Taking a cue from global stock markets, the key Indian equity market indices ended with losses. The barometer index, the S&P BSE Sensex, fell 137.10 points or 0.40% to 34,046.94, as per the provisional closing data. The Nifty 50 index fell 43.20 points or 0.41% to 10,449.65, as per the provisional closing data. The selling pressure was restrained as India's positive economic data showed a sign of an overall recovery.
The Indian stock market will remain shut on Friday, 2 March 2018, on account of Holi.
Main barometers opened higher and hit fresh intraday high in early trade. Selling at higher levels dragged the key indices to the day's low in mid-morning trade. After staging a recovery in afternoon trade, key indices slumped in late trade. The Sensex rose 94.59 points, or 0.28% at the day's high of 34,278.63 in early trade. The index fell 168.25 points, or 0.49% at the day's low of 34,015.79 in late trade, its lowest level since 23 February 2018. The Nifty rose 32.65 points, or 0.31% at the day's high of 10,525.50 in early trade. The index fell 45.70 points, or 0.44% at the day's low of 10,447.15 in late trade, its lowest level since 23 February 2018.
Among secondary barometers, the BSE Mid-Cap index provisionally fell 0.61%, underperforming the Sensex. The BSE Small-Cap index provisionally fell 0.24%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive in late trade. On BSE, 1,535 shares fell and 1,174 shares rose. A total of 156 shares were unchanged.
The total turnover on BSE amounted to Rs 3911.79 crore, compared with the turnover of Rs 3276.18 crore registered during the previous trading session.
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Auto major Tata Motors rose 0.05%. The company reported robust sales performance for the month of February 2018. The announcement was made during market hours today, 1 March 2018. Tata Motors registered a growth of 38% year-on-year at 58,993 units in February 2018 due to continued strong sales performance of its commercial and passenger vehicles business in the domestic market. Exports declined 3% at 4,768 units.
Car major Maruti Suzuki India rose 0.04%. The company said that its total sales rose 15% to 1.49 lakh units in February 2018 over February 2017. The announcement was made during market hours today, 1 March 2018. Domestic sales rose 14.2% to Rs 1.37 lakh units in February 2018 over February 2017. Exports jumped 24.9% to 11,924 units in February 2018 over February 2017.
Commercial vehicles maker Ashok Leyland was flat at Rs 141.30. The company said that its total sales rose 29% to 18,181 units in February 2018 over February 2017. The announcement was made during market hours today, 1 March 2018.
Motorcycle maker Bajaj Auto rose 0.01%. The company said that its total sales rose 31% to 3.57 lakh units in February 2018 over February 2017. Bajaj Auto's domestic sales rose 35% to 2.14 lakh units in February 2018 over February 2017. Exports surged 26% to 1.43 lakh units. The announcement was made before market hours today, 1 March 2018.
Auto major Mahindra & Mahindra (M&M) rose 0.35%. The company reported a strong growth in its auto and tractor sales in February 2018. The sales numbers were announced during market hours today, 1 March 2018.
M&M's total auto sales rose 19% to 51,127 units in February 2018 over February2017. Domestic sales increased 20% to 48,473 units. Exports rose 15% to 2,654 units. Total tractor sales surged 36% to 20,483 units in February 2018 over February 2017. Domestic sales jumped 39% to 19,280 units. Exports rose 3% at 1,203 units.
Atul Auto rose 3.32% after the company said that total sales rose 26.52% to 3,621 units in February 2018 over February 2017. The announcement was made during market hours today, 1 March 2018.
On the macro front, India's Gross Domestic Product (GDP) growth further accelerated to 7.2% in Q3 December 2017, showing improvement from 6.5% growth in the preceding last quarter and 6.8% in the corresponding quarter last year. The GDP growth stood at 6.4% in April-December 2017, compared with 7.5% recorded in the corresponding period last year. The GDP growth estimate for 2017-18 has been revised upwards to 6.6% at second advances estimates level from 6.5% at first advance estimate level released in early January 2018.
Meanwhile, the output of eight core infrastructure sector comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP), improved to 6.7% in January 2018 over January 2017.
Overseas, European equities traded lower on Thursday, following a negative trend in global markets on expectations of a more hawkish US Fed.
Asian stocks ended on a mixed note, tracking overnight slide in US equities. Growth in China's manufacturing sector unexpectedly picked up to a six-month high in February. The Caixin/Markit Manufacturing Purchasing Manager's Index (PMI) edged up to 51.6 last month, from 51.5 in January. The 50-mark divides expansion from contraction on a monthly basis.
US stocks ended lower on Wednesday, as Wall Street digested data that were seen as underlining the economy's robust health. Strong economy could warrant the Federal Reserve to turn more hawkish.
In the latest economic data, the pace of growth in the US economy was trimmed to 2.5% from 2.6% in the fourth quarter, largely because of a slower buildup in inventories of unsold goods.
Separately, the Chicago PMI came in at 61.9 in February. Pending-home sales fell 4.7% in January, the lowest reading since October 2014, and the biggest monthly decline since 2010.
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