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NEW DELHI: A strong across-the-board selling, triggered by a sharp rise in crude oil prices and a drop in the rupee made equity benchmark Sensex suffer its biggest fall of Calendar 2019 in absolute terms on Monday.

"The market fell on worries of a sharp rise in crude oil prices. The US is soon likely to ask all importers of Iranian oil to end their purchases or face sanctions," said Pankaj Pandey, Head Research at ICICI Securities. India being the world’s third biggest oil importer, elevated oil prices distort its fiscal maths, widen current account deficit, weaken its currency and stoke inflation.

A 495 points, or 1.26 per cent, fall dragged Sensex to 38,645, while Nifty finished at 11,594, down 158 points or 1.35 per cent.

Let's take a look at the top highlights of Monday's session:

Nearly Rs 2 lakh crore wiped out
The selloff dragged the overall market capitalisation of BSE-listed firms to Rs 1,51,58,835.28 crore from Rs 1,53,53,416.71 crore on Thursday, making equity investors poorer by Rs 1.94 lakh crore.

176 stocks hit lower circuits
As many as 176 stocks, including Reliance Communications, 8K Miles Software Services, ARSS Infrastructure Projects, Delta Magnets and Darshan Orna, hit lower circuits on BSE. Jaiprakash Power Ventures, Salora International and Jaypee Infratech were among the 139 stocks that hit upper circuits.

YES Bank, Tata Steel below 200-DMAs
YES Bank, Tata Steel, HDFC Life, DLF, NMDC, BPCL, Reliance Nippon, Ashoka Buildcon, L&T Finance and Cummins India were among the stocks that witnessed negative breakouts and traded below their 200-DMAs. On the other hand, Mastek, FCS Software and Gujarat Heavy Chemicals were among the stocks that traded above their 200-DMAs.

179 stocks signal potential fall
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 179 counters on BSE, signalling imminent fall in these stocks. Among them were DHFL, IDBI Bank, BHEL, Tata Steel, Wockhardt and Omaxe. Meanwhile, 47 stocks, including L&T Infotech, Britannia Industries, Timex Group India and Alicon Castalloy, witnessed bullish crossovers.

RIL shares fall 3%
Shares of Reliance Industries (RIL) fell 2.76 per cent to Rs 1,344.80 even after the company on Thursday reported March quarter profit in line with estimates. Some market participants said while the better-than-expected March quarter profit numbers were already in the price, lower average revenue per user (Arpu) of RIL’s telecom business Jio disappointed investors.

HDFC Bank slips despite good Q4 show
Shares of HDFC Bank closed 0.96 per cent lower at Rs 2,268, falling prey to a broader selloff as most bank stocks bled. The fall was capped as brokerages gave a thumbs up to the lender's March quarter numbers. The bank's Rs 5,885 crore quarterly profit was highest ever for any quarter and it marked the third straight quarter of Rs 5,000 crore-plus profit for the bank.

Jet shares fall 6%
Shares of Jet Airways closed 5.67 per cent down at Rs 154.60, extending the losses into the third consecutive session. In last three sessions, the scrip has come off 41 per cent. After the closure of operations, the airline is now facing the risk of landing at NCLT as one of its service providers shot a notice under the Insolvency and Bankruptcy Code of 2016 to pay up its dues within 10 days.

DHFL shares crack 11%
Shares of Dewan Housing Finance Corporation (DHFL) closed 10.91 per cent down at Rs 140.05 after rating agency Crisil downgraded the company's commercial papers worth Rs 850 crore from A2+ to A3+ and continued on watch negative. In a BSE filing, the company said Crisil's belief that liquidity levels remain subdued and low visibility in raising funds were the reasons for downgrading the stock.

SpiceJet breaks 5-day winning streak
Shares of SpiceJet cracked as much as 8.15 per cent to Rs 125.15 after five consecutive days of gains. In the last five sessions, the stock had jumped 44 per cent. A surge in crude oil prices is seen as a reason for the fall in the stock price.

Oil & gas top sectoral loser
The BSE oil & gas index settled 3.20 per cent lower at 14,528.31, leading the pack of sectoral losers. All components of the index suffered losses in the light of a sharp rise in global crude oil prices.

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