Key benchmark indices ended with modest losses as negative global cues spoiled sentiment. The barometer index, the S&P BSE Sensex, fell 114.94 points or 0.32% to settle at 35,432.39. The Nifty 50 index fell 30.95 points or 0.29% to settle at 10,741.10. Most pharma shares declined. Capital goods stocks fell.

Intraday volatility was high. Stocks opened higher and hit fresh intraday high in early trade. Indices reversed trend in morning trade and hit fresh intraday low in early afternoon trade. Key bgenchmark indices once again regained positive zone after hitting intraday low in early afternoon trade. Indices turned almost flat in mid-afternoon trade. A fresh bout of selling pressure dragged indices to the day's low in late trade.

The barometer index, the S&P BSE Sensex, fell 114.94 points or 0.32% to settle at 35,432.39. The Sensex rose 131.36 points, or 0.37% at the day's high of 35,678.69 in early trade. The index fell 150.36 points, or 0.42% at the day's low of 35,396.97 in late trade.

The Nifty 50 index fell 30.95 points or 0.29% to settle at 10,741.10. The Nifty rose 37.55 points, or 0.35% at the day's high of 10,809.60 in early trade. The index fell 46.15 points, or 0.43% at the day's low of 10,725.90 in late trade.

Among secondary barometers, the BSE Mid-Cap index fell 0.53%. The BSE Small-Cap index fell 0.79%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 830 shares rose and 1764 shares fell. A total of 138 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (up 0.6%), the S&P BSE IT index (down 0.12%), the S&P BSE Teck index (down 0.31%) outperformed the Sensex. The S&P BSE Healthcare index (down 1.11%), the S&P BSE Capital Goods index (down 1.09%), the S&P BSE Metal index (down 0.98%) underperformed the Sensex.

Mahindra & Mahindra (down 2.11%), ONGC (down 1.9%), Power Grid Corporation of India (down 1.88%), State Bank of India (down 1.67%) and Asian Paints (down 1.39%) were the major Sensex losers.

ICICI Bank (up 1.47%), Reliance Industries (up 1.22%), HDFC (up 0.35%), Tata Motors (up 0.31%) and Infosys (up 0.24%) were the major Sensex gainers.

Most pharma shares declined. Wockhardt (down 3.56%), Dr Reddy's Laboratories (down 2.21%), Lupin (down 0.11%), Sun Pharmaceutical Industries (down 1.67%), GlaxoSmithKline Pharmaceuticals (down 1.2%) and Aurobindo Pharma (down 1.24%) edged lower. Glenmark Pharmaceuticals (up 1.93%), Cadila Healthcare (up 0.12%) and Alkem Laboratories (up 0.14%) rose.

Cipla fell 0.31%. Cipla today announced that it has received final approval for its Abbreviated New Drug Application (ANDA) for Testosterone Cypionate Injection 100mg/ml and 200mg/ml from the United States Food and Drug Administration (US FDA). The announcement was made before market hours today, 21 June 2018.

Cipla's Testosterone Cypionate Injection 100mg/ml and 200mg/ml is AO-rated generic therapeutic equivalent version of Pharmacia and Upjohn's DepoTestosterone. It is indicated for replacement therapy in males in conditions associated with symptoms of deficiency or absence of endogenous testosterone.

According to IQVIA (IMS Health), Depo-Testosterone and its generic equivalents had US sales of approximately $191 million for the 12-month period ending April 2018. The product is available for shipping immediately.

Capital goods stocks declined. BEML (down 2.07%), Bharat Electronics (down 1.97%), L&T (down 1.28%), Punj Lloyd (down 2.07%), Siemens (down 0.69%) and Thermax (down 1.91%) fell. ABB India (up 0.31%) and Bharat Heavy Electricals (Bhel) (up 0.47%) rose.

InterGlobe Aviation rose 3.45%. With respect to media reports indicating that the Enforcement Directorate has summoned the company's top management for foreign exchange management act (FEMA) violation, InterGlobe Aviation clarified that it has not received any such summons. The announcement was made after market hours yesterday, 20 June 2018.

Majesco gained 1.4%. Majesco announced that NTUC Income (Income), a leading insurance company and the only insurance co-operative in Singapore, has selected the Majesco Distribution Management and Majesco Digital Solutions to optimize management of its sales and distribution channels across the insurance business. The announcement was made after market hours yesterday, 20 June 2018.

Lakshmi Vilas Bank shed 0.17%. The board of directors of Lakshmi Vilas Bank scheduled a board meeting on 26 June 2018 to consider further issue of equity shares or equity linked securities of the bank through one or more modes including but not limited to Qualified Institutions Placement/ American Depository Receipts/ Global Depository receipts and, raising of funds by issue of bonds/ debentures/ or other debt securities of the bank on private placement basis. The announcement was made during market hours today, 21 June 2018.

On the macro front, the government has reportedly increased import duties on some agricultural and steel products that are imported from the US in retaliation against Washington's new global tariffs on steel and aluminium. The revised tariff will come into effect from 4 August 2018, reports added.

Meanwhile, the Reserve Bank of India (RBI) on Wednesday, 20 June 2018, released the minutes of the Monetary Policy Committee (MPC) meeting held between 4-6 June 2018. All six members of the MPC maintained their neutral policy stance and also voted in favour of a repo rate increase of 25 basis points to 6.25%, revealed the minutes of the meeting.

According to the minutes, RBI governor Urjit Patel said inflation risks have increased since the April policy. Patel, therefore, voted for an increase in the policy repo rate by 25 basis points. In view of prevailing uncertainties, it is apposite to maintain the neutral stance so as to respond to the evolving situation in a flexible manner, he added.

Among the internal members, deputy governor Viral Acharya said that there were considerable uncertainties around oil and food prices as well as the playing out of trade wars and global financial market outcomes, and voted for continuing with the neutral stance. The third RBI member Michael Patra pushed for front-ending rate hikes on the grounds that there is a closing sliver of opportunity to do so.

Overseas, European markets were trading lower against a backdrop of growing tensions in the oil market ahead of an OPEC meeting that could expand crude production.

Most Asian stocks declined, driven by uncertainty surrounding trade relations between the world's two largest economies. US stock closed mostly higher Wednesday, though the Dow Jones Industrial Average posted its seventh consecutive daily decline.

Focus is largely centered on a meeting of major oil producers taking place in Vienna. Oil-producing nations appeared to inch closer to an output agreement Wednesday although a final decision is not due until Friday. Energy ministers have gathered in the Austrian capital to determine the future of OPEC's 18-month-old agreement with Russia and other allied partners to limit production.

The US current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5% of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4% in the fourth quarter.

Existing-home sales ran at a seasonally-adjusted annual 5.43 million rate in May, down 0.4% from April, the National Association of Realtors said Wednesday.

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