Key domestic indices edged lower due to selling pressure in FMCG and banks shares. After opening lower, the benchmarks continued hovering in a narrow range with modest losses for most part of the session. However, a steep selling pressure emerged in the final hour of the trade. The Nifty managed to end above the 11,800 mark after slipping below that level in late trade.

The Sensex fell 289.29 points or 0.73% to settle at 39,452.07, its lowest closing level since 24 May 2019. The index rose 58.54 points, or 0.15% at the day's high of 39,799.90. The index fell 377.91 points, or 0.95% at the day's low of 39,363.45.

The Nifty 50 index fell 90.75 points or 0.76% to settle at 11,823.30, its lowest closing level since 23 May 2019. The index fell 2.2 points, or 0.02% at the day's high of 11,911.85. The index fell 116.35 points, or 0.98% at the day's low of 11,797.70.

The market breadth was weak. On BSE, 797 shares rose and 1725 shares fell while 144 shares were unchanged.

Broader market underperformed the benchmark indices. The BSE Mid-Cap index fell 1.02%. The BSE Small-Cap index fell 0.76%.

Among the sectoral indices on the BSE, the S&P BSE Capital goods Index (up 0.21%), the S&P BSE Industrials index (down 0.18%) and the S&P BSE Information Technology index (down 0.3%), outperformed the S&P BSE Sensex. The S&P BSE Realty index (down 2.11%), the S&P BSE Telecom index (down 1.62%) and the S&P BSE Bankex index (down 1.33%) underperformed the S&P BSE Sensex.

Private sector banks witnessed steep selling. IndusInd Bank (down 4.36%), Axis Bank (down 2.39%), Kotak Mahindra Bank (down 2.10%), RBL Bank (down 1.92%), Yes Bank (down 1.58%), State Bank of India (down 0.71%), ICICI Bank (down 0.50%) and HDFC Bank (down 0.43%), edged lower.

Yes Bank was down 1.58%, extending recent steep fall. The stock hit a 52-week low of Rs 113 in intraday today.

Gruh Finance fell 5.40% to Rs 291.85. The company disclosed after market hours that HDFC sold 3.10 crore shares, or 4.22% stake, of Gruh Finance in the open market today, 14 June 2019. Post transaction, HDFC's stake in Gruh Finance has reduced to 47.43% from 51.65% earlier. According to media reports, HDFC has been selling stake in Gruh Finance to meet the central bank's requirements of facilitating the proposed merger of Gruh Finance with Bandhan Bank.

Among state-run banks, Bank of Baroda (down 1.53%), Allahabad Bank (down 0.84%) and Bank of India (down 0.23%), edged lower. While, Jammu and Kashmir Bank (up 1.56%), Syndicate Bank (up 0.57%), Oriental Bank of Commerce (up 0.50 %), Punjab National Bank (up 0.39%) and Union Bank of India (up 0.07%), edged higher.

FMCG stocks tumbled. Tata Global Beverages (down 2.64%). Godrej Consumer Products (down 2.56%), United Spirits (down 2.42%), Marico (down 2.28%), Dabur India (down 2.09%), Colgate Palmolive (India) (down 1.62%), Godrej Industries (down 1.42%), Jubilant Foodworks (down 1.38%), Emami (down 1.34%), Hindustan Unilever (down 1.02%), Consumer Healthcare (down 0.97), GlaxoSmithKline Britannia Industries (down 0.88%), ITC (down 0.68%), Procter & Gamble Hygiene and Health Care (down 0.51%), edged lower.

Realty stocks witnessed heavy selling. Unitech (down 9.48%), Sobha (down 3.83%), Oberoi Realty (down 2.31%), Prestige Estates Projects (down 2.22%), Peninsula Land (down 2.2%), D B Realty (down 0.95%), Sunteck Realty (down 0.8%) and Omaxe (down 0.32%) declined. Meanwhile, Phoenix Mills (up 0.48%) and Anant Raj (up 0.34%), rose.

Shares of three state-run oil marketing companies fell after Brent crude prices firmed up in international market. HPCL (down 1.44%), BPCL (down 0.59%) and Indian Oil Corporation (down 0.47%) edged lower. Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

Pharma stocks declined. Aurobindo Pharma (down 3.2%), Strides Pharma Science (down 2.02%), Alkem Laboratories (down 1.65%), Cipla (down 1.3%) Divi's Laboratories (down 1.24%), Piramal Enterprises (down 0.5%) and Cadila Healthcare (down 0.33%), edged lower. Meanwhile, Glenmark Pharmaceuticals (up 1.01%), Sun Pharmaceutical Industries (up 0.58%) and Lupin (up 0.41%), edged higher.

Wockhardt rose 1%. The US Food and Drug Administration (USFDA) has carried out inspection of Bioequivalence Centre located at R&D Centre, Aurangabad from 10-12 June 2019, during which Bioanalytical and Quality systems of Bioequivalence studies of Tamsulosin 0.4mg capsules and Metoprolol ER tablets were audited. At the end of inspection, there was Nil observation (i.e. zero 483 observation), signifying that best practices were followed, in compliance to regulations. This outcome would lead approvals of ANDAs in pipeline for which Bioequivalence studies are being or will be done in the centre. The announcement was made after market hours yesterday, 13 June 2019.

Dr. Reddy's Laboratories fell 0.86%. The company announced that it entered into a definitive asset purchase agreement with Upsher-Smith Laboratories. Dr. Reddy's Laboratories would sell its US and select territory rights for 'Zembrace Symtouch' 3 mg and Tosymra 10 mg, also known as DFN-02, which are commercialized through its wholly owned subsidiary, Promius Pharma. Under the agreement, Dr.Reddy's Laboratories will receive $70 million as upfront consideration, $40.5 million in near term milestones and additional financial considerations including, existing contractual obligation and inventory.

IT major Wipro was up 0.05%. The stock hit a 52-week high of Rs 301.55 in intraday today. The company announced that it will open a new center of excellence for clients in the Minneapolis-St. Paul region in USA. Wipro and client teams will collaborate on digital solutions, with a focus on financial technology, and will add 100 local jobs over the next two years to its already substantial presence in the Twin Cities. The announcement was made after market hours yesterday, 13 June 2019.

Hexaware Technologies fell 0.38%. The company announced that it has acquired 100% shares of Mobiquity and Mobiquity Softech, a wholly owned subsidiary of Mobiquity for a total cash consideration of $182 million. Mobiquity creates digital products for brands like Amazon Web Services, Rabobank, Philips, Wawa, Backbase and Otsuka.

Adani Gas rose 3.20% after a media reports suggested that French Energy Giant Total SA was close to acquiring a 30% stake in the company. The deal is expected to trigger an open offer to public shareholders of Adani Gas, and Total may end up having a roughly equal stake in the company, reports added. Adani Gas is an arm of Adani Group and operates in distribution of pipeline networks.

Tata Communications rose 0.99%. The company announced today that its wholly owned subsidiary, Tata Communications International Pte Ltd (TCIPL), has divested its 26% stake in STT Tai Seng, which operates the data centre business in Singapore, to STT APDC, a wholly-owned subsidiary of STT GDC at an agreed consideration based on fair market value and changing market conditions.

Smartlink Holdings rose 11.88% to Rs 108.30 after the company's board of directors approved the buyback proposal not exceeding 42 lakh equity shares (approximately being 24.78% of the total paid-up equity capital of the company) at Rs 130 per share for an aggregate amount not exceeding Rs 54.60 crore. The buyback would be on a proportionate basis, through the tender offer route. The announcement was made during market hours today, 14 June 2019.

P I Industries rose 1.05% to Rs 1155 after the company announced that the credit rating agency, CRISIL has reaffirmed the Long-Term Rating at CRISIL AA/Positive and the Short-Term Rating at CRISIL A1+ in respect of the various banking facilities availed by the company. The ratings are for the total bank loan facilities of Rs Rs 500 crore (enhanced from Rs 430 crore) availed by the company. The announcement was made after market hours yesterday, 13 June 2019.

RITES rose 6.05% to Rs 293.65 after the company announced that a meeting of board of directors of the company will be held on 24 June 2019, to consider the proposal for issuance of bonus shares. The announcement was made during market hours today, 14 June 2019.

Intellect Design Arena rose 3.49%. Intellect Design Arena said that its subsidiary SFL Properties vide a share purchase agreement dated 13 June 2019 has been divested to a third party for a sale consideration of Rs 20.50 crore at arms length basis. The announcement was made after market hours yesterday, 13 June 2019.

Jet Airways (India) tumbled 10.77%, extending yesterday's 16.71% slump after the National Stock Exchange of India (NSE) said on Wednesday that shares of the company will be removed from daily trading of futures and options effective 28 June 2019, citing the air carrier's failure to respond to queries about persisting rumours in the market. No contracts would be available for trading in Jet Airways (India) from 28 June 2019, NSE said. As a preventive surveillance measure, from 28 June 2019 till further notice, the security of the company should be shifted from the rolling segment to the trade-for-trade segment, wherein the settlement in the security will take place on gross basis with 100% upfront margin and 5% price band, it added.

On domestic front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 2.45% (provisional) in May 2019 (over May 2018) as compared to 3.07% (provisional) for the previous month and 4.78% during the corresponding month of the previous year. The data came out during trading hours today, 14 June 2019.

The yield on India's 10-year benchmark federal paper fell to 6.973%, compared with 7.009% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.7275, compared with its close of 69.5050 during the previous trading session.

In the commodities market, Brent crude for August 2019 settlement was down 14 cents at $61.17 a barrel. The contract rose 2.23% or $1.34 to settle at $61.31 a barrel during the previous trading session amid reports of tanker explosions in the Gulf of Oman near the Iranian coastline.

Overseas, European shares were trading lower Friday as tensions heightened between the US and Iran following attacks on two oil tankers in the Gulf of Oman on Thursday.

Most Asian stock markets ended lower. US stocks gained on Wednesday on expectations that trade officials from the US and China will clinch a deal on the sidelines of a G-20.

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