Key benchmark indices ended with modest gains boosted by a sharp slide in global crude oil prices. The barometer index, the S&P BSE Sensex, gained 196.19 points or 0.54% to settle at 36,519.96. The Nifty 50 index rose 71.20 points or 0.65% to settle at 11,008.05. The Nifty settled above the psychologically important 11,000 mark after crossing that level in intraday trade.

The slide in global crude oil prices could help India contain inflation, current account and fiscal deficits. India imports about 80% of its crude oil requirement. In the global commodities markets, Brent for September 2018 settlement was up 26 cents at $72.10 a barrel. The contract had fallen $3.49 a barrel, or 4.63% to settle at $71.84 a barrel during the previous trading session.

After opening lower, the indices firmed up as the session proceeded. Indices pared gains in mid-morning trade and hovered in a narrow range with small gains in early afternoon trade. Indices firmed up once again and hit fresh intraday in late trade.

The barometer index, the S&P BSE Sensex, gained 196.19 points or 0.54% to settle at 36,519.96. The Sensex hit day's high of 36,549.55 and day's low of 36,261.78 in intraday trade.

The Nifty 50 index rose 71.20 points or 0.65% to settle at 11,008.05. The Nifty hit day's high of 11,018.50 and day's low of 10,925.60 in intraday trade.

Among secondary barometers, the BSE Mid-Cap index rose 2.14%. The BSE Small-Cap index rose 1.12%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,442 shares rose and 1,123 shares fell. A total of 155 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (up 2.19%), the S&P BSE Metal index (up 1.91%), the S&P BSE Bankex (up 1.43%) outperformed the Sensex. The S&P BSE FMCG index (down 0.8%), the S&P BSE IT index (down 0.07%), the S&P BSE Teck index (up 0.03%) underperformed the Sensex.

State Bank of India (up 2.98%), Sun Pharmaceutical Industries (up 2.97%), ICICI Bank (up 2.7%), Axis Bank (up 2.66%) and Tata Steel (up 2.54%) were the major Sensex gainers.

Bharti Airtel (down 1.14%), IndusInd Bank (down 0.94%), ITC (down 0.63%), Infosys (down 0.42%) and Kotak Mahindra Bank (down 0.4%) were the major Sensex losers.

Metal and mining stocks rose. Vedanta (up 2.11%), JSW Steel (up 0.18%), Tata Steel (up 2.54%), Steel Authority of India (Sail) (up 2.6%), National Aluminium Company (up 5.34%), Hindustan Zinc (up 0.3%), Jindal Steel & Power (up 1.45%), Hindalco Industries (up 3.66%), NMDC (up 0.78%) and Hindustan Copper (up 0.35%) edged higher.

FMCG major Hindustan Unilever (HUL) lost 4% to Rs 1,683.75 on profit booking after the company declared good Q1 June 2018 result after market hours yesterday, 16 July 2018. The stock had hit a record high of Rs 1,779.95 in intraday trade today, 17 July 2018. Ahead of the result, shares of HUL had gained 3.94% to settle at Rs 1,753.85 on 16 July 2018 from its close of Rs 1,687.25 on 10 July 2018.

HUL reported 19.17% rise in net profit to Rs 1529 crore on 11.37% rise in net sales to Rs 9356 crore in Q1 June 2018 over Q1 June 2017. The financial results for the quarter have been prepared in compliance with the Indian Accounting Standards (Ind AS). The company has integrated Foods and Refreshment divisions in this quarter. Accordingly, the company will report its results in the following three operating segments viz. Home Care, Beauty & Personal Care and Foods & Refreshment, along with a residual segment for 'Others'.

HUL said that cost of goods sold were lower on account of mix, judicious pricing and a strong savings program. Advertising and promotions were stepped up to support innovations, activations and respond to competitive actions in the market place. Earnings before interest, tax, depreciation and amortisation (EBITDA) at Rs 2251 crores was up by 21%. Profit after tax before exceptional items, PAT (bei), at Rs 1567 crore was up by 21%.

Sanjiv Mehta, Chairman and Managing Director, HUL said that the company achieved double digit volume growth across all three divisions and further improvement in margins. In the near term, the company sees a gradual improvement in demand and focus will continue to be on innovations and market development. Crude volatility and currency led inflation are key risks going ahead and the company will continue to manage our business dynamically while driving operational efficiencies.

Engineering and construction major Larsen & Toubro (L&T) rose 0.42%. L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Larsen & Toubro, has won a significant onshore EPC contract from HPCL-Mittal Energy for setting up 7 Cracker Furnaces of 1200 KTPA Dual Feed Cracker Unit (DFCU) at their Bathinda Refinery in Punjab. This unit is part of their Guru Gobind Singh Polymer Addition Project. The announcement was made during trading hours today, 17 July 2018.

BEML gained 2.5%. L&T and BEML have signed a memorandum of understanding (MoU) to jointly capitalise on the emerging opportunities in the domestic and export markets for defence products and systems. The cooperation between the two organisations is aimed to leverage on 'Make in India' initiative for increased value addition within the country in development/manufacturing and long-term support for defence and export business in identified areas/projects/programs, thus synergising their combined strengths. The announcement was made after market hours yesterday, 16 July 2018.

Shares of three state-run oil marketing companies jumped after crude oil futures finished sharply lower yesterday, 16 July 2018. HPCL (up 6.31%), Indian Oil Corporation (up 4.26%) and BPCL (up 2.97%) edged higher.

Lower crude oil prices could reduce under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

Bharat Electronics (BEL) rose 2.97%. The company has signed a Memorandum of Understanding (MoU) with Saab, Sweden, recently for jointly marketing the L-Band 3D Air Surveillance Radar, RAWL-03, co-developed by BEL and Saab. The announcement was made after market hours yesterday, 16 July 2018.

Sintex Plastics Technology lost 6.65%. The company's consolidated net profit dropped 46.81% to Rs 37.53 crore on 12.18% fall in net sales to Rs 1325.21 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 16 July 2018.

On the economic front, the International Monetary Fund (IMF) cut India's growth forecast by 10 basis points to 7.3% for the current year and by 30 basis points to 7.5% for 2019, citing faster-than-anticipated monetary tightening and higher crude prices. The international body had projected 7.4% and 7.8% growth for 2018 and 2019, respectively in its April forecast.

Overseas, European shares rose ahead of Federal Reserve Chairman Jerome Powell's first congressional testimony. Market players will be following what happens Tuesday at Capitol Hill, where Fed Chairman Jerome Powell will be speaking to lawmakers about the Fed's monetary policy.

Most Asian stocks declined as energy stock came under selling pressure amid overnight fall in crude oil prices.

IMF on Monday warned that there was an increased risk of worse outcomes amid recent international trade tensions, although it kept its forecasts for global growth this year the same at 3.9%.

In US, the Dow industrials bucked the trend of an otherwise downbeat session on Monday as upbeat economic data and a fresh round of quarterly results failed to stoke buying appetite. Investors also watched President Donald Trump and Russian President Vladimir Putin convene for a summit in Helsinki, Finland but reaction to a joint conference with the two leaders was muted.

On the US data front, US retail sales rose 0.5% in June. Separately, the Empire State Index fell 2.4 points to 22.6 in July. Business inventories in the US rose 0.4% in May, the Commerce Department said. Sales jumped 1.4% in the month.

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