The market snapped gains in past four trading sessions as selling in financial shares put pressure on bourses. Negative cues from other Asian shares triggered selling. Investors were cautious amid ongoing Q4 earnings season and second phase of polling for the 2019 Lok Sabha elections. Domestic financial market will remain shut tomorrow, 19 April 2019, on account of Good Friday.

The Sensex fell 135.36 points or 0.34% to settle at 39,140.28. The index rose 211.81 points, or 0.54% at the day's high of 39,487.45. The index fell 192.48 points, or 0.49% at the day's low of 39,083.16.

The Nifty 50 index fell 34.35 points or 0.29% to settle at 11,752.80. The index rose 69 points, or 0.59% at the day's high of 11,856.15. The index fell 48.65 points, or 0.41% at the day's low of 11,738.50.

After opening higher, the key indices reversed trend in morning trade. Some range bound trading was witnessed in mid-morning trade. Fresh bout of selling pressure emerged in early afternoon trade. After a brief recovery in mid-afternoon trade, indices hit fresh intraday low in late trade.

Selling was broad based. Among secondary barometers, the BSE Mid-Cap index fell 0.89%. The BSE Small-Cap index fell 0.99%.

The market breadth, indicating the overall health of the market, was weak. On BSE, 886 shares rose and 1674 shares fell. A total of 167 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Realty index (down 2.33%), the S&P BSE Metal index (down 1.28%), the S&P BSE Telecom index (down 1.22%) underperformed the Sensex. The S&P BSE Energy index (up 1.93%), the S&P BSE Oil & Gas index (up 0.75%), the S&P BSE Consumer Durables index (down 0.04%) outperformed the Sensex.

Public sector banks declined. Punjab & Sind Bank (down 3.26%), Bank of Baroda (down 3.25%), Punjab National Bank (down 2.86%), Syndicate Bank (down 2.77%), Union Bank of India (down 2.54%), Bank of India (down 2.33%), Central Bank of India (down 2.02%), Canara Bank (down 1.98%), Andhra Bank (down 1.91%), Allahabad Bank (down 1.73%), UCO Bank (down 1.6%), State Bank of India (down 1.55%), IDBI Bank (down 1.48%), United Bank of India (down 1.43%), Indian Bank (down 1.34%), Corporation Bank (down 0.71%) and Bank of Maharashtra (down 0.19%), edged lower.

Most private sector banks declined. Yes Bank (down 4.18%), IndusInd Bank (down 2.86%), Kotak Mahindra Bank (down 1.31%), Federal Bank (down 1.27%), ICICI Bank (down 0.82%) and HDFC Bank (down 0.63%), edged lower. Axis Bank (up 0.07%) and City Union Bank (up 1.35%), edged higher.

RBL Bank fell 0.71%. The bank's net profit rose 38.77% to Rs 247.18 crore on 46.18% increase in total income to Rs 2,243.35 crore in Q4 March 2019 over Q4 March 2018. The result was announced during trading hours today, 18 April 2019.

Reliance Industries (RIL) rose 2.79% ahead of its Q4 results today, 18 April 2019. Meanwhile, Reliance Ethane Holding Pte. Ltd. (REHPL) (incorporated in Singapore, a wholly owned subsidiary of RIL, having 100% holding in six limited liability companies (LLCs) which own Very Large Ethane Carriers (“VLEC” or the “Vessel”)), Mitsui O.S.K Lines (MOL) of Japan and a strategic minority investor have signed binding definitive agreements for a strategic investment by MOL and minority investor in the six special purpose limited liability companies (SPVs), each owning a VLEC. The announcement was made yesterday, 17 April 2019.

IT major Wipro rose 1.32%. The board of directors of Wipro has approved a proposal to buyback up to 32.30 crore shares of the company for an aggregate amount not exceeding Rs 10500 crore, being 5.35% of the total paid-up equity share capital, at a price of Rs 325 per share. Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback. The announcement was made after market hours on Tuesday, 16 April 2019.

Wipro's consolidated net profit fell 1.07% to Rs 2,483.50 crore on 1.45% rise in total income to Rs 15915.30 crore in Q4 March 2019 over Q3 December 2018. The result was announced after market hours on Tuesday, 16 April 2019.

In its outlook for Q1 June 2019, Wipro expects revenue from IT services business to be in the range of $2,046 million to $2,087 million. This translates to a sequential growth of -1% to 1% excluding the impact of the divestment of Workday and Cornerstone On Demand business which was concluded in Q4 March 2019. The outlook is based on the following exchange rates: GBP/USD at 1.32, Euro/USD at 1.14, AUD/USD at 0.71, USD/INR at 70.16 and USD/CAD at 1.33

Mahindra & Mahindra (M&M) fell 0.56%. Mahindra Group and Ford Motor Company today, 18 April 2019, took the next step in strengthening their ongoing strategic alliance in India with a definitive agreement to co-develop a midsize sports utility vehicle (SUV). Under the new agreement, Mahindra and Ford will work together to introduce a benchmark product for India and emerging markets. The new agreement reinforces the steady progress made since the announcement of the strategic alliance between the two companies in September 2017, followed by an announcement on powertrain sharing and connected car solutions in October 2018. The new midsize sports utility vehicle (C-SUV) will have a common Mahindra product platform and powertrain, thus driving engineering and commercial efficiencies.

Jet Airways (India) slumped 32.23% to Rs 163.90. The company yesterday, 17 April 2019, announced temporary suspension of flight operations. The airlines was informed by the State Bank of India (SBI), on behalf of the consortium of Indian lenders, that they are unable to consider its request for critical interim funding. Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going. Consequently, with immediate effect, Jet Airways is compelled to cancel all its international and domestic flights. Jet Airways will now await the bid finalisation process by SBI and the consortium of Indian lenders.

Interglobe Aviation fell 1.80% to Rs 1554.70. The stock hit a record high of Rs 1,650 in the intraday today.

SpiceJet rose 2.68% to Rs 136.25. The company announced during trading hours today, 18 April 2019, that it will induct six more Boeing 737-800 NG aircraft on dry lease. These six aircraft are in addition to the 16 B737s and 5 Q400s that the airline will soon induct. The total number of planes to be inducted in the immediate future now stands at 27. The airline has applied to the Directorate General of Civil Aviation for a No Objection Certificate (NOC) to import the planes. Subject to regulatory approvals the aircraft would begin joining SpiceJet's fleet in the next ten days.

Local search service Just Dial fell 4.19%. Media reported that Just Dial faced a data breach on Wednesday, with data of more than 100 million users, including names, email ids, mobile numbers, gender, date of birth and addresses publicly available.

Just Dial, however, clarified during trading hours today, 18 April 2019, that there has been no data breach of 100 million users, etc. as claimed in reports or otherwise. All sensitive user information including any financial information as well as any user passwords are protected as per industry practices (further, majority of JD platforms works on OTP-based authentication). Financial information is stored in double-encrypted format and regularly audited by PCI DSS compliant auditing firm.

However, the older versions of Just Dial apps, which currently cater to only a very small fraction of users, were using certain APIs by which basis a particular mobile number entered, certain basic user details were accessible (no financial information was accessible). This vulnerability which existed on the older app platforms is also now fixed. Newer (current) versions of app where majority of users are available do not have the above vulnerability, the company added.

On the political front, voting in the second phase of the 2019 general elections began today, 18 April 2019, in 95 constituencies across 11 states and one Union Territory. The 2019 Indian general election, which is scheduled to be held in seven phases, kicked off on 11 April 2019. It 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 higher against the dollar. The partially convertible rupee was hovering at 69.555, compared with closing of 69.60 during the previous trading session.

In global commodities markets, Brent crude oil futures edged lower. Brent for June 2019 settlement was off 7 cents at $71.55 a barrel.

Overseas, most European shares came off early lows on Thursday, as investors cautiously awaited manufacturing data to gauge the health of euro zone economies ahead of the Easter holiday. European markets will remain closed on Friday and Monday for the Easter holiday.

Asian shares slipped on Thursday. Chinese government data showed the country's economy grew 6.4% year-over-year in the first quarter of 2019, maintaining the pace seen in the last quarter of 2018 as factory output picked up steam.

US stocks closed lower Wednesday as the health-care sector slumped on concerns over potential adverse impact from future policy changes.

The US trade deficit fell 3.4% in February to the lowest level in eight months, the Commerce Department said. Meanwhile, wholesale inventories in the US rose a mild 0.2% in February and sales increased 0.3%.

Meanwhile, most of the US Federal Reserve's 12 district banks reported economic activity expanded at a slight-to-moderate pace in March and early April, according to the Federal Reserve's Beige Book report, released Wednesday.

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