The BSE Sensex closed 261 points lower, or 0.70 percent, to settle at 37,123. The NSE Nifty50 ended at 11003.50, 72 points lower, or 0.65 percent. The Nifty MidCap index settled mildy lower by 0.15 percent. The Nifty Bank under tumbled 0.87 percent. Apart from banks, finance, auto, metal, capital goods were the worst hit sectors, while pharma, FMCG and IT advanced. Among Nifty gainers, Titan, Britannia, Tech Mahindra, ONGC and Coal India surged the most, rising by up to 2.15 percent. BPCL, M&M, SBI, UPL and Indiabulls Housing Finance dipped between 2 and 7.3 percent.

-Benchmark indices extended their opening losses and fell nearly 1% each, as concerns over widening of current and fiscal deficit weighed on the sentiment, following a surge in crude oil prices after an attack on Saudi Arabia's oil facilities.

Crude oil prices saw a kneejerk reaction after an attack on Saudi Arabia's oil facilities cut over 5 percent of the global oil supply. The disruption in Saudi Arabia's global oil supply could impact countries which are major importers of Saudi crude, such as India, China and Indonesia.

"So given the global mood is not terribly sour yet, we might just continue to drift in this 10,700-11,200 kind of zone. But if the hope over the weekend was that the real estate package etc will push us beyond that upper end of that trading range of 11,200, that may have to wait and we will get pushed back within that 400-500 points kind of a range,” he said. READ MORE

The Nifty Energy index was the biggest loser among sectoral indices led by losses in oil refining companies due to a sharp jump in global crude oil prices after a drone strike on Saudi Arabian Oil Co reduced around 5 percent of the global oil supplies. A rise in global crude oil prices is detrimental for oil refiners as it increases their import bill. The Nifty Energy index was down 1.5 percent. Shares of Bharat Petroleum Corp, Indian Oil Corp and Hindustan Petroleum Corp were down 2-7 percent.

India's Wholesale Price Index-based (WPI) inflation was 1.08 percent in August, unchanged from July, data published by the Ministry of Commerce and Industry showed on Monday. August WPI was expected to slide to 0.95 percent, as per a CNBC-TV18 poll.

-The NSE Nifty50 holds the 11,000 mark, trading 0.62 percent lower at 12.30 pm. The BSE Sensex is down by over 200 points, or 0.60 percent, below 37,200.  

-In the previous session on Friday, the BSE barometer settled 280.71 points higher at 37,384.99, while the broader NSE Nifty ended 93.10 points up at 11,075.90.

-Shares of oil and gas companies HPCL, BPCL, IOC, Castrol India and Reliance Industries plunged up to 7 percent.

-On the other hand, ONGC, TCS, HUL, TechM, PowerGrid, Sun Pahrma, Infosys, ITC, HCL Tech and NTPC rose up to 2.45 percent.

-The share price of Prabhat Dairy plunged 10 percent intraday after the company’s board approved delisting of shares at a much lower price.

-Shares of oil and gas companies were under pressure on Monday after crude oil prices surged over 10 percent following drone attacks in Saudi Arabian oil fields over the weekend, which effectively shut down 6 percent of the global oil supply.

Another one bites the dust in the housing finance sector, and this time it’s one of the largest foreign-owned non-banking financial company (NBFC) by networth in India - Altico Capital. The company handles more than Rs 4,000 crore of outstanding loans and has recently defaulted on its interest payments worth Rs 20 crore to Mashreq Bank of Dubai on Rs 340 crore of external commercial borrowing (ECB). READ MORE

Shares of Equitas Holdings (EHL) fell 17 percent on Monday after Securities and Exchange Board of India (Sebi) returned the draft scheme for listing its wholly-owned subsidiary Equitas Small Finance Bank (ESFB). The company is advised to re-submit the same after ensuring compliance with the provisions mentioned in the Sebi circular. The stock plunged as much as 16.9 percent to Rs 97.30 per share on the BSE. At 9:58 am, the stock was trading 15.88 percent lower at Rs 98.50 as compared to a 0.5 percent or 199 points fall in the BSE Sensex at 37,185. READ MORE

A mini-recession is returning in 2020 or 2021, said Arun Mantry, senior manager, Karvy Stock Broking, in an exclusive interview with CNBCTV18.com, adding that it will begin from the US market. Domestically, Mantry said that the market sentiment is unlikely to improve despite the government announcing measures to revive the economy, as the steps taken are mostly medium-term or long-term. He added that for immediate improvement in the market sentiment, the government needs boosters like GST rate cut in the auto sector, increase in government spending, announcements on infrastructure and consumption. READ MORE

The dollar fell while safe havens and currencies of oil-producing countries rallied on Monday, following an attack on Saudi Arabian refining facilities that disrupted global oil supply and heightened Middle East tensions. The Canadian dollar rose 0.4 percent to 1.3233 per dollar. The Norwegian krone rose 0.5 percent to 8.9363 per dollar. Both currencies often move together with the oil price because the countries are major oil exporters. In India, a major importer of crude, the rupee fell almost 0.7 percent. The safe-haven Japanese yen and Swiss franc both firmed. The yen rose 0.3 percent to 107.79 per dollar and the franc rose 0.4 percent to $0.9883. Gold jumped by 1 percent. Against a basket of currencies the dollar edged lower to 98.162. The Chinese yuan weakened 0.25 percent to 7.0631 per dollar.

-In the previous session on Friday, the BSE barometer settled 280.71 points higher at 37,384.99, while the broader NSE Nifty ended 93.10 points up at 11,075.90.

-Shares of oil and gas companies HPCL, BPCL, IOC, Castrol India and Reliance Industries plunged up to 7 percent.

-On the other hand, ONGC, TCS, HUL, TechM, PowerGrid, Sun Pahrma, Infosys, ITC, HCL Tech and NTPC rose up to 2.45 percent.

-The share price of Prabhat Dairy plunged 10 percent intraday after the company’s board approved delisting of shares at a much lower price.

-Shares of oil and gas companies were under pressure on Monday after crude oil prices surged over 10 percent following drone attacks in Saudi Arabian oil fields over the weekend, which effectively shut down 6 percent of the global oil supply.

The share price of Prabhat Dairy plunged 10 percent intraday after the company’s board approved delisting of shares at a much lower price. The floor price is set at Rs 63.77 per share, which is at a discount of 20 percent to the closing price as on September 13. READ MORE

Indian benchmark indices BSE Sensex and NSE’s Nifty 50 started sharply lower on Monday after oil prices surged over 10 percent, which could impact India’s current account deficit. Oil prices jumped to an over six-month high and shares in Asia edged lower as investors moved to safe-haven assets after attacks on Saudi Aramco’s oil facility. However, new government measures to prop up the economy and continued foreign capital inflows may cap losses. The benchmark 30-share S&P BSE Sensex declined 227 points, or 0.61 percent, in initial tick to 37,158. The broader 50-share NSE Nifty50 also dipped 75 points, or 0.67 percent, to 11,001. Broader market indices also fell in tandem with their frontline peers with the Nifty MidCap 100 down by 98.50 points, or 0.62 percent, to 15869. The Nifty SmallCap 100 also fell well over half a percent, while the banking gauge slipped 0.85 percent. READ MORE

Here are the top buy-sell ideas by market experts for Monday:

Sudarshan Sukhani - s2analytics.com

- Sell BPCL with a stop loss of Rs 390, target at Rs 365

- Sell Punjab National Bank with a stop loss of Rs 66, target at Rs 61

- Buy Adani Ports with a stop loss of Rs 360, target at Rs 385

- Buy HDFC with a stop loss of Rs 2,030, target at Rs 2,200

Click or tap to check out more buy-sell ideas for today

Credit Suisse on Oil: Even before Saudi’s supply disruption, global oil markets were poised for a tighter second half of 2019, the brokerage said, adding that they believe improved fundamentals should trigger re-rating as expectations are low.

Click or tap to check out more brokerage calls for today

MORNING CUES

FIIs in F&O

F&O Ban: NIL

INDEX CUES