Key benchmark indices edged lower in early trade. The barometer index, the S&P BSE Sensex was currently down 40.81 points or 0.14% at 28,518.81. The market breadth indicating the overall health of the market was negative. Foreign portfolio investors (FPIs) sold shares worth a net Rs 12.36 crore on Monday, 1 December 2014, as per provisional data.
Index heavyweight Reliance Industries (RIL) rose on reports that Fitch Ratings has affirmed RIL's long-term foreign currency Issuer Default Rating (IDR) at 'BBB-' with a stable outlook. Bajaj Auto lost after reporting fall in sales in November 2014. Tata Motors slipped after reporting sales figures for November 2014. Hero MotoCorp also fell after declaring motorcycle sales for the month just gone by. Shares of Infosys were trading after turning 1:1 ex-bonus from today, 2 December 2014.
Most Asian stocks rose today, 2 December 2014 as a rebound in the crude oil price gave resource-related sectors a breather.
At 9:22 IST, the S&P BSE Sensex was down 40.81 points or 0.14% at 28,518.81. The index lost 85.53 points at the day's low of 28,474.09 in early trade. The index fell 22.98 points at the day's high of 28,536.64 in early trade.
The CNX Nifty was down 12.50 points or 0.15% at 8,543.40. The index hit a low of 8,529.65 in intraday trade. The index hit a high of 8,548.20 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 638 shares declined and 597 shares gained. A total of 53 shares were unchanged.
The BSE Mid-Cap index was up 5.56 points or 0.05% at 10,268.46. The BSE Small-Cap index was off 0.18 points or 0.01% at 11,189.52. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 198 crore by 09:30 IST.
Index heavyweight Reliance Industries (RIL) rose 0.25%. As per reports, Fitch Ratings has affirmed RIL's long-term foreign currency Issuer Default Rating (IDR) at 'BBB-' with a stable outlook. The agency has also affirmed the long-term local currency IDR at 'BBB' and revised the outlook on the rating to stable from positive. RIL's operating and financial performance continues to be very strong, which is captured in the affirmation of the ratings, the report indicated.
Bajaj Auto lost 1.87% after the company reported 0.42% fall in total sales to 3.09 lakh units in November 2014 over November 2013. The sales numbers were announced before market hours today, 2 December 2014. Bajaj Auto's motorcycles sales declined 6% to 2.61 lakh units in November 2014 over November 2013. Sales of commercial vehicles surged 48% to 47,311 units in November 2014 over November 2013.
Tata Motors shed 0.48%. Tata Motors after trading hours yesterday, 1 December 2014, said its total sales rose 2.09% at 41,720 units in November 2014 over November 2013. The company's domestic sales of Tata commercial and passenger vehicles for November 2014 at 37,427 units remained flat. Tata Motors' total exports jumped 17% to 4,293 units in November 2014 over November 2013. The company's sales of commercial vehicles in the domestic market declined 5% at 25,406 units in November 2014 over November 2013. Sales of medium and heavy commercial vehicles (M&HCV) jumped 39% at 9,452 units in November 2014 over November 2013. Sales of light commercial vehicles (LCVs) fell 20% at 15,954 units in November 2014 over November 2013. The trend of growth in passenger vehicles continued, with the strong Zest and Nano sales in November 2014, Tata Motors said.
Hero MotoCorp slipped 0.44%. Hero MotoCorp's total motorcycle sales rose 3.18% to 5.47 lakh units in November 2014 over November 2013. The sales numbers were announced before market hours today, 2 December 2014.
In November 2014, Hero MotoCorp also launched its operations in Colombia. The company introduced six of its best-selling motorcycles through a network of 120 outlets. Hero plans to expand its distribution network to over 150 outlets in a year's time. In the same month, Hero MotoCorp also rolled out the new sportier version of its 150-cc motorcycle - 'Xtreme'. In October 2014, the state-of-the-art IGBC-certified platinum-class manufacturing plant - 'Garden Factory' - of Hero MotoCorp Ltd went on stream at Neemrana in Rajasthan.
Sun Pharmaceutical Industries rose 0.51%. Ranbaxy Laboratories rose 0.75%. Sun Pharmaceutical Industries clarified, in the matter of the Scheme of Arrangement between Ranbaxy Laboratories and Sun Pharmaceutical Industries that the company has neither received any final order from Competition Commission of India (CCI) on the Transaction, nor has there been any rejection of the Transaction by CCI. The CCI has been seeking additional information and detailed clarifications with respect to specific aspects of the products for the purpose of making its assessment. The company said it sees the process nearing its logical closure, the company said.
Shares of Infosys were trading at Rs 2125.80. The stock turned 1:1 ex-bonus today, 2 December 2014.
The Reserve Bank of India (RBI) undertakes monetary policy review today, 2 December 2014. The central bank aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016. Over the longer term, the RBI aims to limit consumer-price gains to 4%, within a 2% band. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India eased to 5.52% in October 2014 from 6.46% in September 2014, data released by the government on 12 November 2014 showed.
The output of eight core industries, having a combined weight of 37.9% in the Index of Industrial Production (IIP), galloped 6.3% in October 2014, government data released on Monday, 1 December 2014 showed. Coal production shot up 16.2%, while the electricity generation zoomed 13.2% in October 2014 over October 2013, mainly contributing to the healthy growth in the output of overall eight core industries. The core sectors output growth stood at 4.3% in April-October 2014 compared with 4.2% growth in the corresponding period last year.
HSBC India Services PMI for November 2014 is due tomorrow, 3 December 2014. Adjusted for seasonal factors, the headline HSBC India Services PMI Business Activity Index -- a single question tracking changes in activity at Indian services companies on a month-by-month basis -- fell to 50 in October, from 51.6 in September.
Most Asian stocks rose today, 2 December 2014 as a rebound in the crude oil price gave resource-related sectors a breather. Key benchmark indices in China, Hong Kong, Japan, Indonesia and Singapore rose by 0.11% to 0.89%. Key benchmark indices in Taiwan and South Korea fell by 0.3% to 0.76%.
US stocks fell on Monday, 1 December 2014 with the S&P 500 suffering its biggest one-day drop in more than a month, as economic data indicated weakness across the globe.
In economic data, the Institute for Supply Management said its US manufacturing index edged down to 58.7% in November from 59% in October. A number above 50% signals expansion and the latest reading kept the ISM index near a three-year high. A separate report on Monday, 1 December 2014 by the research firm Markit said that purchasing managers index for November showed a reading of 54.8, down from 55.9 in October. That marks the lowest reading in ten months. US retailers reported sluggish Black Friday spending, with sales falling 11% from the same period last year, according to the National Retail Federation (NRF). US consumers spent on average $380.95 per person, down 6.4% from a year ago. Overall, total holiday weekend sales were estimated to be $50.9 billion.
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