Volatility ruled the roost in early afternoon trade as the key benchmark indices reversed intraday gains. At 12:19 IST, the barometer index, the S&P BSE Sensex, was down 35.68 points or 0.1% at 35,286.70. The Nifty 50 index was down 25.55 points or 0.24% at 10,710.60. Realty stocks declined. Shares of banking major ICICI Bank advanced.
Key benchmark indices nudged higher in early trade following good GDP data announced by the government after market hours yesterday, 31 May 2018. Stocks hovered in a small range in morning trade. Key benchmark indices turned range-bound in mid-morning trade amid divergent trend in index pivotals.
The S&P BSE Mid-Cap index was down 1.18%. The S&P BSE Small-Cap index was down 1.27%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 643 shares rose and 1,746 shares fell. A total of 103 shares were unchanged.
On the macro front, the Nikkei India Purchasing Managers Index fell to 51.2 in May from 51.6 in the previous month, data released during market markets today, 1 June 2018 showed. A reading below 50 indicates contraction in activity, while a number above it signals expansion.
India's GDP rose at 7.7% in the fourth quarter of 2017-18 compared with 6.1% in the same period last year, and a revised 7% in the quarter ended December, government data released after market hours yesterday, 31 May 2018 showed. For the full financial year, GDP grew at 6.7% compared with 7.1% in the previous year.
The combined Index of Eight Core Industries stands at 124.2 in April, 2018, which was 4.7% higher as compared to the index of April 2017, government data released after market hours yesterday, 31 May 2018 showed. Its cumulative growth during April to March, 2017-18 was 4.3%. The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
Banking major ICICI Bank advanced 2.24% to Rs 292. In reply to media reports, ICICI Bank board denied having asked Chanda Kochhar to go on leave. She is on her annual leave which was planned in advance. Further, the board denied that it has appointed any search committee to find her successor. The announcement was made during market hours today, 1 June 2018.
Maruti Suzuki India rose 2.26% after the company said that its total sales rose 26% to 1.72 lakh units in May 2018 over May 2017. Maruti Suzuki India said total domestic sales rose 24.9% to 1.63 lakh units, while total exports rose 48.1% to 9,312 units in May 2018 over May 2017. The announcement was made during trading hours today, 1 June 2018.
In a separate announcement after market hours yesterday, 31 May 2018, Maruti Suzuki India said it crossed the mark of 3-lakh cumulative sale of cars with the acclaimed auto gear shift technology.
With the auto gear shift (AGS) becoming popular among the customers, Maruti Suzuki aims to achieve the feat of over 2-lakh sales in the current fiscal year. The contribution of cars with AGS variant to the company's total sales has tripled since its introduction in 2014. At present, Maruti Suzuki offers AGS in seven models in its range, including bestsellers like Alto K10, WagonR, Celerio, Swift, IGNIS and Dzire. In May 2018, Vitara Brezza became the latest offering with AGS technology from Maruti Suzuki.
Realty stocks declined. DLF (down 1.69%), Indiabulls Real Estate (down 1.12%), Housing Development and Infrastructure (down 1.69%), D B Realty (down 1.53%), Unitech (down 1.56%), Sobha (down 1.95%), Godrej Properties (down 0.65%), Prestige Estates Projects (down 2.2%) fell. Oberoi Realty (up 0.12%) rose.
Overseas, most Asian stocks slipped after the Trump administration's tariffs on imports from key allies sent US and European stocks into a tailspin. Activity in China's factories held steady in May, a private gauge indicated, pointing to a sustained growth momentum in the world's second largest economy. The Caixin China manufacturing purchasing managers' index held steady at 51.1 in May, buoyed by a pick-up in production and new orders, Caixin Media Co. and research firm Markit said Friday.
US stocks fell yesterday, 31 May 2018 as the president's escalation of trade tensions with Canada, Mexico and the European Union hammered American industrial and financial shares. The Trump administration announced it's imposing a 25% tariff on steel imports and a 10% tariff on aluminium imports from the European Union, Canada and Mexico effective midnight Friday.
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