Fresh selling pulled the key key benchmark indices to fresh intraday low in mid-afternoon trade. At 14:19 IST, the barometer index, the S&P BSE Sensex, was down 60.86 points or 0.16% at 38,584.21. The Nifty 50 index was down 24.45 points or 0.21% at 11,656.05. Auto stocks saw mixed trend after declaring monthly sales volume data for August 2018. Negative global cues weighed on the domestic bourses.
Trading for the week began on a positive note as the key benchmark indices edged higher in early trade boosted by good first-quarter GDP data. Indices extended gains and hit fresh intraday high in morning trade. Stocks trimmed gains in mid-morning trade after data showed that manufacturing PMI has slowed in August. Key benchmark indices hovered with modest gains in early afternoon trade. Indices gave away almost all gains in afternoon trade.
The S&P BSE Mid-Cap index was up 0.36%. The S&P BSE Small-Cap index was up 0.61%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1597 shares rose and 1102 shares fell. A total of 170 shares were unchanged.
Hindustan Unilever (down 2.39%), Axis Bank (down 1.72%), Power Grid Corporation of India (down 1.6%) were the major Sensex losers.
Auto stocks saw mixed trend after declaring monthly sales volume data for August 2018. Eicher Motors (up 3.34%) and TVS Motor Company (up 0.32%) rose. Escorts (down 3.02%) fell.
Bajaj Auto rose 0.9% after the company reported a 30% growth in its total vehicles sales at 4.37 lakh units in August 2018 over August 2017. Bajaj Auto's total domestic sales rose 27% to 2.55 lakh units, while total exports rose 35% to 1.81 lakh units in August 2018 over August 2017. The announcement was made during market hours today, 3 September 2018.
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Hero MotoCorp fell 0.03%. The company said that its total sales rose 0.92% to 6.85 lakh units in August 2018 over August 2017. The announcement was made on Saturday, 1 September 2018.
Mahindra & Mahindra (M&M) was down 0.96%. M&M during market hours today, 3 September 2018 announced the launch of Marazzo. The Marazzo comes with a smooth ride, agile handling, quiet cabin, fastest cooling and luxurious interior space. The Marazzo will be available at Mahindra dealerships pan India starting today, at launch price of Rs 9.99 lakh (ex-showroom) for the M2 variant.
In a separate announcement made during market hours today, 3 September 2018, M&M's Farm Equipment Sector (FES) announced that domestic sales were at 16,375 units in August 2018, as against 15,356 units in August 2017. Total tractor sales (domestic + exports) were at 17,785 units during August 2018, as against 16,641 units in same period last year. Exports for the month stood at 1,410 units.
M&M on Saturday, 1 September 2018 announced that its auto sales for August 2018 stood at 48,324 vehicles, compared to 42,207 vehicles during August 2017, a growth of 14%.
Maruti Suzuki India was down 1.32%. The company said that its total sales declined 3.4% to 158,189 lakh units in August 2018 over August 2017. The announcement was made on Saturday, 1 September 2018.
Tata Motors rose 0.72%. The company said total sales in the domestic market in August 2018 grew by 27% at 58,262 units compared to 45,906 units over previous year. Commercial Vehicles (CV) domestic sales in August 2018 were 39,859 units as against 31,566 units in Aug 2017, a growth of 26% led by the continued acceptance of the superior performance of our BS4 products. The announcement was made on Saturday, 1 September 2018.
Ashok Leyland rose 3.52% after total sales rose 27% to 17,386 units in August 2018 over August 2017. Sales of light commercial vehicles jumped 38% to 4,228 units and sales of medium & heavy commercial vehicles rose 24% to 13,158 units in August 2018 over August 2017. The announcement was made on Saturday, 1 September 2018.
On the macro front, August survey data released during market hours today, 3 September 2018 indicated that operating conditions improved at the slowest pace since May, mainly reflecting slower gains in output and new orders. The Nikkei India Manufacturing Purchasing Managers' Index (PMI) fell to 51.7 in August from 52.3 in July.
India's Gross Domestic Product (GDP) growth accelerated sharply to nine-quarters high level of 8.2% in the quarter ended June 2018, while showing consistent improvement from a low of 5.6% in the quarter ended June 2017. The data was released by the government after market hours on Friday, 31 August 2018.
The production of eight core infrastructure industries comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP) increased 6.6% in July 2017 over July 2017. The cumulative output improved 5.8% in April-July 2018-19. The data was released by the government after market hours on Friday, 31 August 2018.
Overseas, most European stocks declined amid heightened concerns of an escalating trade war between the world's two largest economies. Asian stocks were trading lower as trade-war fears increased after the US and Canada missed a deal deadline set for Friday and uncertainty rose about escalating tariffs between the US and China. Activity in China's factories expanded at a slower rate in August. The Caixin China manufacturing purchasing managers' index declined to 50.6 in August from 50.8 in July, Caixin Media Co. and research firm Markit said Monday.
US markets will be closed today, 3 September 2018 for the Labor Day holiday. US stocks closed mixed on Friday, 31 August 2018 as the Trump administration and Canada were said to plan on resuming trade talks next week after discussions Friday ended with no deal.
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