Domestic stocks edged higher in early trade as trading resumed after a holiday yesterday, 1 May 2018. At 9:27 IST, the barometer index, the S&P BSE Sensex, was up 58.09 points or 0.17% at 35,218.45. The Nifty 50 index was up 13.75 points or 0.13% at 10,753.10. The Indian stock markets had remained shut yesterday, 1 May 2018, on account of Maharashtra Day.
The S&P BSE Mid-Cap index was up 0.19%. The S&P BSE Small-Cap index was up 0.24%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 902 shares rose and 592 shares fell. A total of 67 shares were unchanged.
Overseas, Asian stocks were mixed as investors await the Fed's view on interest rates, inflation, and the economy. US stocks closed mostly higher yesterday, 1 May 2018 as a sharp rally in technology stocks helped the S&P 500 and the Nasdaq shake off an early decline. However, the Dow fell for a third straight session as caution remained high ahead of the conclusion of a Federal Reserve policy meeting and fresh developments in global trade.
The US Federal Reserve began a two-day meeting yesterday, 1 May 2018 . The central bank is reportedly likely to leave interest rates on hold and signal no change to a tightening path of two more rate increases in 2018.
Meanwhile, US President Donald Trump late Monday gave top allies - the European Union, Canada and Mexico - an extension to the tariff exemption to allow more time negotiate a new pact to avoid the levies. The tariffs of 25% on steel and 10% aluminum- already in effect against China, Russia, Japan and others - were slated to come into effect on 1 May 2018, but have now been pushed back to 1 June 2018.
Back home, Hero MotoCorp rose 0.5% ahead of its Q4 March 2018 results today, 2 May 2018.
Maruti Suzuki India advanced 1.32% after the company reported a 14.4% increase in total sales at 1,72,986 units in April 2018 against 1,51,215 units in April 2017. The company's domestic sales stood at 1,64,978 units, up 14.2% from 1,44,492 units in April last year, the company said in a statement. The announcement was made on 1 May 2018.
Tata Motors gained 2.5% after the company registered a growth of 86% at 53,511 units in April 2018 as against 28,844 units in April 2017 due to the continued strong sales performance of its commercial and passenger vehicles business in the domestic market. The announcement was made on 1 May 2018.
Mahindra & Mahindra (M&M) rose 0.44% after the company reported a 22% growth in its auto sales at 48,097 vehicles in in April 2018 against 39,417 vehicles during April 2017. The announcement was made on 1 May 2018.
In a separate announcement on 1 May 2018, M&M said it will acquire up to 10% equity in Canada's Resson Aerospace Corp for about Rs 34.50 crore. The consideration would be paid in cash.
Eicher Motors gained 0.54% after the company said its motorcycles sales jumped 27% at 76,187 units in April 2018 over April 2017. The announcement was made on 1 May 2018.
Larsen & Toubro (L&T) rose 0.49% after the company signed definitive agreements with Schneider Electric, a global player in energy management and automation for strategic divestment of L&T's Electrical and Automation (E&A) business for an all-cash consideration of Rs 14000 crore. The announcement was made on 1 May 2018.
L&T's E&A business offers a wide range of low and medium voltage switchgear, electrical systems, marine switchgear, industrial and building automation solutions, energy management systems and metering solutions. The E&A business reported net revenue of Rs 5038 crore during FY 2016-2017.
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