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Market opens on a firm note

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Domestic stocks opened on a firm note as Asian stocks and US index futures jumped following a cease-fire on tariffs between and over the weekend. At 9:25 IST, the barometer index, the BSE Sensex, was up 183.47 points or 0.51% at 36,377.77. The index was up 46.15 points or 0.42% at 10,922.90.

The BSE Mid-Cap index was up 0.41%. The BSE Small-Cap index was up 0.42%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 800 shares rose and 417 shares fell. A total of 67 shares were unchanged.

On the macro front, India's (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 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 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 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 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 and at the Group of 20 meeting in over the weekend. Trading in US index futures indicated that the Dow could surge 485 points at the opening bell today, 3 December 2018.

US stocks ended higher Friday, as investors turned positive on the outlook for trade ahead of a meeting between the American and Chinese presidents.

and Chinese approved the deal on Saturday in It offers 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.

Back home, rose 0.33%. 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.

shed 0.03%. reported a drop in November sales. The sales performance of 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.

(M&M) fell 0.59%. 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.

slipped 0.3%. 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.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 03 2018. 09:24 IST
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