Key benchmark indices were trading with small gains in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex was up 47.10 points or 0.17% at 28,470.58. The gains for the Nifty 50 index were lower than the Sensex's gains in percentage terms. The Nifty was currently up 7.80 points or 0.09% at 8,782.45.
The Sensex rose 102.39 points or 0.36% at the day's high of 28,525.87 in early trade. The barometer index rose 4.87 points or 0.01% at the day's low of 28,428.35 in morning trade. The Nifty rose 23.80 points or 0.27% at the day's high of 8,798.45 in early trade. The index shed 4.55 points or 0.05% at the day's low of 8,770.10 in morning trade.
In overseas stock markets, Asian stocks were mixed ahead of the influential US non-farm payrolls data, which will be released later in the global day today, 2 September 2016. US stocks finished mostly higher yesterday, 1 September 2016, recovering from earlier losses, as investors braced for the much-anticipated August jobs data, which could set the stage for a near-term interest-rate increase by the Federal Reserve. A report from the Institute of Supply Management (ISM) yesterday, 1 September 2016 showed US factory activity contracted for the first time in six months in August as new orders and production tumbled.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,228 shares rose and 740 shares declined. A total of 110 shares were unchanged. The BSE Mid-Cap index was currently up 0.41%. The BSE Small-Cap index was currently up 0.53%. Both these indices outperformed the Sensex.
IT stocks were mixed. HCL Technologies (down 0.18%), Infosys (down 0.27%), and Wipro (down 0.3%) edged lower. TCS (up 0.13%) and Tech Mahindra (up 0.11%) gained.
Auto stocks were also mixed. Maruti Suzuki India (up 0.46%), Eicher Motors (up 0.52%), and TVS Motor Company (up 2.37%) gained. Mahindra & Mahindra (M&M) (down 0.54%) and Ashok Leyland (down 0.78%) declined.
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Tata Motors rose 1.87% after the company said that passenger and commercial vehicle sales (including exports) rose 6% to 43,061 vehicles in August 2016 over August 2015. The company's domestic sales of Tata commercial and passenger vehicles rose 3% to 36,466 units in August 2016 over August 2015. The company continued to witness year-on-year growth in certain key segments in August 2016, with the company's light commercial vehicles (LCV) sales growing by 10% and its passenger cars growing by 17%.
Tata Motors passenger vehicles in the domestic market, recorded 16% growth in sales to 13,002 units in August 2016 over August 2015. Sales of passenger cars rose 17% at 11,435 units in August 2016 over August 2015, due to strong demand for the recently launched Tiago. The overall commercial vehicles sales in August 2016, in the domestic market fell 3% to 23,464 units in August 2016 over August 2015.. The sales of Tata Motors Light Commercial Vehicles, continued to grow in the domestic market with growth of 10% at 13,495 units in August 2016 over August 2015. M&HCV sales were at 9,969 units, lower by 17% over August 2015. The segment saw subdued demand, with the slowdown of recent months continuing, as a result of postponement of replacement and fleet expansion. The company's sales from exports rose 27% to 6,595 units, in August 2016 over August 2015. The announcement was made after market hours yesterday, 1 September 2016.
Bajaj Auto declined 1.61% after the company reported 5% drop in total sales to 3.25 lakh units in August 2016 over August 2015. Domestic sales rose 25% to 2 lakh units in August 2016 over August 2015. Exports fell 31% to 1.25 lakh units in August 2016 over August 2015. The announcement was made during market hours today, 2 September 2016.
Hero MotoCorp rose 0.51% to Rs 3,565 after the company reported a 28% growth in total sales at 6.16 lakh units in August 2016 over August 2015. The announcement was made after market hours yesterday, 1 September 2016. The stock hit a high of Rs 3,614.35 so far during the day, which is a record high for the counter. At the time of announcement of the monthly sales volume data, Hero MotoCorp said the company will launch 15 new products across segments in domestic and global markets in the year ending 31 March 2017 (FY 2017) out of which three motorcycles will be introduced in the domestic market before the festive season. These include the new Achiever 150cc motorcycle and the Super Splendor and Passion PRO motorcycles with the Hero patented i3S technology.
L&T declined 0.64%. L&T announced during market hours today, 2 September 2016 that its construction division has won orders valued Rs 1458 crore.
Separately, the company announced that the proposed initial public offer (IPO) of its subsidiary, L&T Technology Services Limited will be open for subscription to public on 12 September 2016 and shall close on 15 September 2016. The price band for the IPO has been fixed between Rs 850 to Rs 860 per share. The announcement was made after market hours yesterday, 1 September 2016. L&T proposes to sell 15% stake in L&T Technology Services. L&T Technology Service is a pure play global engineering, research and development services company. Prior to 1 January 2014, the business was conducted as a division of L&T and as a sub-segment business of L&T's unit, L&T Infotech.
In its monsoon daily update issued yesterday, 1 September 2016, the India Meteorological Department (IMD) said that for the country as a whole, cumulative rainfall during this year's monsoon so far (till 1 September 2016) was 2% below the long period average (LPA).
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