Share market HIGHLIGHTS: D-Street gains on Monday; Sensex climbs 299 pts, Nifty ends at 11,008; Yes Bank up 9%

The Indian stock, commodities and currency markets will remain closed tomorrow, October 2 (Monday) on account of Mahatma Gandhi Jayanti.

NSE Indices on Monday said it has launched two dynamic asset allocation indices, which are designed to tactically combine equity and debt. The two indices are -- Nifty 50 & short duration debt -Dynamic P/E index and Nifty 50 & short duration debt – Dynamic P/B index, NSE Indices, an NSE group company, said in a statement. Within these indices, the asset allocation between debt and equity is dynamically managed based on a model that compares the current price-earnings ratio (P/E) or price-book ratio (P/B) with historical P/E or P/B ratio of Nifty 50 in the previous seven years.

Market rebounded after a weak start with short covering in banking stocks after recent correction and a positive global market. The new trade deal between US & Canada ease trade war concerns and will stimulate sentiment. September auto sales numbers are mixed due to higher fuel price and interest rates. The prevailing concern on higher oil prices & weak INR remains unchanged and investors are keenly awaiting upcoming RBI policy to get cues on market direction.

-- Vinod Nair, Head of Research, Geojit Financial Services

The NSE Nifty reclaimed the 11,000-mark on Monday amid healthy buying in bluechip stocks and improving manufacturing sector activity of the country. Check out the top gainers and losers on the Nifty.

Yes Bank was the top gainers on the Sensex on Monday, while Bharti Airtel was the top drag, losing over 4%. Check out top gainers and losers on the BSE Sensex.

The BSE Sensex closed Monday's trade 299 points, or 0.83%, higher at 36,526.14 points. Intra-day, the Sensex surged 389 points to a high of 36,616.64 points. Yes Bank shares climbed 14.30% intra-day on the BSE. The NSE Nifty 50 index ended 77.85 points, or 0.71%, higher at 11,008.30 .

Amid healthy buying in bluechip stocks and improving manufacturing sector activity of the country, The Nifty reclaimed the 11,000-mark during late afternoon trade deals.

Brent crude oil hovered close to its highest since November 2014 on Monday, supported by supply concerns before U.S. sanctions against Iran come into force next month, said a Reuters report. Benchmark Brent was up 16 cents at $82.89 a barrel by 0852 GMT, after touching $83.32, the highest level in almost four years. U.S. light crude was up 4 cents at $73.29. Investors have indicated they see prices rising, loading up on options that give the holder the right to buy Brent crude at $90 a barrel by the end of October. Open interest in call options at $90 a barrel has risen by nearly 12,000 lots in the last week to 38,000 lots, or 38 million barrels.

NSE Live: The Nifty PSU Bank index climbed 3% during late-afternoon trade deals, with Indian Bank, IDBI Bank, PNB, Union Bank and Canara Bank shares rising up to 8%. SBI was trading 2.42% higher.

Share market update: The Sensex of the BSE rose over 200 points during the late afternoon trade deals, while the NSE Nifty was 30 points behind the 11,000-mark. Yes Bank was the top gainers on both the BSE and the NSE.Source: BSE

Rupee depreciation does not benefit exporters, instead, a stable currency is needed for long term sustainable growth of India's international trade, industry body CII said today. In the present globalised environment, majority of costs like raw material, shipping charges, warehousing and other related services are denominated in foreign currency or at import parity price, the chamber said in a statement. Besides, most of exporters do long term hedging at the time of booking of orders, while importers press for reduction in prices citing depreciation of rupee, it said.

The Nifty IT index traded with gains on Monday, rising up to 2% during late afternoon trade deals. Infibeam Avenues was the top gainers, rising over 20% on the index. The Nifty 50 index ci=urrently traded 15.95 points or 0.15% higher at 10,946.40 points. 

Leading bourse BSE on Monday became the first stock exchange in the country to launch the commodity derivative contracts in gold and silver. Till date, commodity contracts are available only on MCX and NCDEX, the two specialised commodity derivatives exchanges in the country.

"We have launched gold and silver derivative contracts and have applied for launching of crude oil and copper contracts with Sebi. We will subsequently launch more agri commodities," PTI reported BSE managing director and chief executive officer Ashishkumar Chauhan as saying. He said the launch of commodity derivatives platform on BSE will help efficient price discovery, reduce timelines and make it cost effective.

The Sensex shrugged off all losses and surged 170 points to an intra-day high of 36397.43points during late afternoon trade deals on Monday. Gains were led by blue chip stocks like Yes Bank, TCS, Tata Motors, HDFC, Infosys, SBI among others.

Tesla shares on Monday surged 14% in pre-market trade after the company settled with the Securities and Exchange Commission (SEC) on fraud charges. Tesla CEO Elon Musk agreed to step down as chairman of the electric-car maker and pay $20 million fine. The SEC sued Elon Musk for lying to investors when he tweeted last month about taking Tesla private.

The Sensex, which fell almost 266 points in intra-day trade, trimmed some losses to trade 84.47 points or 0.23% lower at 36,142.67 points during late-afternoon trade deals. TCS, Yes Bank, Infosys, Wipro, ICICI Bank, HDFC, SBI were amongst the top gainers on the Sensex.

European shares rose cautiously early on Monday as optimism on the trade war front was lifted by a new U.S.-Mexico-Canada agreement, which is helping world markets enter the fourth quarter on a positive footing, said a Reuters report. At 0720 GMT, the euro zone benchmark was up 0.2% with most European bourses and sectors trading in positive territory.

Petrol price crossed the Rs 91-mark in Mumbai on Monday while domestic cooking gas LPG rates breached the Rs 500-level for the first time ever as oil at four-year high pushed fuel prices to new all-time high across the country. The hike pushed petrol price in Delhi to an all-time high of Rs 83.73 per litre and diesel to Rs 75.09. In Mumbai, petrol now costs Rs 91.08 at Indian Oil Corp (IOC) outlets, Rs 91.15 at Bharat Petroleum Corp Ltd (BPCL) pumps and Rs 91.15 at Hindustan Petroleum Corp Ltd (HPCL) stations, said a PTI report. Diesel in Mumbai costs Rs 79.72 per litre at IOC outlets and Rs 79.79 at BPCL outlets.

Shares of IL&FS Engineering and Construction breached the upper circuit at Rs 16.02,  surging 20%, after media reports said the government has moved the National Company Law Tribunal (NCLT) for change of management at the crisis-hit IL&FS. Shares of IL&FS Transportation Networks witnessed a spurt in volumes by more than 1.06 times. The share price 17.07% to an intra-day high of Rs 26.75 on the BSE.

The corporate affairs ministry has applied to the tribunal for change of management at the crisis-hit IL&FS, PTI reported on Monday quoting a senior official. Sources close to IL&FS said it is likely to support the application as it will help resolve all the pending issues and reach at a comprehensive solution for the benefit of all stakeholders.

IL&FS Engineering and Construction stock is down 75.7% this year as of its last close, while that of ILFT tanked 73.1% during the period.

Ashok Leyland reported 26% rise in total sales at 19,373 units in September. The company had sold 15,371 units in the same month last year, the company said in a statement. Sales of medium and heavy commercial vehicles grew 21% to 14,232 units as against 11,805 units in the year-ago month, it added. Shares of Ashok Leyland were trading 2.81% lower at Rs 115.70 per share.

Private sector lender Yes Bank Monday said the bank is fully geared up for the succession plan for the post of its MD and CEO and it will finalise two external experts for search committee by October 7. 'The Bank is fully geared for the MD & CEO's succession. Pursuant to the Board of Directors meeting dated September 25, 2018, the two external experts of the Search & Selection Committee will be finalised by October 7, 2018,' Yes Bank said in a statement. The RBI had last month curtailed the three-year term that Yes Bank's board had sought for its MD and CEO Rana Kapoor, also one of the promoters of the bank, to January 31, 2019, and asked the bank to find a replacement.

Yes Bank shares were trading higher by 2.78% at Rs 188.55 on the BSE.

GMR Infrastructure's subsidiary GMR Airports has emerged as the highest bidder for privatisation of the Nagpur Airport. MIHAN India, a joint venture between Maharashtra Airport Development Company and Airport Authority of India, had started the RFP process to privatise the Nagpur Airport in March 2018. Shares of GMR Infra were trading 1.55% higher at Rs 16.35 on the BSE.

IT stocks like TCS, Infosys and Wipro, along with Yes Bank, HDFC and Power Grid were among the top gainers on the Sensex in afternoon trade deals on Monday. On the other hand, Kotak Bank continued to trade lower, followed by Axis Bank, Bharti Airtel, Reliance, LT and IndusInd Bank.

The government has moved National Company Law Tribunal (NCLT) for change of management at the crisis-hit IL&FS, PTI reported on Monday quoting a senior official. Debt defaults by certain group entities of diversified IL&FS have triggered fears of liquidity crisis in the financial markets and the RBI has been taking steps to improve the overall cash situation. The corporate affairs ministry has applied to the tribunal, the official said. Sources close to IL&FS said it is likely to support the application as it will help resolve all the pending issues and reach at a comprehensive solution for the benefit of all stakeholders. The key shareholders of IL&FS include LIC, SBI and Central Bank of India.

Aviation stocks plunged upto 9.6% on the BSE on Monday after the Indian Oil Corp Ltd (IOC) hiked aviation fuel prices. According to a statement by the IOC, aviation fuel will cost Rs 74,567 per kilolitre in Delhi from Monday, Rs 79,736 per kilolitre in Kolkata, Rs 74,177 per kilolitre in Mumbai and Rs 75,521 kilolitre in Chennai, respectively. Followingv the announcement by the IOC, SpiceJet shares fell 6% to an intra-day low of Rs 64.05. Shares of InterGlobe Aviation, the operator of IndiGo airlines, fell to Rs 768.25, down 6.94%. Jet Airways stocks fell 9.67% to Rs 163 per share.

Japan's Nikkei share average rose to a 27-year high on Monday, as an extended weakening in yen helped improved export earnings prospects for Japanese corporations, with a last-gasp deal to salvage NAFTA also lifting sentiment, said a Reuters report. The United States and Canada forged a deal on Sunday North American time to preserve NAFTA as a trilateral pact with Mexico. The Nikkei ended the day up 0.52 percent at 24,245.76 after going as high as 24,306.54, its strongest since November 1991.

B. Sriram has stepped down as the MD & CEO of IDBI Bank with effect from September 30, 2018, i.e. the date of his attaining the age of superannuation, the bank said in a corporate filing to the NSE. Shares of IDBI Bank. At 11.50 am, shares of IDBI Bank were trading 1.20% higher at Rs 50.60 per share on the BSE.

Shares of Vakrangee plunged nearly 5% to breached the lower circuit at Rs 27 after the company last Saturday announced that the Ministry of Corporate affairs (MCA) has ordered Inspection of Books of Accounts for a period of three financial years to be conducted in terms of Section 206(5) of the Companies Act 2013. 'The scope shall, inter alia, include resignation of Price Water House and Co Chartered Accountants LLP as Statutory Auditors of the Company, Income Tax Assessment order and Tax Audit report for the last 5 years, number of Vakrangee Kendras located in India and deposit amount, if any, collected from franchisees, shareholding structure of the Company,' it said in a BSE filing on September 29.

The share market extended its fall, with the benchmark Sensex index plunging 204.31 points or 0.56% to trade at 36,022.83 points (around 11:30 am). The Nifty fell nearly 90 points to trade at 10,840.60 points. Kotak Bank shares traded with losses of over 6% on the BSE Sensex.

Pharma Major Lupin Limited (“Lupin”) and Eli Lilly and Company (India) Pvt. Ltd. (“Lilly India”), have announced the expansion of their business partnership aimed at widening access to innovative diabetes medicines in India. Under the new partnership, Lupin will distribute and market Lilly’s Aplevant® (dulaglutide), a once-weekly injection for type 2 diabetes treatment, the company said in a filing to the BSE.

The country's manufacturing sector activity improved in September amid gains in new orders, output and employment, a monthly survey said on Monday. The Nikkei India Manufacturing Purchasing Managers' Index strengthened slightly in September to 52.2, up from 51.7 in August, as sales rose from both domestic as well as foreign clients. This is the 14th consecutive month that the manufacturing PMI remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

Most telecom stocks were trading lower during mid-morning trade session on Monday, with shares of Bharti Airtel trading lower by 3.92% at Rs 325 per share. Shares of the telecom major fell 4.81% to hit an intra-day low of Rs 321.95 during morning trade deals on the BSE.

Dr Reddy's Laboratories Ltd on Monday announced the termination of the license granted to Armis Biopharma, Inc.(formerly known as CHD Bioscience, Inc.) for its investigational antibacterial product, DFA-02, for the prophylaxis of surgical site infections (SSIs). According to a press release issued by the Indian drug maker, as a result of the termination, Dr Reddy's has regained worldwide rights to DFA-02, and is currently evaluating its options to take the programme forward.

The Nifty BAnk index traded with losses during Monday's mid-morning trade deals with shares of Kotak Mahindra Bank down over 4%. Shares of Yes Bank reversed early morning losses to trade 0.27% higher.

Philippine shares extended losses on Monday on worries of high inflation and further monetary policy tightening, while most other Southeast Asian stock markets saw lacklustre trading due to holidays in China including Hong Kong. Asian shares edged lower as investors watched for developments on U.S. negotiations with Canada and Mexico over the North American Free Trade Agreement (NAFTA) deal, said a Reuters report.

The rupee weakened by 36 paise to 72.84 against the US dollar Monday even as the RBI announced plans to purchase government bonds worth Rs 36,000 crore to boost liquidity, said a PTI report. The domestic unit rupee had gained 11 paise to close at a one-week high of 72.48 against the US dollar on Friday. In the recent weeks, the rupee has taken a beating amid volatility in global markets and strengthening of the greenback. The central bank has been taking various measures to shore up the rupee. The rupee was trading at 72.84 against the dollar in the morning as investors are waiting for the RBI policy decision later this week. It opened at 72.61.

Around 10.50 am, the Nifty 50 index was trading at 10,886.65 points, down 43.80 points or 0.40%. Check out the top 5 gainers and losers during mid-morning trade deals on Monday.

Maruti Suzuki shares slipped nearly 2% after the auto major said its total saes during September fell about 0.5%. Total sales of Maruti Suzuki stood at 162,290 vehicles vs 163,071 vehicles during the corresponding month of last year. Around 10.50 am, shares of Maruti Suzuki were trading 0.12% lower at Rs 7341.90 per share on the BSE.

Shares of IL&FS Engineering and Construction surged over 17%, while those of IL&FS Transportation Networks rose 9.3% after the Infrastructure Financing and Leasing Services Ltd (IL&FS) Group on Saturday said it will develop a "comprehensive" restructuring plan to pay its liabilities. A series of defaults at  IL&FS, have roiled India's financial markets over the past month and sparked fears of a crisis in the non-banking financial services sector. IL&FS Engineering and Construction stock is down 75.7% this year as of its last close, while that of ILFT tanked 73.1% during the period