Share market HIGHLIGHTS: Sensex tanks 346 pts, Nifty ends below 10,500 on sell-off in PSU banks, auto stocks

The NSE Nifty closed Monday's trade at 10,482.20 points, down 103 points or 0.97%, led by losses in all the sectoral indices barring the IT index. The India VIX rose 8.64% to 19.30. Check out the top Nifty gainers and losers today:

The BSE Sensex closed Monday's trade 345.56 points or 0.98% lower at 34,812.99 points tracking weakness in the rupee, along with rising crude prices and heavy selling pressure in blue-chip stocks. The NSE Nifty 50 ended below the 10,500-mark led by profit booking in most PSU banks, auto, realty and financial services stocks. Check the top gainers and losers on the Sensex here:

State-owned fertiliser firm RCF Monday reported a 65% increase in its net profit at Rs 17.80 crore for the quarter ended September on higher sales. Total income rose to Rs 2,337.54 crore during the second quarter of this fiscal from Rs 1,812.03 crore in the corresponding period of the previous year. Shares of the company were trading at Rs 62.95, up 0.48% over its previous close in BSE.

Shares of oil marketing companies (OMCs) cracked on Monday after oil prices rose. According to a Reuters report, Brent crude oil prices jumped by 2% on Monday after top exporter Saudi Arabia announced a supply cut in December, a measure likely aimed at halting a market slump that has seen crude decline by 20 percent since early October.

The NSE Nifty 50 slipped below the 10,500-level in late afternoon trade deals on Monday and traded 93.15 points or 0.88% lower at 10,492.05 points. Here are the top gainers and losers on the Nifty:

The BSE Sensex tumbled over 300 points to a low of 34,849.16 points led by heavy selling pressure in auto, PSU banks, and metals stocks. Around 3 pm, the Sensex was trading 293.51 points or 0.83% lower at 34,865.04 points. Only 4 out of the 30 Sensex stocks traded with gains.

Jamna Auto Industries reported a 20.62% increase in consolidated net profit at Rs 35.51 crore for the second quarter ended September 30. The company had posted a net profit of Rs 29.44 crore in the same quarter of the previous fiscal, Jamna Auto said in a regulatory filing. Revenue from operations during the reported quarter stood at Rs 548.37 crore. It was at Rs 386.1 crore in the corresponding period last fiscal. During the second quarter, total expenses were higher at Rs 472.68 crore as against Rs 321.94 crore in the year-ago period, it added.

The state-run Dredging Corporation of India (DCI) Monday reported a net loss of Rs 79.16 crore for the second quarter ended September 30, 2018 on account of higher expenses and decline in income. The company had clocked a net profit of Rs 18.59 crore for the corresponding quarter of the last fiscal, it said in a BSE filing. Its total income dipped to Rs 149.44 crore during the September quarter under review as against Rs 162.75 crore in the corresponding quarter of the previous fiscal. Total expenses increased to Rs 228.18 crore in the July-September quarter as against Rs 143.66 crore in the year-ago period.

The dollar rose to a fresh 16-month high versus its key rivals on Monday as traders punished the euro and sterling on growing uncertainty over a smooth Brexit deal, said a Reuters report. The U.S. currency has also been supported by the Federal Reserve, which last week reaffirmed its plan to raise interest rates next month and remained on track for two more potential rate hikes by mid-2019 thanks to an upbeat economy. The dollar index, a gauge of its value against six major peers, added more than 0.5% to 97.42, levels visited in June 2017. It has strengthened four weeks in a row, having gained 0.4% last week.

European shares bounced back on Monday thanks to strong oil stocks, while tobacco firms were dented by new signs of regulators tightening the screws on menthol cigarettes, said a Reuters report. The pan-European STOXX 600 gained 0.2% by 0826 GMT, having ended last week in the red with sentiment still shaky. Oil stocks jumped 1.8% after a more than 1.5% jump in crude prices following top exporter Saudi Arabia's announcement of a supply cut in December with other producers also considering reductions into 2019. Basic resources stocks also climbed 1.8% in a broad upswing in cyclicals. Tobacco stocks stole the spotlight. British American Tobacco shares fell as much as 11% to its lowest since February 2014 after a Wall Street Journal report that the U.S. Food and Drug Administration plans to pursue a ban on menthol cigarettes. Imperial Brands shares fell just 3.4%, as traders said BAT has the greatest exposure to menthol cigarettes.

The BSE Sensex extended losses during mid-afternoon trade on Monday -- slipping below the 35,000-mark -- pulled lower by weakness in the rupee, tepid global cues and heavy selling pressure in all sectoral indices, barring the IT index. According to market observers, cautioned also prevailed ahead of the release of major macroeconomic data later in the evening. HDFC Bank, Reliance, HDFC, SBI, Tata Motors, and ITC shares contributed the most to the losses of the Sensex.

Even as some investors may decide to invest passively through index trying to replicate Sensex returns, the 30-share index has multiplied wealth at a CAGR of 12% in the last 5 years, according to a study. Motilal Oswal’s 23rd wealth creation study notes that Rs 1 lakh invested in the Sensex in 2013 would have grown to Rs 1,75,000 in 2018, delivering a CAGR of 12%. While Sensex has delivered a CAGR of 12%, a combination of 10 ‘Fastest Wealth Creators’ has multiplied investor wealth by a whopping 17 times, according to the study. “Rs 1,00,000 invested equally in 2013 in top 10 Fastest Wealth Creators would have grown to almost Rs 1.7 million in 2018, delivering a return CAGR of 75%,” noted the study.

Read the full story here: Investing only in Sensex? Here’s how much your Rs 1 lakh would have grown to in last 5 years

The rupee fell past the 73/$-mark, slipping to a low of 73.0462 per US dollar the early afternoon trade deals today. The weakness in the rupee came on the back of Brent crude oil prices climbing by 2% and strengthening dollar. Brent crude oil prices jumped by 2 percent on Monday after top exporter Saudi Arabia announced a supply cut in December, a measure likely aimed at halting a market slump that has seen crude decline by 20 percent since early October,  said a Reuters report. Another report said the dollar index rose over 0.4% during the day to hit a fresh 16-month high of 97.379.

Brent crude oil prices jumped by 2 percent on Monday after top exporter Saudi Arabia announced a supply cut in December, a measure likely aimed at halting a market slump that has seen crude decline by 20 percent since early October, Reuters reported. Front-month Brent crude futures, a benchmark for global oil prices, were at $71.59 per barrel at 0644 GMT, up by 2% from their last close. U.S. West Texas Intermediate (WTI) crude futures rose 1.5% to $61.08 per barrel. Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day (bpd) in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in getting other producers to agree to a coordinated output cut.

PSU Banks came under heavy selling pressure in the early afternoon trade deals on Monday. Shares of OBC, Bank of India and Union Bank fell up to 7% on the PSU Bank index. SBI shares were trading lower by 1.4%.

Shares of information and communication technology provider AGC Networks Ltd rose 16.7% to Rs 74.80 per share on the NSE, marking their their biggest intraday gain since December 2017. AGC on Monday said its Singapore unit will buy Nasdaq-listed IT infrastructure services provider Black Box Corp for $16.6 million in cash. The deal is expected to add over $600 million in annual revenue for AGC. Following the development, AGC shares rose to their highest since September 27.

Shares of Britannia Industries traded lower by 0.40% at Rs 5730.95 per share on the BSE ahead of the announcement of its quarterly results. Among other companies which are expected to declare their Q2 results today are Jet Airways, Union Bank of India, Apex Frozen Foods, Bank of India, Aurobindo Pharma, NALCO, Jamna Auto Industries, JK Paper, Mcleod Russel India, NMDC, Oil India, Quick Heal Technologies, UCO Bank and Rashtriya Chemicals and Fertilizers.

Jet Airways shares slumped nearly 7% to a low of Rs 240.55 per share on the BSE on Monday ahead of the announcement of its quarterly results.  In the first quarter, Jet Airways had announced a loss of Rs 1,323 crore against a profit of Rs 53.50 crore in the corresponding quarter a year ago. The increase in brent fuel prices, falling rupee and a mismatch between rising ATF rates and low fares resulted in steep loss for the airline, Vinay Dube, CEO, Jet Airways said. This was the airline’s third highest quarterly loss.

Shares of housing finance companies gained on Monday. PNB Housing Finance rose by 3.15% to Rs 958, Repco Home Finance by 3.86% to Rs 414.25, Indiabulls Housing Finance by 0.64% to Rs 867.35, and DHFL shares by 2.47% to Rs 238.25 per share on the BSE.

Asian currencies started the week lower on Monday as concerns about global growth coupled with U.S. Federal Reserve's hawkish stance hit risk-sensitive assets and boosted the U.S. dollar, according to a Reuters report. The dollar, which has also benefited from safe-haven bid, added to previous week's gains and its index against other major currencies rose towards a 16-month high on Monday. The Indian rupee, the worst-performing Asian currency this year, led losses. The rupee weakened by 0.6% as a more than one percent jump in oil prices put the currency under pressure. The rupee had enjoyed some relief during a 20% slid in crude prices since early October, but a one percent jump in prices on Monday after top exporter Saudi Arabia announced a cut in supply for December put the Indian currency on the backfoot again. Higher oil prices threaten to spur India's inflation and fiscal deficit. India's October inflation is scheduled to be released later on Monday. 

Titan, PNB Housing Finance, India Cements, Jet Airways were among the buzzing stocks in trade today. Check out all the trending stocks here:

PNB Housing Finance has obtained refinance sanction of Rs 3,500 crore from the National Housing Bank (NHB) in October 2018, the company said on Monday. "The funds will be utilised for the specific sector wise disbursements/ end uses as per norms of the respective NHB refinance schemes," PNB Housing Finance said in a regulatory filing. PNB Housing Finance Managing Director Sanjaya Gupta said the fresh sanction of Rs 3,500 crore will strengthen the company's liquidity and also help in boosting the economic growth. The company had also raised a total of Rs 4,225 crore through commercial papers (CP) last month. PNB Housing Finance shares were trading 3.44% higher at Rs  960.70 per share on the BSE.

Energy stocks helped Australia's benchmark share index reverse course to end higher on Monday as oil prices jumped after Saudi Arabia announced a supply cut, said a Reuters report. Markets had faltered in early trade on worries about slowing global growth and as investors squared positions ahead of a slew of economic data later this week. The S&P/ASX 200 index closed up 0.3% or 19.5 points at 5,941.3 points, a more-than-three-week high. Energy stocks were among the top gainers, rising nearly 2% at one point before paring some gains.

The Nifty metal index was trading lower by 0.38% in trade today. Hindalco was the top index loser, down 2.16%. Check out all gainers and losers on the metals index here:

While investing in Sensex would have grown wealth only at a CAGR of about 12% in the last 5 years, investing Rs 1 lakh equally in select 10 stocks would have multiplied investor wealth by 17 times, according to a study. Motilal Oswal’s 23rd Wealth Creation Study noted that Rs 1 lakh invested equally in 2013 in top 10 Fastest Wealth Creators would have grown to almost INR 1.7 million in 2018, delivering a return CAGR of 75%. “Over the same period, Rs 1,00,000 invested in the Sensex would have grown to only Rs 1,75,000 (12% return CAGR),” said the study.

Read here: Which are these fastest stocks?

Biotechnology major Biocon Monday said the US health regulator has completed the inspection of its new manufacturing facility in Bengaluru without any observations. "The United States Food and Drug Administration (USFDA) conducted a pre-approval inspection of our new oral solid dosage forms manufacturing facility at Biocon Park in Bengaluru from November 5-9, 2018," Biocon said in a regulatory filing. The audit concluded without any observations and no Form 483 was issued, the company added. Shares of Biocon traded at Rs 633.30 per share, down 1.11%.

The NSE Nifty 50 slipped below the 10,600-mark in mid-morning trade deals on Monday and traded 2.10 points or 0.02% higher at 10,587.30 points. Check out the top Nifty gainers and losers here:

Profit booking in index heavyweights like Tata Motors, Yes Bank, Power Grid, Hero MotoCorp, Vedanta and SBI pulled the Sensex lower from its intra-day high at 35,333.22 points. Around 10.22 am, the BSE Sensex traded at 35,105.33 points, down 53.22 points or 0.15% from its previous close.

The dollar built on last week's gains and rose towards a 16-month high on Monday as traders expect the U.S. Federal Reserve to keep tightening monetary policy, but sterling remained under heavy pressure amid uncertainty over a Brexit deal, said a Reuters report. The Fed has reaffirmed its plan to raise interest rates by 25 basis points in December, followed by two more potential rate hikes by mid-2019 on the back of an upbeat economy and rising wage pressures. The greenback has also benefited from a broader move away from riskier assets due to U.S.-Sino trade tensions, China's economic slowdown, Brexit uncertainty, and the standoff between Rome and the European Union over Italy's plan for a big-spending budget and wide fiscal deficit. The dollar index against other major currencies edged up 0.1% on Monday to 97.02, just below its 16-month high of 97.2 hit on Oct. 31. The dollar index has strengthened four weeks in row, gaining 0.4% last week.

The NSE Nifty IT index traded with gains of over 1% in early morning trade on Monday as the rupee weakened. In opening trade, the rupee slipped by 26 paise to 72.76 against the US dollar owing to increased demand for the American currency from importers amid increasing global crude oil prices. Infibeam shares dropped over 8%.

The rupee weakened by 26 paise to 72.76 against the US dollar Monday, owing to increased demand for the American currency from importers amid increasing global crude oil prices. The international benchmark, Brent crude again breached the USD 71 a barrel mark by surging 1.21%. Besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets, capped the losses, PTI reported quoting forex traders. At the Interbank forex market, the rupee opened lower at 72.74 and slipped further to quote at 72.76 against US dollar, down 26 paise over its previous close.

Shares of airline companies slipped over 3% in early morning trade on Monday after crude oil prices took a U-turn from their last week low levels. Oil prices rose by about one percent on Monday after top exporter Saudi Arabia announced a cut in supply for December, seen as a measure to halt a market slump that had seen crude decline by 20% since early October. InterGlove Aviation shares traded 2.96% lower, while shares of Jet Airways and SpiceJet fell by 3.48% and 2.15% respectively.

Read about crude prices here: Crude oil prices rise by 1% after Saudi Arabia announces December supply cut

The NIFTY PSU Bank index traded lower by 0.48% in early morning trade on  Monday. Barring Central Bank of India, all PSU Banks traded in the red. SBI shares were down 0.32%.

Shares of Tata Motors slipped over 2% to a low of Rs 191.10 per share on the BSE in opening trade today. Tata Motors-owned Jaguar Land Rover reported a decline of 4.6% in total retail sales at 44,282 units in October. Sales in China decreased by 49% as market conditions remained challenging amid tariff changes and continued trade tensions with the US, which are impacting consumer confidence and automotive purchases, Tata Motors said in a regulatory filing on Friday.

The NSE Nifty 50, which opened above the 10,600-mark on Monday, traded 40.70 points or 0.38% higher at 10,625.90 points around 9.30 am. Check out the most traded stocks by volume on the NSE in the first 15 minutes of trade today.

Shares of Titan Company surged over 3% to a high of Rs 874.10 per share on the BSE in early morning trade today. Titan reported a net profit growth of nearly 3% year-on-year at Rs 314.4 crore for the September quarter.  The company’s revenue grew 26% at Rs 4,406.8 crore against Rs 3,487.6 crore year-on-year, the company had reported on Friday.

Also read: Titan share price zooms 4% despite tepid Q2 results; should you buy stock? 

Sensex and Nifty opened in the positive territory on Monday led by gains in shares of blue-chips like HDFC, Asian Paints, Infosys, Adani Ports and M&M. Tata Motors shares slipped over 2% in opening trade today, while Titan Company shares rose 2.3%.

Asian shares fell on Monday, extending weakness in global equity markets at the end of last week as soft Chinese economic data and falling oil prices rekindled anxiety about the outlook for world growth, said a Reuters report. A combination of weak factory-gate inflation data in China and low oil prices weighed on global stocks on Friday, dragging MSCI’s gauge of global stocks to its worst day in two weeks. The index was last 0.11% lower.

Read the full story here: Asia stocks pressured on global growth worries, oil woes

The BSE Sensex surged over 100 points in the pre-open trade session on Monday. The rupee opened at 72.6783 per US dollar, down 18 paise from its Friday's close at 72.4950 against the greenback, Bloomberg data showed.