Volatility continued as key benchmark indices regained positive in morning trade. The barometer index, the S&P BSE Sensex, was currently up 14.75 points or 0.05% at 27,880.58. The market breadth indicating the overall health of the market was strong. Foreign portfolio investors (FPIs) bought shares worth massive Rs 1754.73 crore during the preceding trading session on Friday, 31 October 2014, as per provisional data. Auto stocks declined after reporting monthly sales data for October 2014.
The Sensex and the 50-unit CNX Nifty had, both, scaled record high at the onset of the trading session after provisional data showed massive purchases of India stocks by FPIs during the preceding trading session on Friday, 31 October 2014.
In overseas markets, Asian stocks were mixed. US stocks jumped on Friday, 31 October 2014, sending the S&P 500 and Dow Jones Industrial Average into record territory, after a surprise stimulus plan from the Bank of Japan was announced.
In the foreign exchange market, the rupee edged lower against the dollar, tracking weakness in most Asian currencies against the dollar.
Brent crude oil prices edged lower as mixed Chinese data and a strong dollar pressured prices.
At 10:18 IST, the S&P BSE Sensex was up 14.75 points or 0.05% at 27,880.58. The index gained 103.99 points at the day's high of 27,969.82 at the onset of the trading session, a record high for the index. The index fell 76.43 points at the day's low of 27,789.40 in morning trade.
The CNX Nifty was up 3.05 points or 0.04% at 8,325.25. The index hit a high of 8,350.60 in intraday trade, a record high for the index. The index hit a low of 8,297.70 in intraday trade so far.
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The market breadth indicating the overall health of the market was strong. On BSE, 1,392 shares gained and 768 shares fell. A total of 73 shares were unchanged.
The BSE Mid-Cap index was up 74.18 points or 0.75% at 9,908.78. The BSE Small-Cap index was up 80.54 points or 0.74% at 11,011.49. Both these indices outperformed the Sensex.
Among the 30-share Sensex pack, 18 stocks declined and rest of them gained.
Auto stocks declined after reporting monthly sales data for October 2014.
Mahindra & Mahindra (M&M) dropped 2.53%. M&M on Saturday, 1 November 2014, reported a 15% decline in total auto sales to 42,776 units in October 2014 over October 2013. M&M said sales remained subdued during the month due to overall sentiment and high interest rates. Pravin Shah, Chief Executive of M&M's automotive division and international operations said he is happy with the company's retail sales in October 2014 which has helped bring the system stocks to an optimal level. Shah said he is happy with the customers' response to M&M's new generation Scorpio.
M&M separately said that its total tractor sales fell 17% to 31,907 units in October 2014 over October 2013.
Maruti Suzuki India fell 1.27%. Maruti Suzuki India's total sales fell 1.1% to 1.03 lakh units in October 2014 over October 2013. The sales figures were announced on Saturday, 1 November 2014.
Tata Motors shed 0.63%. Tata Motors' total sales (including exports) of Tata commercial and passenger vehicles declined 17% to 42,819 vehicles in October 2014 over in October 2013. The company's domestic sales of Tata commercial and passenger vehicles fell 17% to 38,760 units in October 2014 over in October 2013. The decline was largely as the market continues to remain challenged by macroeconomic trends, Tata Motors said. While segments such as medium and heavy commercial vehicle (M&HCV) showed a 30% growth year-on-year, other segments such as the LCV sales continues to remain impacted by stringent financial rates and low consumer sentiment, Tata Motors said.
Bajaj Auto fell 1.63%. Bajaj Auto posted 0.18% rise in sales to 3.86 lakh units in October 2014 over in October 2013.
Hero MotoCorp lost 2.14%. Hero MotoCorp's total sales decined 8.05% to 5.75 lakh units in October 2014 over in October 2013.
In the foreign exchange market, the rupee edged lower against the dollar, tracking weakness in most Asian currencies against the dollar. The partially convertible rupee was hovering at 61.4775, compared with its close of 61.36 during the previous trading session on Friday, 31 October 2014.
Brent crude oil prices edged lower as mixed Chinese data and a strong dollar pressured prices. Brent crude for December delivery was off 12 cents at $85.74 a barrel. The contract had fallen 38 cents to settle at $85.86 a barrel during the previous trading session on Friday, 31 October 2014.
The growth rate of India's eight core industries, which have a combined weight of 37.9% in the Index of Industrial Production (IIP), slowed down to 1.9% in September 2014 due to fall in output of crude oil, natural gas, refinery products and fertiliser, data released by government on Friday, 31 October 2014 showed. The core sector had grown by 9% in September 2013.
HSBC Manufacturing Purchasing Managers' Index (PMI) for October 2014 will be announced today, 3 November 2014. Adjusted for seasonal factors, the headline HSBC India PMI - a composite gauge designed to give a single - figure snapshot of manufacturing business conditions - dropped from 52.4 in August to 51.0 in September.
Finance Minster Arun Jaitley on Friday, 31 October 2014, said that major priorities of the government will be to revive and sustain higher GDP growth, increase savings, fiscal consolidation, keeping the current account deficit (CAD) at moderate level, reviving investment cycle, encouraging growth in manufacturing sector, augmenting supply response to contain inflation especially food inflation, boosting infrastructure sector and exports, rationalize subsidies and reforms in direct and indirect taxes among others. The Finance Minister was speaking at the first meeting of the Consultative Committee attached to the Ministry of Finance on the subject "Sustaining Growth Momentum - The Road Ahead". Jaitley said that the major priority of the government is to bring back growth momentum into country's economy. He said that the Indian economy has potential for achieving and sustaining higher growth. For 2014-15 the Finance Minster expects GDP growth in the range of 5.5% to 5.9%. He said the recent decline in international oil prices and prices of domestic food items point towards lower inflation in the coming months. The Finance Minister informed that the capital flows to finance the CAD is adequate and further moderation in CAD can be expected in 2014-15 due to lower oil prices.
Trading for this week will be truncated as the stock market remains shut tomorrow, 4 November 2014, on account of Muharram. Stock market also remains closed on Thursday, 6 November 2014, on account of Gurunanak Jayanti.
Asian stocks were mixed today, 3 November 2014. Key benchmark indices in China, Singapore and Taiwan were 0.43% to 0.61%. Key benchmark indices in Hong Kong, South Korea and Indonesia were off 0.1% to 0.53%. Stock market in Japan was closed for holiday.
The HSBC China Manufacturing Purchasing Managers' Index, a gauge of nationwide manufacturing activity, rose to a final reading of 50.4 in October from 50.2 in September, HSBC Holdings PLC said today, 3 November 2014. The final reading was unchanged from HSBC's preliminary 50.4 for October, announced on 23 October 2014. A reading below 50 indicates a contraction in manufacturing activity from the previous month, whereas a reading above indicates expansion.
The official manufacturing Purchasing Managers' Index was 50.8 in October, lower that September's reading was 51.1, Chinese government data showed on Saturday, 1 November 2014.
US stocks jumped on Friday, 31 October 2014, sending the S&P 500 and Dow Jones Industrial Average into record territory, after a surprise stimulus plan from the Bank of Japan was announced.
Data on Friday, 31 October 2014, showed consumer spending in the US unexpectedly dropped in September as incomes rose at the slowest pace of the year. The Institute for Supply Management-Chicago Inc.'s business barometer rose to 66.2 in October from 60.5 in the prior month. A reading less than 50 signals contraction.
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