Key benchmark indices hovered within a narrow range in positive terrain in morning trade after witnessing a gap-up opening triggered by firmness in Asian stocks. At 10:16 IST, the barometer index, the S&P BSE Sensex was up 169.10 points or 0.62% at 27,314.01. The Nifty 50 index was currently up 52.75 points or 0.63% at 8,381.10. The Sensex hit its highest level in more than eight months in early trade. The Nifty hit its highest level in more than ten months in early trade.
The Sensex rose 211.38 points or 0.77% at the day's high of 27,356.29 in early trade, its highest level since 26 October 2015. The barometer index rose 148.62 points or 0.54% at the day's low of 27,293.53 at the onset of the trading session. The Nifty rose 60.50 points or 0.72% at the day's high of 8,388.85 in early trade, its highest level since 20 August 2015. The index rose 44.30 points or 0.53% at the day's low of 8,372.65 at the onset of the trading session.
In overseas stock markets, Asian stocks edged higher led by gains in Chinese stocks. In mainland China, the Shanghai Composite was currently up 1.77%. In Hong Kong, the Hang Seng index was currently up 1.46%. US stocks rose for the fourth day on Friday, 1 July 2016, amid optimism on American growth and as central banks continued to signal support in staving off fallout from Britain's decision to leave the European Union. US market will remain shut today, 4 July 2016, on account of Independence Day.
Closer home, the broad market depicted strength. There were more than three gainers against every loser on BSE. 1,468 shares rose and 484 shares declined. A total of 84 shares were unchanged. The BSE Mid-Cap index was currently up 0.69%. The BSE Small-Cap index was currently up 0.87%. Both these indices outperformed the Sensex.
Capital goods stocks gained on renewed buying. Bharat Heavy Electricals (Bhel) (up 1.71%), Havells India (up 0.44%), ABB India (up 0.56%), Bharat Electronics (up 0.82%), L&T (up 1.71%), Thermax (up 0.95%), and Siemens (up 0.13%) gained.
Most auto stocks gained. Mahindra & Mahindra (M&M) (up 0.36%), Maruti Suzuki India (up 0.31%), Ashok Leyland (up 0.5%), and Eicher Motors (up 0.54%) gained.
Tata Motors gained after the company reported decent sales in June. The stock rose 3.19%. Total passenger and commercial (including exports) rose 8% to 44,276 vehicles in June 2016 over June 2015. Domestic sales of Tata commercial and passenger vehicles rose 8% to 38,673 units in June 2016 over June 2015. Passenger vehicles sales in the domestic market grew 22% to 12,509 units in June 2016 over June 2015. Sales of passenger cars rose by 37% to 11,705 units in June 2016 over June 2015, as Tata Motors hatchback sales grew by over a 100% at 7,126 units in June 2016, due to strong demand for the recently launched Tiago.
Sales of Tata Motors Light Commercial Vehicles (LCVs) rose 14% to 16,017 units in June 2016 over June 2015. Medium & Heavy Commercial Vehicles (M&HCV) sales fell 11% to 10,147 units in June 2016 over June 2015. The overall commercial vehicles sales in the domestic market rose 2% to 26,164 units in June 2016 over June 2015. The company's sales from exports rose 11% to 5,603 units in June 2016 over June 2015. The announcement was made after market hours on Friday, 1 July 2016.
TVS Motor Company rose after reporting good sales in June. The stock rose 1.29%. The company said that its total sales rose 11% to 2.47 lakh units in June 2016 over June 2015. Total two-wheeler sales rose 13.8% to 2.39 lakh units in June 2016 over June 2015. Domestic two-wheeler sales rose 16.4% to 2.06 lakh units in June 2016 over June 2015. Scooter sales rose 10.3% to 67,539 lakh units in June 2016 over June 2015. Motorcycle sales rose 7.6% to 95,465 lakh units in June 2016 over June 2015. Three-wheeler sales fell 35.77% to 7,128 lakh units in June 2016 over June 2015.
Total exports fell 9.09% to 39,112 lakh units in June 2016 over June 2015. Three-wheeler exports fell 0.18% to 33,173 lakh units in June 2016 over June 2015.
Bajaj Auto dropped after company reported weak sales in June. The stock dropped 0.41%. Total sales fell 4% to 3.16 lakh units in June 2016 over June 2015. Domestic sales rose 11% to 1.93 lakh units in June 2016 over June 2015. Exports shed 21% to 1.23 lakh units in June 2016 over June 2015. The announcement was made during market hours today, 4 July 2016.
Hero MotoCorp fell after the company reported tepid sales growth in June. The stock fell 0.11%. The company said its motorcycle sales rose 1.32% to 5.49 lakh units in June 2016 over June 2015. The company said it reported sales growth of 6.07% to 17.45 lakh units in Q1 June 2016 over Q1 June 2015 in spite of subdued rural demand.
The company said it will soon introduce Splendor iSmart 110 motorcycle in the market - the first motorcycle to have been completely developed by the in-house research and development (R&D) team at Hero MotoCorp. The company further added that with the implementation of the 7th Pay Commission and the forecast of the above-average monsoon, it is optimistic about a pick-up in sales momentum. The announcement was made after market hours on Friday, 1 July 2016.
Bosch lost 2.22% to Rs 22,101.80 after the company's board approved buyback of equity shares, at a price much near the ruling market price. Bosch said that the company's board has approved buyback of 8.78 lakh fully paid up equity shares, or 2.796% equity, at Rs 23,000 per share. The buyback price represents a 1.76% premium over the stock's previous closing price of Rs 22,603.30 on Friday, 1 July 2016. The buyback offer aggregates to Rs 2019.76 crore, representing 24.99% of the paid-up share capital and free reserves. The buyback is subject to approval of the shareholders through a postal ballot process. The board has noted the intention of Robert Bosch GmbH, promoter of the company, to participate in the buyback. The announcement was made after market hours on Friday, 1 July 2016.
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