The domestic equity market declined on Monday as investors were caution ahead of the Union Budget on 5 July 2019. Mixed global cues and rise in crude oil prices also affected investors' sentiment.

The barometer index, the S&P BSE Sensex, fell 55.86 points or 0.14% to 39,138.63, as per the provisional closing data. The Nifty 50 index fell 20.45 points or 0.17% to 11,703.65, as per the provisional closing data.

The S&P BSE Mid-Cap index was down 0.32%. The S&P BSE Small-Cap index was up 0.15%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1058 shares rose and 1456 shares fell. A total of 189 shares were unchanged.

Media reports indicated today, 24 June 2019, that the Reserve Bank of India (RBI) deputy governor Viral Acharya has quit his role six months before the end of his tenure. Acharya is reportedly returning to New York University's Stern School of Business (NYU Stern) in August, instead of February 2020, as CV Starr Professor of Economics.

The RBI clarified today, 24 June 2019, that a few weeks ago, Dr. Viral V. Acharya, submitted a letter to the RBI informing that due to unavoidable personal circumstances, he is unable to continue his term as a deputy governor of the RBI beyond 23 July 2019. Consequential action arising from his letter is under consideration of the competent authority, the central bank added.

On the equity front, Reliance Industries was down 1.38% to Rs 1,261.50. Kotak Mahindra Bank was down 0.99% to Rs 1,475.

UPL (up 5.22%), Yes Bank (up 2.14%) and Indiabulls Housing Finance (up 1.16%) advanced.

JSW Steel (down 3.5%), ONGC (down 3.36%) and Axis bank (down 1.06%) declined.

Two-wheeler stocks witnessed selling pressure. Bajaj Auto (down 1.97%), Hero Motorcorp (down 1.28%) and TVS Motors (down 0.62%) declined.

The government is reportedly thinking of a 2023 deadline for three-wheelers and 2025 for all two-wheelers up to 150cc engine capacity to turn electric. Automakers reportedly opposed the proposal and warned that a sudden transition, at a time when auto sales have slumped to a two-decade low, would cause market disruption and job losses.

Realty stocks were mixed. Sunteck Realty (down 3.93%), Oberoi Realty (down 2.6%), Prestige Estates Projects (down 2.53%), DLF (down 1.18%), Phoenix Mills (down 0.96%), Anant Raj (down 0.69%), Omaxe (down 0.37%) and Sobha (down 0.25%) declined. Indiabulls Real Estate (up 0.84%), Mahindra Lifespace Developers (up 0.34%) and Godrej Properties (up 0.08%) increased.

Metal stocks declined. Jindal Steel & Power (down 4.67%), Tata Steel (down 2.32%), Vedanta (down 1.97%), Steel Authority of India (down 1.8%), NMDC (down 1.53%), Hindustan Zinc (down 1.41%), National Aluminium Company (down 0.71%) and Hindustan Copper (down 0.38%) declined. Hindalco Industries (up 0.18%) edged higher.

CG Power and Industrial Solutions rose 1.74% to Rs 29.25. CG Power and Industrial Solutions said that in continuation of the asset optimisation initiatives taken by the company, the board of directors of the company approved entering into conveyance agreement for sale of remaining portion of company's land situated at Kanjurmarg, Mumbai currently housing the transformer manufacturing unit admeasuring approximately 13 acres to Evie Real Estate for Rs 498.96 crore and also approved closure/ shifting of the transformer manufacturing unit as a precondition to such sale of land. The announcement was made after market hours on Friday, 21 June 2019.

IT major Infosys was down 0.68% to Rs 745.6. The shareholders of the company have voted in favor of reappointment of Nandan M. Nilekani as director of the company, at 38th annual general meeting held on 22 June 2019. The announcement was made during market hours today, 24 June 2019.

Glenmark Pharmaceuticals was down 7.92% to Rs 460.60. The company announced on Saturday, 22 June 2019, that the US Food and Drug Administration (USFDA) has issued a complete response letter (CRL) regarding the new drug application for Ryaltris (olopatadine hydrochloride [665 mcg] and mometasone furoate [25 mcg]), nasal spray. The CRL cites deficiencies in the drug master file (DMF) pertaining to one of the active pharmaceutical ingredients (APIs) and in the manufacturing facilities.

Emami fell 7.59% to Rs 267.3 after a block deal of 3.46 crore shares was executed on the scrip at Rs 272 per share at 9:20 IST on BSE. On the BSE, 5.80 crore shares were traded in the counter, compared with average daily volumes of 45,000 shares in the past two weeks.

Hexaware Technologies fell 5.81% to Rs 393.25 on profit booking after a recent rally. Shares of Hexaware Technologies rose 21.14% in the past five trading sessions to settle at Rs 417.50 yesterday, 21 June 2019, from its close of Rs 344.65 on 14 June 2019.

Overseas, most European shares were trading lower. Asian shars closed on a mixed note as investors pinned their hopes on any signs of a thaw in US-China trade negotiations.

China's President Xi Jinping will reportedly attend the G20 summit in Japan this week, giving the first official confirmation of his attendance at a gathering where he is expected to meet US President Donald Trump.

US stocks finished lower Friday, 21 June 2019 amid heightened tensions between Iran and the US. US President Trump reportedly said on Sunday he was not seeking war with Tehran after a senior Iranian military commander warned any conflict in the Gulf region could spread uncontrollably and threaten the lives of US troops.

On the data front, US IHS Markit said its flash manufacturing purchasing managers index in June dropped to 50.1 from 50.5 in May. The flash services purchasing managers index in June fell to 50.7 from 50.9.