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News End-Session

 
Sensex, Nifty settle with modest losses
01-Jun-18   16:47 Hrs IST

Key benchmark indices logged modest losses on last trading day of the week weighed by data showing manufacturing PMI growth has slowed in May. The barometer index, the S&P BSE Sensex, lost 95.12 points or 0.27% to settle at 35,227.26. The Nifty 50 index lost 39.95 points or 0.37% to settle at 10,696.20. Auto stocks gained after declaring good sales volume data for May 2018. Power generation stocks fell.

Intraday volatility was high. Stocks 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. Indices hovered in a small range till mid-afternoon trade. Stocks extended losses in late trade.

The barometer index, the S&P BSE Sensex, lost 95.12 points or 0.27% to settle at 35,227.26. The index hit high of 35,438.22 and low of 35,177.35 during the day.

The Nifty 50 index lost 39.95 points or 0.37% to settle at 10,696.20. The index hit high of 10,764.75 and low of 10,681.50 during the day.

The S&P BSE Mid-Cap index fell 1.01%. The S&P BSE Small-Cap index fell 1.57%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 715 shares rose and 1984 shares fell. A total of 126 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Power index (down 1.89%), the S&P BSE Utilities index (down 1.68%), the S&P BSE Basic Materials index (down 1.26%), the S&P BSE Realty index (down 1.07%), the S&P BSE IT index (down 0.94%), the S&P BSE Industrials index (down 0.79%), the S&P BSE Metal index (down 0.78%), the S&P BSE Bankex (down 0.75%), the S&P BSE Finance index (down 0.73%), the S&P BSE Teck index (down 0.73%), the S&P BSE Capital Goods index (down 0.67%), the S&P BSE FMCG index (down 0.67%), the S&P BSE Oil & Gas index (down 0.6%), the S&P BSE Consumer Durables index (down 0.46%), the S&P BSE Healthcare index (down 0.44%) and the S&P BSE Consumer Discretionary Goods & Services index (down 0.37%), underperformed the Sensex.

The S&P BSE Energy index (up 0.18%), the S&P BSE Telecom index (up 0.43%) and the S&P BSE Auto index (up 0.67%), outperformed the Sensex.

Tata Steel (down 2.62%), ONGC (down 2.48%) and Hindustan Unilever (down 1.96%) were the key losers from the Sensex pack.

Bharti Airtel (up 2.73%), RIL (up 0.86%) and HDFC (up 0.81%) were the key gainers from the Sensex pack.

Auto stocks gained after declaring good sales volume data for May 2018. Ashok Leyland (up 1.69%), Escorts (up 0.38%) and TVS Motor Company (up 1.77%) rose.

Bajaj Auto jumped 5.13% after the company reported a 24% growth in its total vehicles sales at 3.42 lakh units in May 2018 over May 2017. Bajaj Auto's domestic sales rose 23% to 1.92 lakh units. Exports surged 24% to 1.50 lakh units. The announcement was made during market hours today, 1 June 2018.

Hero MotoCorp gained 2.25%. The company's sales rose 11% to 7.06 lakh units in May 2018 over May 2017. Sustaining strong sales momentum, Hero MotoCorp has continued to further consolidate its domestic market leadership with an all-time high sales for the month of May. The announcement was made after market hours today, 1 June 2018.

Tata Motors rose 1.52%. In May 2018, Tata Motors registered a strong growth of 58% at 54,295 units as against 34,461 units over last year due to the continued strong sales performance of its commercial and passenger vehicles businesses in the domestic market. The announcement was made during market hours today, 1 June 2018.

Tata Motors' commercial vehicles (CV) domestic sales in May 2018 were at 36,806 units, an increase of 56% compared to 23,606 units in May 2017. Tata Motors' passenger vehicles (PV) domestic sales were at 17,489 units, a growth of 61%, compared to 10,855 units in May 2017. The company's sales from exports (from CV and PV) in May 2018 was at 3,699 units as against 3,900 units in May 2017.

Maruti Suzuki India rose 3.01% 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.

Mahindra & Mahindra (M&M) lost 2.38%. M&M's total auto sales rose 12% to 46,849 units in May 2018 over May 2017. Total domestic sales grew by 8% and total exports surged 134%. The company's total tractor sales surged 14% to 25,749 units in May 2018 over May 2017. Domestic tractor sales rose 14% while exports rose 9%. The sales volumes were announced during market hours today, 1 June 2018.

Eicher Motors lost 2.8%. As per motorcycles sales data, overall sales rose 23% to 74,697 units in May 2018 over May 2017. The announcement was made during trading hours today, 1 June 2018.

Private sector banking major HDFC Bank lost 1.25% to Rs 2,109.55 on profit booking. The stock had gained 4.36% to settle at Rs 2,136.15 yesterday, 31 May 2018.

Another private sector banking major ICICI Bank advanced 1.37% to Rs 289.50. 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.

IT major Infosys fell 0.95%. The company announced an expansion of its relationship with Microsoft to accelerate the digital transformation of enterprise clients. Infosys has launched a new Microsoft Cloud Business Unit that will focus on the comprehensive cloud needs of enterprises - from infrastructure to business applications. The announcement was made after market hours yesterday, 31 May 2018.

The unit at Infosys will consist of a central pool of trained consultants, architects and specialist sales team that will be aligned to four core solution areas - modern workplace, business applications, application development & infrastructure and data & analytics. The new unit is chartered to develop and deliver integrated experiences, solutions and services spanning Microsoft Azure, Microsoft Office 365, Windows 10 and Microsoft Dynamics 365.

Power generation stocks fell. Power Grid Corporation of India (down 1.46%), Reliance Power (down 3.16%), Reliance Infrastructure (down 1.57%), NTPC (down 1.62%), Jaiprakash Power Ventures (down 4.57%), Adani Power (down 2.97%)and JSW Energy (down 7.8%) edged lower. Torrent Power (up 2.35%) rose.

Idea Cellular was unchanged at Rs 61.65. The company announced completion of sale of its pan-India standalone tower business, by way of divesting its entire stake in ICISL (100% subsidiary of Idea), to ATC Telecom Infrastructure (ATC). The transaction has been closed with an enterprise value of Rs 4000 crore for approximately 9,900 standalone towers.

Vodafone's sale of its standalone tower business to ATC has already been completed earlier for an enterprise value of Rs 3850 crore. With this, both Idea and Vodafone India have now monetised the standalone tower assets for a total enterprise value of Rs 7850 crore, as per the timelines provided at the time of the announcement in November 2017, strengthening the financial position of the merged entity. The announcement was made after market hours yesterday, 31 May 2018.

Cochin Shipyard fell 1.56%. Cochin Shipyard said Government of Kerala has signed an agreement with the company for construction of three marine ambulance boat for fisheries department. Marine ambulances will be used for the rescue and instant treatment to the marine fishermen in distress. Cochin Shipyard presently has a robust order book in ship-building and ship-repair. The announcement was made after market hours yesterday, 31 May 2018.

PNC Infratech fell 1.13%. PNC Infratech has been declared the L1 (lowest) bidder for the 54.40 km long 4th package of Nagpur-Mumbai Six Lane Access Controlled Super Communication Expressway (Maharashtra Samruddhi Mahamarg) on engineering procurement construction (EPC) basis for a quoted price of Rs 2099.52 crore. The price bids were opened on 31 May 2018, with PNC's bid being the lowest (L1). Maharashtra State Road Development Corporation (MSRDC) is the proponent for this 700 km long Green Field Expressway project comprising 16 individual packages. Construction of the project is to be completed in 30 months. The announcement was made after market hours yesterday, 31 May 2018.

On the macro front, activity in India's manufacturing sector grew at a weaker pace in May from the previous month, a survey showed on Friday. 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).

Overseas, European shares were trading higher as Italian stocks led the pack after a coalition deal appeared to end three months of political deadlock.

Asian stocks were mixed after the Trump administration's tariffs on imports from key allies sent US 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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