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.

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