Indian equity benchmarks fell to their lowest level in three weeks and the rupee declined to a 19-month low on rising crude amid escalating trade tensions between U.S. and China.The S&P BSE Sensex fell 0.77 percent or 273 points to 35,217 and the NSE Nifty 50 index declined 0.91 percent or 98 points to 10,671.People are squaring off their positions and rollovers are very bad as new margin rules come into effect from July series that along with a weaker rupee and rising crude impacted the market sentiment, AK Prabhakar, head of research told BloombergQuint over phone.Nine out of 11 sector gauges compiled by National Stock Exchange ended lower led by the Nifty PSU Bank index's 2.4 percent drop. On the flipside, Nifty IT index was the top gainer, up 0.5 percent.The mid- and small-cap shares underperformed their larger peers as Nifty Midcap 100 index fell 1.7 percent and Nifty Smallcap 100 index plunged 2.8 percent..The Nifty broke below 20-day moving average at 10,749 and 50-day moving average at 10,685. A close below these two levels can to lead it to test its support at 10,480, Salil Sharma, partner at Kapursharma.com, told BloombergQuint over phone. If the index breaks 10,480, it can fall further to 10,140, he said..Shares of the Vadodara-based fruit juice maker rebounded from intraday lows and rose as much as 5 percent to Rs 155.05 after it announced March quarter earnings.Key earnings highlights:Revenue up 44 percent at Rs 385 crore versus Rs 267 crore (YoY)Net profit up 36.4 percent at Rs 42.7 crore versus Rs 31.3 crore (YoY)Ebitda up 40.8 percent at Rs 72.8 crore versus Rs 51.7 crore (YoY)Margin at 18.9 percent versus 19.4 percent (YoY).Stocks came under increasing pressure as traders grappled with escalating global trade tension between the world’s biggest economic powers. Oil built on gains after the U.S. stepped up pressure on Iran.Most sectors fell in Europe, with the Stoxx 600 Index touching the lowest level in two months..Shares of the Anil Ambani-led company fell as much as 6.4 percent, the most in over four months, to Rs 391.80 as trading volumes jumped.Trading volume was 1.2 times its 20-day average..Indian equity benchmarks extended losses and the NSE Nifty 50 index broke below 10,688, which was its 50-day simple moving average, for the first time in over a month..EID Parry: The Chennai-based agri-chemical maker rose as much as 10.8 percent, the most in over two years, to Rs 227.80. Trading volume was 12.1 times its 20-day average.Shriram City Union Finance: The Chennai-based consumer finance company fell 2 percent to Rs 1,958. Trading volume was 13 times its 20-day average.Laurus Labs: The Hyderabad-based pharma company fell 0.7 percent to Rs 462.40. Trading volume was 10.7 times its 20-day average.Birla Corp: The Kolkata-based cement maker fell 3 percent to Rs 726.55. Trading volume was 8 times its 20-day average..Shares of the Mumbai-based government-owned bank fell as much as 6.89 percent to Rs 50.70 on heavy volumes.Trading volume was 1.7 times its 20-day average.Meanwhile, the bank has clarified that it has exposure of Rs 47.18 crore to DS Kulkarni Developers..Indian equity benchmarks extended losses while rupee weakened further to a 19-month low.The S&P BSE Sensex fell 101 points or 0.29 percent to 35,390 and the NSE Nifty 50 index declined 0.4 percent or 43 points to 10,726.Eight out of 11 sector gauges compiled by National Stock Exchange were trading lower led by the Nifty PSU Bank index's 1.6 percent drop. On the other hand, the Nifty IT index was top gainer, up 1.13 percent.The broader markets were underperforming the larger peers as the Nifty Midcap 100 index declined 1.2 percent and the Nifty Smallcap index plunged 2.1 percent.The overall market breadth was extremely bearish as 2,009 shares were declining while only 493 were advancing on the BSE..Click here for more stock market statistics.Shares of the Gujarat-based trading firm fell as much as 8.25 percent, the most in over a month, to Rs 118.50 on the back of heavy volumes.Trading volume was nearly two times its 20-day average..The rupee plunged by 32 paise to hit a 19-month low of 68.55 against the U.S. dollar on strong month-end dollar demand from importers and banks amid sustained foreign capital outflows.This is the rupee's lowest level against the greenback since November 30, 2016.The dollar's strength against some currencies overseas weighed on the local unit but a higher opening of the domestic equity markets capped the losses, traders said.Source: Press Trust of India.Shares of mid- and small-cap companies were underperforming their larger peers.The S&P BSE MidCap index fell 0.6 percent and the S&P BSE SmallCap index declined 0.8 percent compared with S&P BSE Sensex which rose marginally to 35,492..Nifty 10,800 strike price call was among the most active option contracts on the National Stock Exchange.The premium on the contract fell 47 percent to Rs 15.35, a day ahead of expiry. As many as 19.47 lakh shares were added to the open interest which stood at over 57.51 lakh shares..Click here to see the complete options chain.Shares of the Bhubaneswar-based ferro alloy maker fell as much as 3.65 percent, the most in over a week, to Rs 307.50.Two furnaces at its Therubali plant have been shut following agitations, Indian Metals And Ferro Alloys said in an exchange filing..Trade war is likely to spoil sentiment in Indian markets, says Invesco Mutual Fund's Taher Badshah.Key highlights of the conversation:Intensity of crude rally caught investors off guard.Have been biased towards large cap space.Some consumer discretionary and NBFCs worth looking at from long term point of view.Private banks, consumer discretionary, auto and some NBFCs likely to support growth in FY19.Expect 25 basis points rate hike before year end..Shares of oil marketing companies fell tracking gains in crude prices in international markets. Brent Crude rose 0.5 percent to $76.69 per barrel on top of yesterday's 2 percent upmove.Bharat Petroleum declined percent to Rs 396Hindustan Petroleum fell 4.3 percent to Rs 286Indian Oil tumbled 4 percent to Rs 160.Shares of Solara Active Pharma Sciences which was demerged from Strides Shasun got listed on exchanges today and started trading at Rs 285..Trade tensions will impact markets more than actual economies in the short term, Taimur Baig, Chief Economist at DBS Bank told BloombergQuint in an interview.Key highlights of the conversation:Trade tensions to impact markets more than actual economies in the short term.See no sign of GDP slowdown in India.India's domestic demand has perked up in the last one year.Domestic-oriented stocks in India may find investor interest.Weaker currency and wider current account deficit in India do not suggest weak macros..Shares of the country's second largest IT company rose as much as 1.26 percent to a record high of Rs 1,294 after its subsidiary got a mandate to provide banking solution to Santander in U.K.Infosys Finacle part of EdgeVerve Systems, a fully owned subsidiary of Infosys and Santander U.K. announced launch of a new inter-bank cash management system for its corporate customers, Infosys said in a press release..RBL Bank has 21.3 lakh shares change hands in a single block. Stock up 1.6 percent at Rs 569.Buyers and sellers were not immediately knownSource: Bloomberg.Shares of the Delhi-based news broadcaster rose as much as 20.56 percent, the most since December 2008, to hit upper circuit at Rs 39.Market regulator SEBI has ordered Vishvapradhan Commercial to make an open offer for NDTV for indirectly acquiring up to 52 percent via a convertible loan of Rs 350 crore in 2009 ‘sourced’ from a subsidiary of Reliance Industries..Indian equity benchmarks were little changed while the rupee fell to its lowest level in 18 months on rising oil prices amid U.S.-China trade tensions.The S&P BSE Sensex was flat at 35,481 and the NSE Nifty 50 index fell 0.14 percent to 10,754.Thirteen out of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Oil & Gas index's 1.4 percent drop. On the flipside, the S&P BSE Information Technology index was the top gainer, up 0.7 percent..Rupee fell as much as 28 paise or 0.42 percent to 68.53 per dollar, its lowest level since December 2016, on rising oil prices amid U.S.- China trade tensions..Indian bonds are poised to fall as a surge in global crude oil prices spurs concern that inflation will accelerate.Oil prices jumped on Tuesday as the U.S. pressed allies to end all imports of Iranian oil by a November deadline and said it didn’t want to offer any extensions. The 10-year bond yield climbed for a third day yesterday, rising 1 basis point to 7.83 percent.Expectations that the Reserve Bank of India could announce more bond purchases are likely to keep a cap on yields. Data from CCIL showed that state-run banks were net buyers of bonds on Tuesday while foreign banks sold.Meanwhile, the rupee is seen under pressure as oil, India's biggest import item, surges. The implied opening from forwards suggest the spot rupee will start trading at 68.44, down from 68.25 per dollar on Tuesday.Overseas, the dollar and treasury yields are holding steady with investors focused on the simmering trade tensions are awaiting more clarity from the White House on its plans..CLSA on CementBelieve cement pricing is close to bottoming-out.Expect an uptrend despite the lean monsoon season.Channel checks already indicate price hikes across most markets.Expect steady rise in industry utilization.Preferred picks: Ramco, Shree Cement and UltraTech.IIFL on AU Small FinanceUpgraded to ‘Add’ from ‘Sell’; maintained price target at Rs 710.Upgrade to factor capital infusion and earnings upgrade.Management to focus on retail deposits, increasing cross-sell and building fee-based services.Valuations expensive but still acceptable.Edelweiss on Security Intelligence ServicesMaintained ‘Buy’ with a price target of Rs 1,532.SIS has a best-in-class operational model in terms of efficiency.Focus remains on prudent M&A, improving operating efficiency.Company’s strong competitive edge in the country underpins its outperformance.FY18 growth momentum to continue into FY19; Current growth run-rate is healthy.Axis Capital on Sun TVMaintained ‘Buy’; cut price target to Rs 1,200 from Rs 1,250.Content deal with Arasu is in place now.Arasu had switched off Sun TV channels for analog subscribers which led to recent dip in ratings.Additional content cost to be limited.Ventura on SAILInitiated ‘Buy’ with a price target of Rs 119.Booming Indian economy and government’s thrust on infrastructure to keep steel demand firm.Post capex cycle – SAIL to be India’s largest steel producer.Lofty pricing, high volume growth and improving product mix to drive revenue.Increased production and improved product mix to boost revenue and realisations.Expect revenue and Ebitda to compound at 14 percent and 54 percent respectively over FY18-21.Elara Capital on Tiles SectorPMAY bonanza: double-digit volume growth by March 2020.Expect incremental demand to exceed supply.Tide in favour of low-to-mid-priced products.Limited impact in the near term from eWay Bill.Preferred picks are Prism Johnson and Somany Ceramics.Prism Jhonson: Initiated ‘Buy’ with a price target of Rs 148; implying a potential upside of upside 46 percent from the last regular trade.Somany Ceramics: Initiated ‘Accumulate’ with a price target of Rs 611.Asian Granito: Initiated ‘Accumulate’ with a price target of Rs 356.Kajaria Ceramics: Initiated ‘Reduce’ with price target of Rs 529..Who's Meeting WhomShalby to meet SBI Life Insurance on June 27.Bajaj Finserv to meet investors from June 27-29.Shriram City Union Finance to meet Ambit Capital and other investors from June 27-29.Insider TradesEveready Industries promoter acquired 15,000 shares on June 25.Persistent Systems promoter group sold 20,000 shares from June 20-22.(As reported on June 26).Bulk DealsCARE RatingsDhando India Zero Fee Fund Offshore Ltd acquired 2.05 lakh shares or 0.69 percent equity at Rs 1,188.24 each.Trading TweaksJubilant Industries circuit filter revised to 5 percent.Solara Active Pharma Sciences demerged from Strides Shasun to list on exchanges today.The New India Assurance Company ex-date for 1:1 bonus.Filatex India ex-date for stock split to Rs 2 from Rs 10 per share.Jyothy Laboratories and Prabhat Telecoms (India) last trading day before going ex-bonus.F&O CuesNifty futures ended at 10,766, with a discount of 3 pointsNifty futures add 7.7 lakh shares in open interest.Nifty Bank futures shed 1.2 lakh shares in open interest.Max open interest (OI) for June series call at 11,000 strike price call option, OI at 53.5 lakh shares.Max open interest (OI) for June series put at 10,700 strike price put option, OI at 50.4 lakh shares..SEBI orders Vishvapradhan Commercial to make an open offer for NDTV.Manpasand Beverages to consider Q4 results today.Infosys arm to provide banking solution to Santander in U.K.Voltas clarifies that it is not aware on media report on Tata Sons selling stake.Tata Communications partners with data centre solutions company Edgeconnex.Majesco U.S. arm’s insurance platform goes live for American Capital Assurance Corp.Hindustan Unilever says reports of Horlicks deal speculative.IDBI Bank clarifies it has exposure of Rs 47.18 crore to DS Kulkarni Developers.Relaxo Footwear mulls merging Marvel Polymers and Relaxo Rubber with self..Varroc Engineering's Rs 1,950 crore IPO continues on second day. Issue subscribed 0.3 times on first day..Peru beats Australia 2-0Denmark draws with France 0-0Argentina beats Nigeria 2-1Croatia beats Iceland 2-1Today’s Match ScheduleSweden versus Mexico at 7:30 PM ISTSouth Korea versus Germany at 7:30 PM ISTSwitzerland versus Costa Rica at 11:30 PM ISTSerbia versus Brazil at 11:30 PM IST.Only capital, no control in the LIC-IDBI Bank deal: ExclusiveEPFO subscribers can withdraw 75% of funds after 30 days of unemploymentBanks’ gross bad loans may rise to over 12% in FY19Public sector banks more prone to frauds, says RBI reportIndia's life-saving plan for IDBI makes no senseFortis widens loss on one-time write-offs in Q4U.S. Supreme Court upholds Trump travel banTesla Model 3 deliveries may disappoint again, Goldman saysCanada is preparing steel quotas, tariffs on China and othersTrump gets Harley plans wrong in his trade-war attackIndusInd Bank to acquire IL&FS’ brokerage businessGovernment to discontinue overtime allowance for most employees.Good Morning!The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India fell 0.15 percent to 10,739 as of 7:07 a.m.Asian stocks opened mixed as concerns linger over the impact of potential global trade restrictions. Chinese assets will be in the spotlight again with both the currency and stocks under pressure.Japanese and Australian equity indexes were little changed after the S&P 500 Index climbed back above its average level over the past 50 days.CurrenciesThe Bloomberg Dollar Spot Index held gains after increasing 0.3 percent for the first advance in a week.The yen fell less than 0.1 percent to 110.12 per dollar.The euro traded at $1.1646 after sliding 0.5 percent Tuesday.CommoditiesWest Texas Intermediate crude increased 0.1 percent to $70.58 a barrel after surging 3.6 percent.Gold held at $1,257.82 an ounce.LME copper rose 0.3 percent to $6,729.50 a metric ton..These are key key events coming up this week:New Zealand and Indonesia monetary policy decisions on Thursday.U.S. personal spending probably increased in May for a third month, economists forecast ahead of Friday’s data.China manufacturing and non-manufacturing PMI are due on Saturday.