Key benchmark indices registered modest losses on first trading day of the month in volatile session of trade. The barometer index, the S&P BSE Sensex, fell 92.89 points or 0.35% at 26,559.92, as per the provisional closing data. The Nifty 50 index fell 31.60 points or 0.38% at 8,192.90, as per the provisional closing data. After moving in a small range for most part of the day's trading session, key equity benchmarks lost ground in late trade tracking negative European stocks. Key indices snapped their four-day rising trend today, 1 December 2016.
Earlier, both the Sensex and the Nifty hit their highest levels in over two weeks. The Sensex rose 116.51 points or 0.44% at the day's high of 26,769.32 in early trade, its highest level since 15 November 2016. The barometer index lost 111.99 points or 0.42% at the day's low of 26,540.82 in late trade. The Nifty rose 26.30 points or 0.32% at the day's high of 8,250.80 in early trade, its highest level since 15 November 2016. The index lost 39.45 points or 0.48% at the day's low of 8,185.05 in late trade.
The breadth indicating the overall health of the market was negative. On BSE, 1,555 shares fell and 1,121 shares rose. A total of 140 shares were unchanged. The BSE Mid-Cap index was provisionally off 1.15%. The BSE Small-Cap index was provisionally off 0.64%. The fall in both these indices was higher than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 2768.96 crore, higher than the turnover of Rs 2590.67 crore registered during the previous trading session.
Power Grid Corporation of India (down 3.96%), Asian Paints (down 3.08%) and Tata Motors (down 2.41%) were the top losers from the 30-share Sensex pack.
Mahindra & Mahindra (M&M) lost 2.02% after the company reported weak tractor and auto sales in November 2016 during market hours today, 1 December 2016. M&M's total auto sales declined 22% to 32,499 units in November 2016 over November 2015. Total domestic sales fell 24% to 29,814 units in November 2016 over November 2015. Total exports rose 22% to 2,685 units in November 2016 over November 2015.
The company's total tractor sales fell 21% to 17,262 units in November 2016 over November 2015. Domestic sales declined 24% to 15,918 units in November 2016 over November 2015. Exports surged 50% to 1,344 units in November 2016 over November 2015.
Realty stocks declined. DLF (down 2.04%), Indiabulls Real Estate (down 2.21%), Prestige Estates Projects (down 1.14%), Hubtown (down 1.64%), Housing Development and Infrastructure (down 1.37%), Unitech (down 1.39%), Sobha (down 2.65%), and Parsvnath Developers (down 2.07%) fell. D B Realty (up 0.12%), Godrej Properties (up 0.18%) and Oberoi Realty (up 1.13%) rose.
Among macro economic data, the headline seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index stood at 52.3 in November, down from October's 22-month high of 54.4, data released by Markit Economics revealed today, 1 December 2016. The withdrawal of high-value banknotes in India reportedly hampered manufacturing growth in November, with companies signalling softer increases in order books, buying levels and output, Markit Economics said.
The gross domestic product (GDP) rose 7.3% in the second quarter ended September 2016. GDP expanded by 7.1% in the first quarter ended June 2016 and at 7.6% in the second quarter ended September 2015, data released after market hours yesterday, 30 November 2016 from the Central Statistics Office showed.
The output of eight core infrastructure sector comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) has posted healthy 6.6% growth in October 2016 over October 2015. Its cumulative growth during April to October 2016-17 was 4.9%, data released after market hours yesterday, 30 November 2016 showed.
Overseas, stocks in Europe edged lower, shrugging off the bounce in Asian shares. Asian stock markets rose as investor sentiment was boosted by news that the Organization of Petroleum Exporting Countries (OPEC) reached a deal yesterday, 30 November 2016 to cut oil production. The agreement marks the first time since 2008 that OPEC has agreed to curtail production and comes as a supply glut has weighed on prices.
In mainland China, the Shanghai Composite index rose 0.72%. China's manufacturing sector continued to expand at faster rate in November. The National Bureau of Statistics today, 1 December 2016 said that China's manufacturing PMI score was 51.7 in November, up from 51.2 in October. The Caixin China manufacturing purchasing managers' index, a private gauge of nationwide factory activity, fell to 50.9 in November from 51.2 in October but stayed out of contractionary territory for a fifth straight month, Caixin Media Co. and research firm Markit said.
In Japan, the Nikkei 225 Average rose 1.12%. The latest survey from Nikkei revealed that the manufacturing sector in Japan continued to expand in November, although at a slightly slower pace, with a PMI score of 51.3. That's down marginally from 51.4 in October, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.
US stocks ended on a mixed note yesterday, 30 November 2016 in a volatile session of trade. Stocks retreated from their earlier highs after the Beige Book suggested there were no signs of any post-election euphoria and that the economy was expanding moderately.
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