Domestic stocks logged sharp losses on broad-based selling pressure in index pivotals. The barometer index, the S&P BSE Sensex, lost 345.56 points or 0.98% to settle at 34,812.99. The Nifty 50 index fell 103 points or 0.97% to settle at 10,482.20. Auto stocks dropped.

The Sensex settled below the psychological 35,000 level after sliding below that level in afternoon trade. Stocks started on a positive note but succumbed to selling pressure as the session progressed.

The Sensex lost 345.56 points or 0.98% to settle at 34,812.99. The index hit high of 35,333.22 and low of 34,756.80 in intraday trade.

The Nifty 50 index fell 103 points or 0.97% to settle at 10,482.20. The index hit high of 10,645.50 and low of 10,464.05 in intraday trade.

Among secondary barometers, the BSE Mid-Cap index fell 0.91%. The BSE Small-Cap index fell 0.83%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1039 shares rose and 1531 shares fell. A total of 192 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Auto index (down 2.31%), the S&P BSE Oil & Gas index (down 1.94%), the S&P BSE Power index (down 1.86%) underperformed the Sensex. The S&P BSE Consumer Durables index (up 1.38%), the S&P BSE IT index (up 0.46%) and the S&P BSE Teck index (up 0.04%) outperformed the Sensex.

Power Grid Corporation of India (down 2.87%), Adani Ports & Special Economic Zone (down 2.61%), Vedanta (down 2.59%) and Yes Bank (down 2.24%), were the major Sensex losers.

Tata Steel (up 1.67%), Kotak Mahindra Bank (up 1.59%), Infosys (up 0.45%), TCS (up 0.32%) and Larsen & Toubro (up 0.02%) edged higher from the Sensex pack.

Auto stocks dropped. Maruti Suzuki India (down 2.64%), Mahindra & Mahindra (M&M) (down 2.06%), Eicher Motors (down 2.67%), Ashok Leyland (down 0.25%), Escorts (down 1.83%), Bajaj Auto (down 1.8%), Hero MotoCorp (down 3.82%) and TVS Motor Company (down 3.09%) dropped.

Tata Motors lost 4.84% after the company's subsidiary Jaguar Land Rover reported 4.6% decline in total retail sales to 44,282 vehicles in October 2018 over October 2017. The announcement was made after market hours on Friday, 9 November 2018.

Sales in China decreased by 49% as market conditions remain challenging amid tariff changes and continued trade tensions with the US, which are impacting consumer confidence and automotive purchases. Sales also declined in Europe (13.5%) due to ongoing diesel uncertainty and sales were 4% lower year on year in overseas markets.

Lupin rose 0.74%. The company announced during trading hours today, 12 November 2018, the receipt of the Establishment Inspection report (EIR) post the completion of a Pre-Approval Inspection (PAI) for its Phenytoin Sodium Extended Release 100 mg capsules, carried out by the US Food and Drug Administration (USFDA) at its Nagpur facility in Maharashtra. The inspection conducted in September 2018 concluded without any observations. Lupin's Nagpur facility is the company's latest site and manufactures Oral Solid Dosage products. The site also houses Lupin's state of the art injectable manufacturing facility.

Wockhardt jumped 9.02%. On a consolidated basis, Wockhardt reported net loss of Rs 30.84 crore in Q2 September 2018 as against net loss of Rs 8.82 crore in Q2 September 2017. Net sales rose 10.11% to Rs 1125.68 crore in Q2 September 2018 over Q2 September 2017. The result was announced on Saturday, 10 November 2018.

Titan Company rose 5.28% after consolidated net profit rose 8.34% to Rs 301.11 crore on 27.53% rise in total income to Rs 4595.13 crore in Q2 September 2018 over Q2 September 2017. The announcement was made after market hours on Friday, 9 November 2018.

The standalone profit before tax (PBT) for Q2 September 2018 is Rs 446 crore, against Rs 425 crores in Q2 September 2017, recording a growth of 5%. The growth in the profit before tax for the quarter was muted due to provision made to the tune of Rs 29 crore for investments made as part of treasury operations in inter corporate deposits in the IL&FS group and certain one-time franchisee compensations on store takeover in the jewellery segment.

The jewellery business had a good quarter following a subdued first quarter and recorded an income of Rs 3582 crore as compared to Rs 2788 crore last year. The jewellery business grew by 29% over last year in Q2. The income from watches business recorded healthy growth too, for the quarter at Rs 676 crore against Rs 576 crore in the previous year, a growth of 17%. The eyewear business grew by 19% in the quarter, recording an income of Rs 120 crore as against Rs 101 crore last year. Other segments of the company comprising accessories grew by 24% in Q2 recording an income of Rs 33 crore. The previous year income for this segment in Q2 was Rs 27 crore.

Avanti Feeds lost 11.25% after consolidated net profit dropped 56.46% to Rs 55.11 crore on 11.65% fall in net sales to Rs 754.54 crore in Q2 September 2018 over Q2 September 2017. The result was announced on Saturday, 10 November 2018.

On the political front, elections to the Chhattisgarh legislative assembly are scheduled to be held in the two phases. First phase for 18 seats in South Chhattisgarh kicked off today, 12 November 2018 and second for remaining 72 seats of North Chhattisgarh will be held on 20 November 2018. The tenure of Chhattisgarh legislative assembly ends on 5 January 2019.

The Madhya Pradesh and Mizoram assembly elections will be held on 28 November 2018. Polling in Rajasthan and Telangana will be held on 7 December 2018. Counting of votes will be held across all the five states on 11 December 2018.

Overseas, European and Asia equities were mixed as investors remain wary about global risks that include a trade fight between the US and China, growth outlook, as well as oil prices.

Oil prices will also be closely watched on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies warned about surging oil output that is set to leave the crude market oversupplied in 2019.

US stocks finished Friday on a low note, halting a four-session rally, after a selloff in oil prices, a hotter-than-expected reading on producer prices, and uneasiness about the housing market resurrected fears of an uncertain path for the economy here and abroad.

On the US data front, the producer-price index for October rose 0.6%. Excluding volatile food and energy prices, producer prices increased by 0.5%. The University of Michigan's consumer-sentiment index fell slightly to 98.3 in November from 98.6 in October.

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