Key benchmark indices hovered in positive zone in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 121.70 points or 0.37% at 32,954.64. The Nifty 50 index was up 36.05 points or 0.36% at 10,157.85. The Sensex was trading a tad below 33,000 mark after crossing that level in opening trade. Today's gains were led by index heavyweights Infosys and HDFC. Shares from auto and telecom sectors saw mixed trend.
Index heavyweight and housing finance major HDFC advanced 1.49% to Rs 1,684.
Auto stocks saw mixed trend. Maruti Suzuki India (down 0.87%), Mahindra & Mahindra (M&M) (down 0.59%), Ashok Leyland (down 1.59%), Escorts (down 2.45%), Bajaj Auto (down 0.26%) fell. Eicher Motors (up 0.37%) and TVS Motor Company (up 0.02%) rose.
Tata Motors rose 2.03%. The company said that its commercial and passenger vehicles sales in domestic market grew by 58% to 52,464 units in November 2017 over November 2016, due to growing demand across segments, introduction of new products and strong customer initiatives. During the above period, the company's sales from exports declined 12% to 4,927 units due to drop in volumes in key commercial vehicles international business markets such as Nepal and Sri Lanka. The announcement was made after market hours on Friday, 1 December 2017.
Hero MotoCorp rose 0.27%. The company said that its total two-wheeler sales grew by 26% to 6.05 lakh units in November 2017 over November 2016. Out of this, motorcycles sales were at 5.25 lakh units and sales of scooters stood at 80,046 units. The announcement was made after market hours on Friday, 1 December 2017.
Telecom stocks saw mixed trend. Bharti Airtel (up 1.4%), Idea Cellular (up 0.38%) and MTNL (up 1.41%) rose. Tata Teleservices (Maharashtra) (down 1.4%) and Reliance Communications (down 6.55%) declined.
Shares of Bharti Infratel fell 1.56%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Fiem Industries jumped 5.03% after the company said it has signed a MoU with two Japanese firms for establishing a joint venture company in India. The announcement was made during market hours today, 4 December 2017.
Fiem Industries signed a Memorandum of Understanding (MoU) with Aisan Industry Co., Japan and Toyota Tsusho Corporation, Japan for establishing a joint venture company in India to manufacture fuel pump module and IC connector assembly for two-wheelers and three-wheelers. Fuel pump module will become mandatory for two-wheelers and three-wheelers with effect from April 2020 under Bharat Stage VI (BS VI) regime. This is an advanced emission control system product, which will have huge market in India under BS VI norms, Fiem said in a statement.
Alphageo (India) gained 2.36% after the company announced that it has received notification of award of contract from ONGC for an estimated contract value of Rs 154.77 crore. The order is for acquisition of 3D seismic data in Mehsana Carpet Area of Canbay Basin, India. The announcement was made on Saturday, 2 December 2017.
Overseas, Asian stocks were mixed as investors were trading cautiously after US stocks declined on Friday, 1 December 2017. US stocks ended lower on Friday, 1 December 2017, after news surrounding former national-security adviser Michael Flynn added an element of political uncertainty into markets. The Dow Jones Industrial Average and the S&P 500 fell 0.2% each while the Nasdaq Composite Index declined 0.4%.
Media reported that Flynn, the former national security adviser, would testify that he was directed to make contact with Russians during the presidential campaign in 2016. Flynn pleaded guilty to lying to the FBI about his post-election contacts with Russia's ambassador to the US.
Meanwhile, the US Senate approved a tax overhaul on Saturday, 2 December 2017, moving Republicans and President Donald Trump a big step closer to their goal of slashing the corporate tax rate and providing temporary tax-rate cuts for most Americans.
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