Key benchmark indices hovered with modest gains in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 83 points or 0.21% at 38,728.07. The Nifty 50 index was up 24.25 points or 0.21% at 11,704.75. Pharma shares gained.
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.
The S&P BSE Mid-Cap index was up 0.74%. The S&P BSE Small-Cap index was up 0.74%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1583 shares rose and 932 shares fell. A total of 145 shares were unchanged.
Mahindra & Mahindra (M&M) shed 0.26%. 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%.
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Pharma shares gained. Dr Reddy's Laboratories (up 3.26%), Cadila Healthcare (up 1.69%), Cipla (up 0.39%), Glenmark Pharmaceuticals (up 0.82%), Lupin (up 1.75%), Sun Pharmaceutical Industries (up 2.12%), Alkem Laboratories (up 3.73%), GlaxoSmithKline Pharmaceuticals (up 1.82%), Aurobindo Pharma (up 1.02%) and Wockhardt (up 1.31%) gained.
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, 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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