Key indices extended gains and hit fresh intraday high in mid-afternoon trade, tracking a strong opening in European market. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 297.70 points or 0.85% at 35,278.72. The Nifty 50 index was up 78.55 points or 0.75% at 10,605.30. Gains were supported by a sharp decline in crude oil prices. The Sensex was currently trading above the psychological 35,000 mark after gyrating above and below that level in intraday trade.

Broader market depicted weakness. Among secondary barometers, the BSE Mid-Cap index was down 0.12%. The BSE Small-Cap index was down 0.24%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 963 shares rose and 1528 shares fell. A total of 163 shares were unchanged.

Realty shares were mixed. Parsvnath Developers (up 2.69%), Godrej Properties (up 1.19%), Phoenix Mills (up 1.18%), Sunteck Realty (up 1.16%), Unitech (up 0.92%), Omaxe (up 0.36%), Oberoi Realty (up 0.04%) and Prestige Estates Projects (up 0.03%), edged higher. Anant Raj (down 0.44%), DLF (down 0.71%), Mahindra Lifespace Developers (down 1.7%), Housing Development and Infrastructure (HDIL) (down 1.83%), Indiabulls Real Estate (down 2.41%), Peninsula Land (down 2.93%), D B Realty (down 3.06%) and Sobha (down 3.72%), edged lower.

Pharmaceutical shares declined. Piramal Enterprises (down 3.5%), Sun Pharmaceutical Industries (down 3.07%), Wockhardt (down 2.64%), Dr Reddy's Laboratories (down 2%), Cadila Healthcare (down 1.75%), Divi's Laboratories (down 0.82%), Glenmark Pharmaceuticals (down 0.56%), GlaxoSmithKline Pharmaceuticals (down 0.45%), Aurobindo Pharma (down 0.25%), Alkem Laboratories (down 0.18%) and Strides Shasun (down 0.11%), edged lower. IPCA Laboratories (up 0.43%) and Cipla (up 0.62%), edged higher.

Drug major Lupin was down 1.37%. 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 $1.37 at $60.17 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 were trading 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.