Key benchmark indices recovered from lower levels after data released today, 1 November 2016 showed that the headline seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index (PMI) climbed to a 22-month peak in October 2016. At 11:21 IST, the barometer index, the S&P BSE Sensex was up 1.47 points or 0.01% to 27,931.68. The gains for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was currently up 13.80 points or 0.16% at 8,639.50.
In overseas stock markets, Chinese stocks were trading higher after the release of encouraging purchasing managers index data from China. Other Asian stocks were trading mixed. China's official manufacturing PMI rose to 51.2 in October from 50.4 in September, adding to signs that the world's second-largest economy is stabilizing. China's official non-manufacturing purchasing managers index, a measure of activity outside factory gates, edged up to 54 in October from 53.7 in September. The Caixin manufacturing PMI for China was 51.2 in October, up from 50.1 in September. Japan's central bank largely held fire in a policy update today, 1 November 2016. The Bank of Japan (BOJ) said it would keep its deposit rate steady at -0.1%, and would continue to target a zero yield for 10-year Japan government bonds. Its only notable move was to push back the timeline for achieving 2% inflation by one year, to fiscal 2018. US stocks closed lower yesterday, 31 October 2016 as stronger-than-expected consumer spending data underlined the view that the economy is growing at a steady pace, while a drop in oil prices and election uncertainty weighed on the minds of investors.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,311 shares rose and 1,164 shares fell. A total of 102 shares were unchanged. The BSE Mid-Cap index was currently up 0.19%. The BSE Small-Cap index was currently up 0.05%. Both these indices outperformed the Sensex.
Auto stocks saw mixed trend. Mahindra & Mahindra (M&M) (up 1.15%), Ashok Leyland (up 0.55%), Bajaj Auto (up 0.27%), Hero MotoCorp (up 0.62%) gained. Tata Motors (down 1.13%) and TVS Motor Company (down 0.96%) fell.
Maruti Suzuki India fell 0.26% after total sales slipped 0.3% to 1.33 lakh units in October 2016 over October 2015. The announcement was made during trading hours today, 1 November 2016.
Eicher Motors rose 2.82% after total motorcycle sales rose 33% to 59,127 units in October 2016 over October 2015. Sales of motorcycle models with engine capacity upto 350cc rose 35% to 55,188 units in October 2016 over October 2015. Sales of motorcycle models with engine capacity exceeding 350cc rose 6% to 3,939 units in October 2016 over October 2015. Total motorcycle exports rose 95% to 748 units in October 2016 over October 2015. The announcement was made during trading hours today, 1 November 2016.
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Cement stocks rose. Ambuja Cements (up 0.54%), ACC (up 0.3%) and Shree Cement (up 1.44%) gained. UltraTech Cement slipped 0.03%.
Grasim Industries was off 0.29% at Rs 968.70. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Among macro economic data, data released by Markit Economics today, 1 November 2016 indicated that the headline seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index (PMI) climbed to a 22-month peak to54.4 in October from 52.1 in September supported by stronger contributions from three of its five sub-components - new orders, output and stocks of purchases. The latest reading was indicative of a robust improvement in manufacturing business conditions that was in line with the long-run series average, Markit Economics said.
The growth in the Index of Eight Core Industries stood at 5% in September 2016, stronger than the 3.2% growth seen in August, data released by the government yesterday, 31 October 2016 showed. The Eight Core Industries comprise nearly 38% of the weight of items included in the Index of Industrial Production (IIP).
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