On the macro front, India's gross domestic product (GDP) rose 7.1% in July-September, down from 8.2% in the previous quarter though it still marked a comforting uptick compared to the previous year's 6.3% reading in the same quarter. The manufacturing sector expanded 7.4% following 13.5% surge in the previous quarter while the agriculture sector grew 3.8% from 5.3% in the previous quarter. Trade, Hotel, Transport, Communication &Services related to Broadcasting rose 6.80%, almost matching the growth in previous quarter. Financial, Real Estate & Professional Services expanded 6.30%, easing slightly from a 6.52% in previous quarter.
The combined Index of Eight Core Industries stood at 134.8 in October, 2018, which was 4.8% higher as compared to the index of October, 2017. Its cumulative growth during April to October, 2018-19 was 5.4%. The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
Overseas, Asian stocks and US index futures jumped following a cease-fire on tariffs between Beijing and Washington at the Group of 20 meeting in Argentina over the weekend. US stocks ended higher Friday, as investors turned positive on the outlook for trade ahead of a meeting between the American and Chinese presidents.
President Donald Trump and Chinese President Xi Jinping approved the deal on Saturday in Buenos Aires. It offers Beijing a reprieve from a planned increase in tariffs, scheduled for 1 January 2019, on $200 billion in Chinese goods exports to the US Tariffs were scheduled to rise to 25% from 10%. The postponement relies on progress in talks that both sides aim to complete in the next 90 days covering broader issues, including intellectual property protection.
On the data front, the MNI Chicago business barometer jumped 8 points to 66.4 in November to a 4 year high, ending a streak of three straight declines. The survey is often seen as a bellwether for the broader US economy.
Trading in US index futures indicated that the Dow could surge 473 points at the opening bell today, 3 December 2018.
Back home,domestic shares inched up on Friday, 30 November 2018 extending gains for fifth day in a row, supported by recent weakness in crude oil prices and strength in local currency. The Sensex rose 23.89 points or 0.07% to settle at 36,194.30, its highest closing level since 1 October 2018.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 332.62 crore on Friday, 30 November 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1489.65 crore on Friday, 30 November 2018, as per provisional data.
Among corporate news,Maruti Suzuki India said its sales fell 0.7% to 153,539 units in November 2018 over November 2017. The announcement was made on Saturday, 1 December 2018.
Tata Motors reported a drop in November sales. The sales performance of Tata Motors commercial and passenger vehicles business in the domestic market, for the first time witnessed a drop of 4% at 50,470 units in November 2018 as against 52,464 units in November 2017, due to low consumer sentiments as a result of liquidity crisis in the industry, higher interest rates and rising fuel costs. The company said it will continue to focus on aggressive sales enhancement and provide better service to its customers in these challenging times. The announcement was made on Saturday, 1 December 2018.
Mahindra & Mahindra (M&M) said its auto sales rose 17% to 45,101 units in November 2018 over November 2017. The announcement was made on Saturday, 1 December 2018.
Hero MotoCorp said its sales rose 0.82% to 610,252 units in November 2018 over November 2017. The announcement was made on Saturday, 1 December 2018.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)