Domestic shares ended the volatile trading session with small gains on Tuesday. Gains were supported by firmness in IT shares. The Sensex settled above the psychological 39,000 level after moving above and below that level in intraday trade. The Nifty settled below 10,700 mark after regaining that level in intraday trade.

Sentiment was cautious as the US Federal Reserve is scheduled to start a two-day monetary policy meeting later in the day. The Fed is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.

The barometer index, the S&P BSE Sensex, gained 85.55 points or 0.22% to 39,046.34. The index hit a high of 39,167.83 and a low of 38,870.96 in intraday trade.

The Nifty 50 index gained 19.35 points or 0.17% to 11,691.50. The index hit high of 11,727.20 and low of 11,641.15 in intraday trade.

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

The market breadth was weak. On BSE, 964 shares advanced and 1572 shares declined. A total of 124 shares were unchanged.

Among the sectoral indices on the BSE, the S&P BSE Oil & Gas Index (up 1.13%), the S&P BSE Information Technology Index (up 0.76%) and the S&P BSE Teck Index (up 0.69%), outperformed the S&P BSE Sensex. The S&P BSE Healthcare Index (down 0.55%), the S&P BSE Auto Index (down 0.52%) and the S&P BSE Consumer Discretionary Goods & Services Index (down 0.32%), underperformed the S&P BSE Sensex.

IT shares advanced. Persistent Systems (up 2.78%), HCL Technologies (up 1.57%), Infosys (up 1.38%), Hexaware Technologies (up 1.35%), Oracle Financial Services Software (up 1.17%), MphasiS (up 0.98%) and MindTree (up 0.53%), edged higher.

TCS gained 0.27%. TCS said it partnered with SAP to launch an Intelligent Field Inventory Management solution, powered by SAP Leonardo, which leverages Internet of Things (IoT) and blockchain to help medical device manufacturers streamline surgical kit handling. The announcement was made after market hours yesterday, 17 June 2019.

Tech Mahindra rose 0.59%. Tech Mahindra announced that a special committee of the board approved a proposal to acquire 100% shareholding in Objectwise Consulting Group Inc for CAD 2.75 million. The all-cash transaction is expected to close by 31 July 2019. The announcement was made after market hours yesterday, 17 June 2019.

HDFC Asset Management Company (HDFC AMC) dropped 6.32%. The company announced that it has decided to provide a liquidity arrangement to certain fixed maturity plan (FMP) schemes of HDFC Mutual Fund. The company also stated that arrangements have drafted to deal with the illiquidity faced by such FMP schemes due to their exposure to the non-convertible debentures (NCDs) issued by Edisons Infrapower & Multiventures and Sprit Infrapower & Multiventures, companies promoted by the Essel Group (collectively Essel Group companies). The liquidity arrangement may involve an aggregate outlay not exceeding Rs 500 crore and will be put in place shortly. The announcement was made after market hours yesterday, 17 June 2019.

Jet Airways (India) slumped 40.78% to Rs 40.45. According to media reports, 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 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.

Jet Airways (India) announced during trading hours today, 18 June 2019, that Ashok Chawla and Sharad Sharma resigned as independent directors or the company with effect from 17 June 2019 in view of the board continuing to be in non compliance with the provisions of the Companies Act, no additional directors being appointed and the process of bank-led resolution plan not moving forward.

Spicejet was up 2.51%. As per the Directorate General of Civil Aviation (DGCA) data, Spice Jet posted strong 23.6% growth in the passenger traffic to 18.03 lakh.

InterGlobe Aviation rose 1.78%. Indigo has posted strong 23.2% growth in the passenger traffic to 59.80 lakh, while gaining market share of 49% in May 2019, DGCA data showed.

InterGlobe Aviation announced a jet engine deal with CFM International. The deal, which includes spare engines and an overhaul support agreement, is valued at more than $20 billion at list price. To support its new LEAP-1A fleet, InterGlobe Aviation also signed a long-term service agreement. Delivery of the first LEAP-1A-powered A320neo is scheduled in 2020. The announcement was made after market hours yesterday, 17 June 2019.

The air passenger traffic of domestic airlines has increased 3.0% to 122.07 lakh in May 2019 over 118.56 lakh in May 2018, while snapping 4.5% recorded for April 2019. However, the growth of air passenger traffic has moderated from 16.5% surge in May 2018.

The cumulative air passenger traffic increased 2.6% to 586.55 lakh in January-May 2019 over 571.58 lakh in January-May 2018.

Bank shares were mixed. Among private sector banks, Yes Bank (down 5.94%), HDFC Bank (down 0.21%), Axis Bank (down 0.06%), edged lower. While, ICICI Bank (up 1.88%), RBL Bank (up 0.93%), State Bank of India (up 0.74%), IndusInd Bank (up 0.66%) and Kotak Mahindra Bank (up 0.32%), edged higher.

AU Small Finance Bank rose 0.68%. AU Small Finance Bank said that its board will meet on 20 June 2019, to consider the issue of Basel II compliant, rated unlisted, tier II unsecured subordinated redeemable non-convertible debentures, being classified as subordinated debt in one or more tranches. The announcement was made after market hours yesterday, 17 June 2019.

Among state-run banks, Jammu and Kashmir Bank (down 9.93%), Allahabad Bank (down 1.23%), Punjab National Bank (down 0.66%) and Bank of Baroda (down 0.04%), edged lower. Meanwhile, Syndicate Bank (up 2.55%), Oriental Bank of Commerce (up 2.54%), Union Bank of India (up 2.21%) and Bank of India (up 0.06%), edged higher.

Bharti Airtel rose 0.92%. The company announced during trading hours today, 18 June 2019, that its subsidiary, Airtel Africa pic, has published the prospectus with reference to its initial public offering, following the approval by the UK Financial Conduct Authority.

Maharashtra Scooters dropped 4.96% while Bajaj Holdings and Investment was up 0.46%. Maharashtra Scooters and Bajaj Holdings and Investment announced that Western Maharashtra Development Corporation transferred its 27% stake in Maharashtra Scooters to Bajaj Holdings & Investment. Maharashtra Scooters has now become a subsidiary of Bajaj holdings & investments. The announcement was made after market hours yesterday, 17 June 2019.

Share of public sector oil marketing companies (PSU OMCs) rose as crude oil prices fell. Hindustan Petroleum Corporation (up 2.24%), Bharat Petroleum Corporation (up 2.33%) and Indian Oil Corporation (up 1.29%), gained.

Oil prices fell for a second day on Tuesday. Losses were limited by tensions in the Middle East after last week's tanker attacks. In the commodities market, Brent crude for August 2019 settlement was down 39 cents at $60.55 a barrel. The contract fell $1.07 or, 1.73% to settle at $60.94 a barrel.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.6850, compared with its close of 69.9100 during the previous trading session.

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

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

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