Sensex, Nifty snap 3-day losses

Key domestic indices snapped three-day losses and ended with sharp gains on bargain hunting amid positive leads from global stock markets. A sharp decline in crude oil prices also supported buying. The barometer index, the S&P BSE Sensex, rose 373.06 points or 1.07% to 35,354.08, as per the provisional closing data. The Nifty 50 index rose 105.40 points or 1% to 10,632.15, as per the provisional closing data.

Rally in HDFC Bank, Hindustan Unilever and ITC boosted key indices higher. The Sensex ended above the psychological 35,000 mark after gyrating above and below that level in intraday trade. The Nifty ended above 10,600 level.

Among secondary barometers, the BSE Mid-Cap index rose 0.06%. The BSE Small-Cap index fell 0.15%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1074 shares rose and 1515 shares fell. A total of 192 shares were unchanged.

Hero MotoCorp (up 5.97%), Hindustan Unilever (up 4.26%), Wipro (up 3.72%), Axis Bank (up 3.18%), Asian Paints (up 2.75%), IndusInd Bank (up 2.48%), Bajaj Auto (up 2.19%), HDFC Bank (up 2.17%) and ITC (up 1.91%), were the major Sensex gainers.

Yes Bank (down 3.94%), ONGC (down 3.35%), Sun Pharmaceutical Industries (down 2.87%), Coal India (down 2.08%), Vedanta (down 1.85%) and Tata Steel (down 1.56%), were the major Sensex losers.

Drug major Lupin fell 0.62%. The company announced during trading hours today, 26 November 2018, that it has received approval from the United States Food and Drug Administration (USFDA) to market a generic version of SpecGx LLC's Anafranil Capsules, 25 mg, 50 mg, and 75 mg. Lupin's Clomipramine Hydrochloride Capsules USP, 25 mg, 50 mg, and 75 mg is indicated for the treatment of obsessions and compulsions in patients with Obsessive-Compulsive Disorder (OCD). Anafranil Capsules had annual sales of approximately USD 109.6 million in the US (IQVIA MAT September 2018).

In a separate announcement, Lupin said that it received approval from USFDA to market a generic version of Pharma Research Software Solution LLC's Potassium Chloride for Oral Solution, 20 mEq. Lupin's Potassium Chloride for Oral Solution USP, 20 mEq is indicated for the treatment and prophylaxis of hypokalemia with or without metabolic alkalosis, in patients for whom dietary management with potassium-rich foods or diuretic dose reduction is insufficient. Potassium Chloride for Oral Solution USP, 20 mEq had annual sales of approximately $105 million in the US (IQVIA MAT September 2018).

Crude oil prices slumped to 2018 lows on Friday, pulled down by an emerging crude supply overhang. In the global commodities markets, Brent for January 2019 settlement was up $1.36 at $60.16 a barrel. The contract fell $4.68 a barrel or 7.37% to settle at $58.80 a barrel during the previous trading session.

India imports majority of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.

Overseas, European stocks posted solid gains on Monday, as investors digested fresh developments surrounding the UK's withdrawal process from the European Union.

Asian indices ended higher. Trading sentiment was cautious as plunging oil prices fanned worries about a dimming outlook for the global economy.

Investors are looking ahead to a G-20 summit set to take place in Argentina later this week, where President Donald Trump and President Xi Jinping are due to meet. The summit will be watched closely for how relations between both countries develop, in addition to further news surrounding trade.

US stocks closed lower Friday, pressured again by falling oil prices, which drove the indices to the second straight week of declines.

Investors also keyed in on developments in European politics, after the UK and European Union both announced progress on Thursday in outlining their future relationship after Britain exits the EU.

On the US data front, the Markit flash reading on manufacturing PMI fell to 55.4 in November, a three-month low.

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