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Benchmarks sharply pare gains

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The market sharply pared gains in the afternoon trade. At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 80.70 points or 0.21% at 39,041.49. The Nifty 50 index was 18.95 points or 0.16% at 11,691.10. Gains in ICICI Bank and Infosys supported the benchmark indices.

The S&P BSE Mid-Cap index was up 0.40%. The S&P BSE Small-Cap index was up 0.07%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1006 shares rose and 1288 shares fell. A total of 124 shares were unchanged.

Jet Airways (India) slumped 49.63% to Rs 34.40. According to media reports, a consortium of banks led by the State Bank of India (SBI) has referred the debt-laden Jet Airways 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.

IT major Infosys was up 1.09% at Rs 748.50.

IndusInd Bank (up 2.55%), ICICI Bank (up 2.23%), Vedanta (up 2.20%), Power Grid Corporation of India (up 1.47%) and Coal India (up 1.45%), were the Sensex gainers.

Asian Paints (down 1.33%), Hindustan Unilever (down 0.82%), Tata Steel (down 0.72%) and Yes Bank (down 0.56%), were the Sensex losers.

Bharti Airtel fell 0.32%. 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.

Reliance Industries (RIL) fell 0.16%. The company informed that a minor fire occurred in Linear Alkyl-Benzene (LAB) plant at Patalganaga while restarting the plant from a routine maintenance shutdown. The fire was contained immediately and there were no casualties. All other plants at the site are operating normally. The announcement was made after market hours yesterday, 17 June 2019.

TCS was down 0.19%. The company 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 0.81%. The company 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.

Overseas, most shares in Europe and Asia were trading higher. Investors awaited a speech from European Central Bank (ECB) President Mario Draghi, ahead of the Federal Reserve's policy-setting meeting due to start Tuesday.

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

The US Federal Reserve begins a two-day meeting later on Tuesday. The central bank is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 18 2019. 13:20 IST