Key benchmark indices sharply pared losses after hitting fresh intraday low in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was down 60.59 points or 0.15% at 40,207.07. The Nifty 50 index was down 29.65 points or 0.25% at 12,058.90.

Key indices cut losses soon after opening with downward gap. A bout of volatility was witnessed in morning trade as the key indices once again sank in negative zone after briefly turning positive. Stocks hovered in negative zone in mid-morning trade.

The S&P BSE Mid-Cap index was up 0.11%. The S&P BSE Small-Cap index was up 0.15%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1080 shares rose and 1270 shares fell. A total of 168 shares were unchanged.

IT shares were under pressure amid profit booking after five-day rising streak. TCS (down 1.29%), Infosys (down 0.95%), HCL Technologies (down 2.26%), Oracle Financial Services Software (down 0.82%), Tech Mahindra (down 0.95%), MindTree (down 1.15%) and Mphasis (down 0.69%) declined.

Wipro rose 1.24% to Rs 294.90 after the company fixed 21 June 2019, as the record date for the proposed buyback of shares. Wipro plans to buyback up to 32.30 crore fully paid-up equity shares of Rs 2 each, representing up to 5.35% of the total paid-up equity share capital of the company, at a price of Rs 325 per share, for an aggregate amount of up to Rs 10500 crore. The announcement was made after market hours yesterday, 3 June 2019.

The BSE IT index jumped 5.71% in past five trading sessions to 15,975.31 on 3 June 2019, from its recent low of 15,111.84 on 27 May 2019.

Pharma stocks were observed in the red. Aurobindo Pharma (down 0.32%), Cipla ( down 0.5%), Piramal Enterprises (down 0.56%), Sun Pharmaceutical Industries (down 0.6%), Lupin (down 0.7%), Glenmark Pharmaceuticals (down 1.06%), Divi's Laboratories (down 1.62%) and Biocon (down 1.77%), declined.

Dr Reddy's Laboratories erased its early gains and was down by 2.89%. Dr. Reddy's Laboratories announced the relaunch of Zenatane (lsotretinoin capsules), 10 mg, 20 mg, 30 mg and 40 mg, a therapeutic equivalent generic version of Accutane, which was approved by the US Food and Drug Administration (USFDA). The announcement was after market hours on Monday, 3 June 2019.

State-run Bharat Heavy Electricals rose 1.12% after the company announced that it had received an order from the Indian Railways for 25 units of Broad Gauge 5000 HP AC Electric Locomotives of type WAG-7 with regenerative feature. The announcement was made during market hours today, 4 June 2019.

Indian Oil Corporation (down 1.18%), Bharat Petroleum Corporation (down 1.03%) and Hindustan Petroleum Corporation (down 0.69%), declined.

Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation have signed an agreement on 3 June 2019 for formation of a joint venture company for implementation and subsequent operation of 2757 km long LPG Pipeline from Kandla, Gujarat to Gorakhpur, UP. Indian Oil, BPCL and HPCL would have 50%, 25% and 25% equity holding in the JV Company. The proposed pipeline will source product from Kandla and other LPG import terminals on West Coast and two refineries at Koyali, Gujarat and Bina, MP and would directly link 22 LPG bottling plants in Gujarat (3), MP (6) and UP (13) owned by the three promoter companies. In addition, the pipeline would feed LPG through road-bridging to additional 21 LPG bottling plants in Rajasthan, Gujarat, MP, Maharashtra and UP. The announcement was made during market hours today, 4 June 2019.

Overseas, shares in Europe and Asia were under pressure as an intensifying US-China trade war inflamed concerns about global growth. US stocks finished mostly lower Monday, as the government stepped up scrutiny of technology giants for possible violations of antitrust law.

Back in Europe, Trump and first lady Melania Trump will be continuing their state visit in Britain on Tuesday.

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