Market ends with modest losses

Key equity indices settled with modest losses after a volatile session of trade. The barometer index, the S&P BSE Sensex, fell 80.30 points or 0.21% at 38,564.88. The Nifty 50 index fell 18.50 points or 0.16% at 11,575.95.

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 0.42%. The S&P BSE Small-Cap index rose 0.23%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1139 shares rose and 1394 shares fell. A total of 147 shares were unchanged.

Maruti Suzuki India (down 3.6%), Yes Bank (down 2.33%) and IndusInd Bank (down 2.18%) edged lower from the Sensex pack.

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.

AU Small Finance Bank fell 0.3%. 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.

On the political front, as many as 116 Lok Sabha constituencies are undergoing 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.

Overseas, most European shares were trading lower as investors monitored a number of geopolitical issues and looked ahead to a new earnings season. Most Asian markets fell 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 reimposed 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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