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.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 306.11 crore on Friday, 1 December 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 176.19 crore Friday, 1 December 2017, as per provisional data.
Among corporate news, Tata Motors 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 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.
Tata Steel said it had on 30 November 2017, executed definitive agreements to acquire the balance of 74% equity shares of Bhubaneshwar Power (BPPL) from JL Power Ventures for a cash consideration of Rs 255 crore. Tata Steel together with its 100% subsidiary TS Alloys held 26% equity shares in BPPL. The acquisition provides Tata Steel an opportunity to increase its captive source of power to meet its growing demand. The announcement was made after market hours on Friday, 1 December 2017.
Key benchmark indices dropped sharply on Friday, 1 December 2017. The barometer index, the S&P BSE Sensex, lost 316.41 points or 0.95% to settle at 32,832.94. The Nifty 50 index lost 104.75 points or 1.02% to settle at 10,121.80. Intraday volatility was high. The Sensex settled below the psychological 33,000 mark after sliding below that level in mid-afternoon trade. Both the Sensex and the Nifty settled at over two-week low.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)