Key benchmark indices settled with small declines on last trading day of the week as losses in bank stocks were mostly offset by gains in IT stocks. The barometer index, the S&P BSE Sensex, fell 11.71 points or 0.03% to settle at 34,415.58. The Nifty 50 index fell 1.25 points or 0.01% to settle at 10,564.05. Shares of index heavyweights RIL, L&T and HDFC dropped.

A bout of volatility was witnessed in early trade as the key benchmark indices dipped in negative zone after a positive start to the day's trading session. Stocks hovered in a small range thereafter and hit intraday low in afternoon trade. Stocks cut losses in mid-afternoon trade. Volatility rose in late trade as indices once again sink in red after briefly turning positive.

The barometer index, the S&P BSE Sensex, fell 11.71 points or 0.03% to settle at 34,415.58, its lowest closing level since 18 April 2018. The Sensex gyrated between 34,487.33 and 34,311.29 during the day.

The Nifty 50 index fell 1.25 points or 0.01% to settle at 10,564.05, its lowest closing level since 18 April 2018. The Nifty oscillated between 10,582.35 and 10,527.45 during the day.

The S&P BSE Mid-Cap index fell 0.44%, underperforming the Sensex. The S&P BSE Small-Cap index rose 0.02%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,478 shares fell and 1,148 shares rose. A total of 146 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Utilities index (down 1.22%), the S&P BSE Realty index (down 1.07%), the S&P BSE Bankex (down 1.04%), the S&P BSE Power index (down 0.98%), the S&P BSE Finance index (down 0.96%), the S&P BSE Capital Goods index (down 0.88%), the S&P BSE Energy index (down 0.68%), the S&P BSE Metal index (down 0.65%), the S&P BSE Oil & Gas index (down 0.64%), the S&P BSE Basic Materials index (down 0.55%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.31%), the S&P BSE Industrials index (down 0.31%) and the S&P BSE FMCG index (down 0.08%), underperformed the Sensex.

The S&P BSE Auto index (up 0.17%), the S&P BSE Telecom index (up 0.54%), the S&P BSE Teck index (up 3.89%) and the S&P BSE IT index (up 4.8%), outperformed the Sensex. The S&P BSE Consumer Durables index and the S&P BSE Healthcare index settled on a flat note.

Index heavyweight Reliance Industries lost 1.4% to Rs 928.05.

Index heavyweight and engineering & construction major L&T lost 1.49% to Rs 1,363.70.

Index heavyweight and housing finance major HDFC lost 1.76% to Rs 1,831.65.

Yes Bank fell 3%. Yes Bank received Reserve Bank of India's (RBI) approval to open two representative offices in London and Singapore. This is in continuation with the bank's international foray to expand services to the NRI population living in London and Singapore and to also be positive for International Business development. The announcement was made during market hours today, 20 April 2018.

IT stocks gained after good Q4 result from IT bellwether TCS. Gains were also supported as the rupee weakened past the 66 level against the dollar. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

Infosys (up 4.02%), Wipro (up 2.31%), HCL Technologies (up 4.67%), Oracle Financial Services Software (up 3.74%), Tech Mahindra (up 5.34%), MindTree (up 8.93%), Hexaware Technologies (up 3.3%) and Mphasis (up 2.49%) rose.

IT major TCS jumped 6.76%. On a consolidated basis, IT major TCS' net profit rose 5.81% to Rs 6925 crore on 3.79% increase in net sales to Rs 32075 crore in Q4 March 2018 over Q3 December 2017. Net profit fell 1.81% to Rs 25880 crore on 4.36% increase in net sales to Rs 123104 crore in the year ended March 2018 over the year ended March 2017. The result was announced after market hours yesterday, 19 April 2018.

The board of TCS recommended bonus issue of equity shares in the ratio of 1 equity share of Re 1 each for every 1 equity share of Re 1 each.

TCS CEO and MD Rajesh Gopinathan said strong demand in digital across all industry verticals and large transformational deal wins have made this one of our best fourth quarters In recent years. The strong exit allows the company to start the new fiscal on a confident note.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 66.05, compared with closing of 65.80 during the previous trading session.

M&M fell 0.32%. M&M said that Mahindra Susten Bangladesh (MSBPL) has been incorporated in Dhaka, Bangladesh under the laws of Bangladesh on 19 April 2018 as a subsidiary of Mahindra Susten (MSPL), which in turn is a wholly owned subsidiary (WOS) of Mahindra Holdings (MHL), which in turn is a WOS of the company. The announcement was made after market hours yesterday, 20 April 2018.

Eveready Industries lost 10.32% after the Competition Commission of India (CCI), in a Suo Moto case against the company and others, about cartelisation in respect of zinc carbon dry cell batteries' market in India, has passed an order, imposing a penalty of Rs 171.55 crore on the company. The announcement was made after market hours yesterday, 19 April 2018.

J B Chemicals & Pharmaceuticals fell 1.34% after the company said it received an order from Office of Member Secretary, Pollution Control Committee, Daman dated 18 April 2018 directing the closure of the company's formulation manufacturing facility at Daman on the ground of alleged deviation of standards of treated waste water released from ETP outlet of the said facility. The announcement was made after market hours yesterday, 19 April 2018.

The company said it does not accept the analytical results obtained by the said authority. The company is taking all necessary steps so as to resume operations at the said facility in line with the standards prescribed by the said authority. The company's said facility has received all NOC/Consents to operate under applicable environmental laws and is operating well within the framework of law. During 2017-2018, the total sales of formulations manufactured at the said facility amounted to about Rs 223 crore.

Kakatiya Cement Sugar & Industries jumped 20% after the company said it resumed operation at cement plant on 19 April 2018 after its closure on pollution grounds. The announcement was made after market hours yesterday, 19 April 2018.

Meanwhile, RBI deputy governor Viral Acharya flagged two reasons that had induced him to pause from voting to begin the process of “withdrawal of accommodation”: first, the possibility of US shale gas response softening the oil price outlook, and two, growth recovery in the economy still being nascent. Uncertainty on these fronts has now receded, Viral Acharya said. The minutes of the Monetary Policy Committee Meeting held on 4 April and 5 April 2018 were released after market hours yesterday, 19 April 2018.

The Monetary Policy Committee (MPC) had in its two-day meeting held on 4 April and 5 April 2018 decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6% per cent.

Overseas, most European indices were trading lower as investors monitored a fresh batch of corporate earnings and economic data.

Asian stocks fell with technology stocks leading the way following a downbeat outlook from Taiwan Semiconductor Manufacturing Co. Inflation remained weak in Japan. Core consumer prices rose 0.9% from a year earlier in March, versus February's reading of 1%.

US stocks ended lower yesterday, 19 April 2018 with consumer staples, real estate and technology shares leading the losses.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) meets later today, 20 April 2018 to discuss production caps. Oil futures were down slightly in Asia after hitting a 3½-year high this week.

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