance of equity shares against warrants. Subject to exercise of warrants, IndiaRF (along with its affiliates) will collectively end up owning 10.4% stake in the company on a fully diluted basis. The announcement was made after trading hours yesterday, 8 April 2019.

JSW Steel rose 0.41% to Rs 291.85. The company said its crude steel production rose 3% to 16.69 million tonnes in the year ended March 2019 over the year ended March 2018. Production of flat rolled products rose 3% to 11.74 million tonnes while production of long rolled products rose 9% to 3.87 million tonnes in the year ended March 2019 over the year ended March 2018.

Crude steel production fell 3% to 4.17 million tonnes in Q4 March 2019 over Q4 March 2018. Production of flat rolled products rose 1% to 3.01 million tonnes while production of long rolled products fell 8% to 0.99 million tonnes in Q4 March 2019 over Q4 March 2018. The announcement was made during trading hours today, 9 April 2019.

Asian Paints lost 3.54%. Asian Paints announced that a fire broke out at its paint manufacturing facility in Visakhapatnam, Andhra Pradesh, in the afternoon yesterday, 8 April 2019. The fire has been brought under control. The company is in the process of assessing the extent of damage. The manufacturing operations of the plant have been affected. This will not have any impact on the business operations of the company. The announcement was made after trading hours yesterday, 8 April 2019.

Sun Pharmaceutical Industries (Sun Pharma) rose 1.66%. Sun Pharmaceutical Industries (Sun Pharma) announced that its subsidiary, Sun Pharma Distributors (SPDL), will commence distribution of the company's formulation products in India from April 2019, on the same terms as was with Aditya Medisales, in a phased manner upon receipt of requisite regulatory approvals. This phased transition is expected to be fully completed by the first quarter of financial year ending March 2020. The above-mentioned transition and consequential one-time reduction in sales and profit will impact Sun Pharma's financial results for the period ended 31 March 2019.

Further, Atlas Global Trading has completed assignment of its business rights and obligations, including those arising from the supply contract with Sun Pharma to a wholly owned subsidiary of Sun Pharma. This has no material impact on the profit or loss for the year ended 31 March 2019. The announcement was made after trading hours yesterday, 8 April 2019.

Yes Bank gained 4.08%. Yes Bank said its board will meet on 26 April 2019, to consider borrowing/raising funds in Indian/foreign currency by issue of debt securities including but not limited to non-convertible debentures, bonds, MTN. The board will also consider raising of funds by way of issuance of equity shares including but not limited through preferential issue and/or qualified institutions placement (QIP)/ global depository receipts (GDRs)/ American depository receipts (ADRs)/ foreign currency convertible bonds (FCCBs)/ or any other methods on private placement basis, subject to regulatory approvals, as may be required. The board will also consider audited financial statements of the bank for the quarter and year ended 31 March 2019. The announcement was made after trading hours yesterday, 8 April 2019.

TCS rose 0.89%. Digitate, a software venture of TCS announced that Canada's food and pharmacy leader, Loblaw, has successfully deployed its cognitive automation software, ignio, as part of its lT transformation program. Loblaw embarked on an enterprise lT transformation journey to radically improve user and customer experience, and reduce the cost of operations. The announcement was made during market hours today, 9 April 2019.

IndusInd Bank rose 0.94%. IndusInd Bank has priced the Notes at 3.875% fixed rate on 8 April 2019 under the Medium Term Notes Programme acting through its IBU having an issue size of US$ 400 million. The Notes carry a fixed coupon of 3.875% and shall be payable on a semiannual basis. The Notes are expected to be settled on 15 April 2019 and will mature on 15 April 2022 i.e., a period of three years from the date of allotment of the Notes. The announcement was made after market hours yesterday, 8 April 2019.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.385, compared with its close of 69.67 during the previous trading session.

In the global commodities markets, Brent for June 2019 settlement was up 17 cents at $71.27 a barrel. The contract rose 76 cents, or 1.08% to settle at $71.10 a barrel during the previous trading session.

Overseas, European stocks bounced back after opening lower Tuesday. US Trade Representative Robert Lighthizer on Monday proposed a list of European Union products on which to slap tariffs as retaliation for European aircraft subsidies.

Market participants are watching the latest development surrounding Britain's attempt to extricate itself from the European Union. Brussels was set to decide on an extension to the so-called Brexit deadline, possibly setting a date at the end of the year or even in 2020.

Asian shares ended higher as investors braced for key events later in the week, including the kick-off of the US earnings season and a crucial Brexit summit. Investors are also awaiting concrete progress on U.S.-China trade negotiations which will be symbolically concluded with a meeting between President Donald Trump and his Chinese counterpart Xi Jinping.

In US, the Dow ended the session lower while the S&P 500 and the Nasdaq settled higher on Monday, as investors braced for the first quarter earnings. U.S. factory orders fell 0.5% in February. The data show that growth in the manufacturing continues to expand but manufacturers are becoming more cautious.