Market Highlights: Sensex dips over 260 points, Nifty just holds 11K, OMCs, financials weigh on indices, pharma, FMCG support

Sensex heatmap at close: ONGC, Tech Mahindra top gainers, M&M, SBI top losers##Sensex heatmap at close: ONGC, Tech Mahindra top gainers, M&M, SBI top losers

Closing Bell: Sensex dips over 260 points, Nifty holds 11K, OMCs, financials weigh on indices##Closing Bell: Sensex dips over 260 points,  Nifty holds 11K, OMCs, financials weigh on indices

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.

Is the worst over for midcaps? Despite volatility these stocks have gained over 10% in the last 1 month

Here's a quick round-up of what has so far happened in the markets today##Here's a quick round-up of what has so far happened in the markets today

-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.
-Losses in the shares of state-owned oil refiners, Housing Development Finance Corp and Reliance Industries also weighed on the indices. Losses in the shares of banks and infrastructure companies -also contributed to the sell-off. 
-The Nifty50 was trading below the 11K mark, down 0.73 percent while the Sensex declined over 280 points to trade just above 37,100. 
-Earlier, domestic equity benchmark BSE Sensex plunged nearly 300 points in early session on Monday, dragged by oil and gas stocks, stoked by a massive surge in global crude prices.
-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.
 -Shares of Titan Co were the top gainers, up 1.6%, on optimism over sales growth as investors turned to safer investments after attacks on oil facilities in Saudi Aramco.

How the attack on Saudi Aramco's oil facility impacts India##How the attack on Saudi Aramco's oil facility impacts India

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.

International benchmark Brent crude futures rose by as much as 19.5 percent to $71.95 per barrel, the biggest intraday jump since January 14, 1991. By 12.03 PM, the front-month contract was at $66.31, up $6.09, or 10.1 percent, from its previous close. READ MORE

HUDCO gains 5% on receiving Rs 253 crore in dues##HUDCO gains 5% on receiving Rs 253 crore in dues

Housing & Urban Development Corporation (HUDCO) shares gained over 5 percent intraday on September 16 after the company received Rs 253 crore in full and final settlement of its dues. The company has received an amount of Rs 253.83 crore (principal outstanding Rs 81.87 crore) in full and final settlement of its dues in an old default matter since June 2004. Also, company achieved the level of loan sanctions of Rs 6,793.21 crore and loan releases of Rs 5,160.94 crore, as on August 31, 2019, for the financial year 2019-20. HUDCO shares quoted at Rs 38.85, up 2.78 percent on the NSE at 1.49 pm.

Udayan Mukherjee says market to see only tactical rallies unless earnings improve##Udayan Mukherjee says market to see only tactical rallies unless earnings improve

A rally in stock markets last week was driven by global sentiment as there were no domestic cues to support the market other than the expected announcement of measures for the real estate sector, said Udayan Mukherjee. Markets will remain range-bound amid surging oil prices and ahead of the US Federal Reserve's monetary policy decision this week, he added.

"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

Nifty Energy falls as global crude oil prices surge##Nifty Energy falls as global crude oil prices surge

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.

August WPI unchanged from July at 1.08%##August WPI unchanged from July at 1.08%

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.

Here's a quick round-up of what has so far happened in the markets today##Here's a quick round-up of what has so far happened in the markets today

-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.  

-Earlier, domestic equity benchmark BSE Sensex plunged nearly 300 points in early session on Monday, dragged by oil and gas stocks, stoked by a massive surge in global crude prices.

-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.

Gold prices rise over 1% on global cues

Altico Capital default: Here are 3 lessons to learn from this troubled realty financier##Altico Capital default: Here are 3 lessons to learn from this troubled realty financier

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

Equitas Holdings plunges 17% after company fails to meet Sebi guidelines for draft scheme##Equitas Holdings plunges 17% after company fails to meet Sebi guidelines for draft scheme

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

Mini-recession to reappear in 2020 or 2021, says Karvy Stock Broking's Arun Mantry##Mini-recession to reappear in 2020 or 2021, says Karvy Stock Broking's Arun Mantry

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

CG Power: 10% of equity changes hands on the NSE##CG Power: 10% of equity changes hands on the NSE