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Market reverses six-day gains

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Indian equities snapped six-day rising trend to end with modest losses. The barometer index, the BSE Sensex, fell 106.69 points or 0.29% at 36,134.31, as per the provisional closing data. The index fell 14.25 points or 0.13% at 10,869.50, as per the provisional closing data. Shares of index heavyweight and software major gained while index heavyweight and housing major HDFC dropped

Investors remained cautious ahead of the outcome of the Reserve of India's (RBI) monetary policy meeting. The (MPC) will conclude its two-day meet tomorrow, 5 December 2018. The resolution of the MPC will be announced on 5 December 2018.

Indices drifted lower in early trade as profit booking emerged on the bourses after six straight days of gains. Stocks hovered in a small range in negative zone in morning trade. Fresh selling in index pivotals pulled the key indices to day's low in mid-morning trade. After a mild recovery in early afternoon trade, indices once again moved towards the day's low in afternoon trade. Shares were trading in a small range with negative bias in mid-afternoon and late trade.

Data showing that local funds were net sellers of Indian stocks also weighed on the sentiment. The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 293.12 crore yesterday, 3 December 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 806.45 crore yesterday, 3 December 2018, as per provisional data.

The BSE Mid-Cap index fell 0.07%. The BSE Small-Cap index rose 0.14%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1124 shares rose and 1303 shares fell. A total of 157 shares were unchanged.

Index heavyweight and software major gained 1.96% to Rs 683.

Index heavyweight and housing major HDFC dropped 1.73% to Rs 1,943.

Index heavyweight fell 0.41%. Saavn Media, a subsidiary of (RIL), today launched JioSaavn, South Asia's largest streaming, entertainment and platform. represents the official integration of JioMusic, India's most popular music app, and Saavn, India's leading global over-the-top platform. The announcement was made after during market hours today, 4 December 2018.

With the integrated app, users can expect a suite of new and music experiences, including an interactive lyrics feature, localized vernacular display, custom integrations with concerts and live events, as well as exclusive video content to roll out over the next few months.

Yes fell 1.15%. Yes announced that pursuant to the final regulatory approval (Certificate of Registration) from the Securities & Exchange Board of (SEBI) to commence its mutual fund business, (India), the wholly owned subsidiary of has received SEBI approval to launch Yes and Yes The announcement was made after during market hours today, 4 December 2018.

fell 2.75%. said that over the last one week, there have been some on around a note issued by one of the securities firm and a potential whistleblower complaint against the company.

With reference to allegations that one of the partners of an audit firm of (Valia & Timbadia) was investigated in a stock price rigging case, the company clarified that none of the partners of this audit firm or the firm itself was a party to this investigation. With reference to news reports of a whistleblower complaint filed against with Sebi, the company clarified that as of now, it has not received any query related to this from Sebi.

With reference to a question is being raised about an case which was settled with Sebi regarding the acquisition, the company clarified that it has not been involved in any norm violations relating to the deal. With reference to news reports about Sebi likely to re-open the old case, the company clarified that it has not received any information from Sebi in this regard.

With reference to concerns being raised about Sun Pharma's low single digit tax rate, the company clarified that this was the case many years back and now its effective tax rate is in mid-teens. With reference to queries on loans and advances given to non-related parties which have increased significantly in FY2018, the company clarified that these are loans and advances given in the normal course of business at arms-length basis at market interest rates and at market terms and conditions.

shed 0.23%. With reference to a news item titled "I-T dept probing staff for allegedly facilitating benami deals," the bank clarified after market hours yesterday, 3 December 2018, that the matter reported in certain sections of the to a complaint received by the bank in March 2018, referring to incidents of an earlier period. An internal inquiry in this regard has already been conducted by the bank. In case there are any queries from the income tax authorities in the said matter, the bank, as always, shall fully co-operate with the concerned authorities. The bank has always adhered to the highest standards of regulatory compliance and will continue to work towards maintaining a strict code of conduct in all spheres of business that it undertakes, it said.

Overseas, European shares were trading lower while Asian stocks were mixed following Monday's jumps across the region, signaling fading investor applause for the US-trade truce. US stocks closed higher Monday, after the US and over the weekend called a temporary truce to their trade war.

A trade standoff between the US and saw a breakthrough at the meeting in Argentina, a gathering that included a highly-anticipated dinner between and Chinese leader The two sides agreed to launch negotiations to reduce trade tensions and discuss forced technology transfer, intellectual-property protection, non-tariff barriers, and cyber and agriculture issues, among other concerns.

Meanwhile, and Nasdaq will remain closed Wednesday as a of mourning will be held in memory of former

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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, December 04 2018. 15:43 IST