Volatility struck bourses in mid-afternoon trade as the key indices once again regained positive zone after erasing sharp intraday gains. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 25.47 points or 0.07% at 36,219.77. The Nifty 50 index was up 5.90 points or 0.05% at 10,882.65.
Domestic stocks opened on a firm note tracking upbeat Asian stocks and US index futures following a cease-fire on tariffs between Beijing and Washington over the weekend. Stocks held firm in morning trade. Key benchmark indices trimmed gains in mid-morning trade. Indices hit fresh intraday low in afternoon trade.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1315 shares rose and 1223 shares fell. A total of 143 shares were unchanged.
Bajaj Auto slipped 0.27%. The company's sales rose 25% to 4.06 lakh units in November 2018 over November 2017. The announcement was made on Saturday, 1 December 2018.
Hero MotoCorp fell 1.38%. The company's sales rose 0.82% to 610,252 units in November 2018 over November 2017. The announcement was made on Saturday, 1 December 2018.
Mahindra & Mahindra (M&M) lost 3.73%. The company's auto sales rose 17% to 45,101 units in November 2018 over November 2017. The announcement was made on Saturday, 1 December 2018.
Tata Motors rose 1.83%. 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.
Ashok Leyland fell 4.86% after total sales fell 9% to 13,121 units in November 2018 over November 2017. Sales of light commercial vehicles rose 15% to 4403 units while sales of medium & heavy commercial vehicles fell 18% to 8718 units in November 2018 over November 2017. The announcement was made during trading hours today, 3 December 2018.
On the macro front, manufacturing operating conditions in India strengthened for the third successive month in November, as healthier inflows of new orders encouraged companies to lift production and input buying to greater extents than in October, data released today, 3 December 2018 showed.
The Nikkei India Manufacturing Purchasing Managers' Index (PMI) rose for the third consecutive month in November to 54 from 53.1 in October. The latest figure signalled the strongest improvement in the health of the sector in almost one year.
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 data was released by the government after market hours on Friday, 30 November 2018.
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). The data was released by the government after market hours on Friday, 30 November 2018.
Overseas, Asian and European stocks edged higher following a cease-fire on tariffs between Beijing and Washington at the Group of 20 meeting in Argentina over the weekend. Activity in China's factories grew slightly faster in November, a private gauge showed. The Caixin China manufacturing purchasing managers' index edged up to 50.2 in November from 50.1 in October, Caixin Media Co. and research firm Markit said Monday. The 50 level separates an expansion in manufacturing activity from a contraction.
Trading in US index futures indicated that the Dow could surge 516 points at the opening bell today, 3 December 2018. 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.
US stocks ended higher Friday, as investors turned positive on the outlook for trade ahead of a meeting between the American and Chinese presidents.
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.
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