Domestic stocks drifted higher in early trade on buying demand in index pivotals. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 91.25 points or 0.23% at 39,805.45. The Nifty 50 index was up 25 points or 0.21% at 11,947.80
On the macro front, India's economic growth rate slowed to five-year low of 5.8% in January-March 2018-19, due to slackness in agriculture and manufacturing sectors, official data stated. The Central Statistics Office also revealed that GDP growth during the 2018-19 fiscal stood at 6.8%, lower than 7.2% in the previous financial year. The data was released after market hours on Friday, 31 May 2019.
The S&P BSE Mid-Cap index was up 0.03%. The S&P BSE Small-Cap index was down 0.12%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 560 shares rose and 622 shares fell. A total of 72 shares were unchanged.
Overseas, Asian stocks were trading lower on Monday amid increasing concerns over the state of global trade. The Caixin/Markit factory Purchasing Managers' Index for May was 50.2. The PMI reading for April was 50.2.
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US stocks closed sharply lower Friday, after President Donald Trump unexpectedly announced plans to impose tariffs on imports from Mexico in an attempt to pressure the country to stem the flow of migrants across the U.S. border.
Meanwhile, reports said China may be readying fresh retaliatory moves against the U.S. in that trade dispute, while data showed a contraction in Chinese manufacturing activity this month.
Late Thursday, Trump announced that the U.S. would impose a 5% tariff on all goods from Mexico until that country stops the flow of illegal immigrants into the country. He said the tariffs will rise to 10% on July 1 if the crisis persists, and by another 5% for every successive month, up to 25% by October 1.
In US economic data, the University of Michigan's final consumer sentiment index reading for May came in at 100 versus an initial 102.4, but remained up from 97.2 in April.
Back home, Maruti Suzuki India shed 0.19%. Maruti Suzuki India reported 22% decline in total vehicle sales to 1.34 lakh units in May 2019 over May 2018. Total domestic passenger vehicle sales declined 25.1% to 1.21 lakh units. Total export sales fell by 2.4% to 9089 units. The announcement was made on Saturday, 1 June 2019.
Tata Motors fell 0.9%. Tata Motors Commercial and Passenger Vehicles Business sales in the domestic market in May 2019 were reported at 40,155 units, a drop of 26%, as against 54,290 units sold in May 2018, as market sentiments continued to be muted. The announcement was made on Saturday, 1 June 2019.
Mahindra & Mahindra (M&M) slipped 0.22%. M&M reported a 3% decline in total vehicle sales to 45,421 units in May 2019 over May 2018. Total domestic sales declined 2% to 43,056 units in May 2019 over May 2018. Total exports declined 22% to 2,365 units in May 2019 over May 2018. The announcement was made on Saturday, 1 June 2019.
Further, M&M's Farm Equipment Sector (FES), reported a 16% decline in total sales to 24,704 units in May 2019 over May 2018. Total domestic sales declined 17% to 23,539 units in May 2019 over May 2018. Total exports increased 3% to 1,165 units in May 2019 over May 2018.
Eicher Motors fell 0.63%. Eicher Motors said that its unlisted material subsidiary, VE Commercial Vehicles, reported a 19.7% decline in the total vehicle sales to 4,801 units in May 2019 over May 2018. The announcement was made on Saturday, 1 June 2019.
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