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Nifty moves above 12,000

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Key indices marched ahead and hit fresh intraday high in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 275.37 points or 0.69% at 39,989.57. The Nifty 50 index was up 79.55 points or 0.67% at 12,002.35. The Sensex was currently trading below the psychological 40,000 level after hitting day's high above that level in intraday trade. The Nifty was trading above the psychological 12,000 level. Aviation stocks rose after jet fuel prices were reduced from 1 June 2019.

Domestic stocks drifted higher in early trade on buying demand in index pivotals. Stocks extended gains in morning trade after an initial upmove.

The S&P BSE Mid-Cap index was up 0.61%. The S&P BSE Small-Cap index was up 0.07.%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 987 shares rose and 1188 shares fell. A total of 132 shares were unchanged.

Bajaj Auto was up 4.55% after the company reported 3% increase in total vehicle sales to 4.19 lakh units in May 2019 over May 2018. Bajaj Auto's total domestic vehicle sales increased 5% to 2.35 lakh units. Total export rose by 1% to 1.83 lakh units in May 2019 over May 2018.

In a separate announcement during trading hours today, Bajaj Auto said that it has agreed on new electric vehicle alliance with KTM Industries AG. As per the deal, Bajaj Auto and KTM Industries AG will develop a common 48 volt electric two-wheeler platform in the power range 3 to 10 kW for planned serial production in India. This platform will support different product variants - scooters, mopeds, small mopeds, under brands of both partners. The serial production will start at Bajaj's production site in Pune by 2022.

Aviation stocks rose after jet fuel prices were reduced from 1 June 2019. Prices of ATF constitutes approximately 50% of operating expenses of Indian aviation companies.

SpiceJet (up 5.1%) and InterGlobe Aviation (up 1.38%) edged higher. Jet Airways (India) was down 1.34%.

For Delhi, the price of Aviation turbine fuel (ATF) was cut by 61.05 per kiloliter at 65,006.8 per kiloliter, in Kolkata it has been reduced by 305.25 per kiloliter at 70,421.41 per kiloliter, in Mumbai fuel price has been trimmed by 83.25 per kiloliter at 64,946.04 per kiloliter, and in Chennai it has been reduced by 229.10 per kiloliter at 66,069.55 per kiloliter.

Great Eastern Shipping Company was up 0.53% to Rs 281.95. Great Eastern Shipping Company (GE Shipping) said its board approved a proposal to buyback fully paid-up equity shares of the company for an amount not exceeding Rs 100 crore. The maximum buyback price is Rs 306 per share.

Gujarat Alkalies and Chemicals shed 0.45%. The company announced that out of 20 MW solar power plants at Charanka in Gujarat, 7.5 MW installations have been commissioned on 31 May 2019. The announcement was made on Saturday, 1 June 2019.

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 total gross GST revenue collected in the month of May 2019 is Rs 1,00,289 crore of which CGST is Rs 17,811 crore, SGST is Rs 24,462 crore, IGST is Rs 49,891 crore (including Rs 24,875 crore collected on imports) and Cess is Rs 8,125 crore (including Rs 953 crore collected on imports). The revenue in May 2018 was Rs 94,016 crore.

The combined Index of Eight Core Industries stood at 127.5 in April 2019, which was 2.6% higher as compared to the index of April 2018. The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

Asian stocks were trading mixed on Monday amid increasing concerns over the state of global trade. A private gauge indicated that activity in China's factories held steady in May. The Caixin China manufacturing purchasing managers index in May remained unchanged from April at 50.2, Caixin Media Co. and research firm Markit said Monday.

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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, June 03 2019. 11:35 IST