Key benchmark indices were trading with small gains in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 29.98 points or 0.11% at 26,682.79. The Nifty 50 index was currently up 6.30 points or 0.08% at 8,230.80.
So far during the session, indices traded between the gains and losses in a narrow range around the flat line. Earlier, both the Sensex and the Nifty had hit their highest levels in over two weeks.
The breadth indicating the overall health of the market was negative. On BSE, 1,323 shares fell and 1,113 shares rose. A total of 131 shares were unchanged. The BSE Mid-Cap index was currently off 0.54%. The BSE Small-Cap index was currently off 0.06%. Both these indices underperformed the Sensex.
Lupin rose 1.45% after the company and Eli Lilly and Company (India) announced an expansion of their partnership in India with the launch of Eglucent. The announcement was made during market hours today, 1 December 2016.
Eglucent is a new brand of Eli Lilly and Company (India)'s (Lilly) rapid-acting insulin analog Lispro. It is indicated for the treatment of patients with diabetes mellitus. According to the agreement, Lupin will market and sell Eglucent through its own specialty field force while Lilly will be responsible for manufacturing and import.
Lilly will continue to sell Lispro under the brand name Humalog through its existing channels. Lupin had earlier collaborated with Lilly in July 2011 to promote and distribute Lilly's Huminsulin range of products in India and Nepal.
Auto stocks were mixed. Mahindra & Mahindra (M&M) (down 0.99%), Ashok Leyland (down 2.07%), Hero MotoCorp (down 0.03%), and Bajaj Auto (down 0.11%) declined. TVS Motor Company (up 0.01%) and Eicher Motors (up 2.22%) gained.
Maruti Suzuki India rose 0.34% after the company reported 12.2% rise in total sales to 1.35 lakh units in November 2016 over November 2015. The domestic sales rose 14.2% to 1.26 lakh units in November 2016 over November 2015. Exports fell 9.8% to 9,225 units in November 2016 over November 2015. The announcement was made during market hours today, 1 December 2016.
Shares of oil production and exploration firms rose as global crude oil prices extended gains. Cairn India (up 0.46%), Reliance Industries (RIL) (up 2.04%), ONGC (up 2.42%) and Oil India (up 2.59%) gained. Higher crude oil prices would result in increase in realizations from crude sales for oil exploration firms.
Shares of public sector oil marketing companies fell as crude oil prices extended gains. HPCL (down 5.3%), BPCL (down 2.46%) and Indian Oil Corporation (IOCL) (down 2.26%), edged lower.
Higher crude oil prices could increase under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In the global commodities markets, Brent crude oil futures edged higher after a sharp jump in the previous session. Brent for February settlement was up 45 cents at $52.29 a barrel. The contract had jumped $4.52 a barrel or 9.55% to settle at $51.84 a barrel during the previous trading session.
Meanwhile, PSU OMCs announced a revision in petrol and diesel prices with effect from midnight of 30 November/1 December 2016. Indian Oil Corporation (IOCL) yesterday, 30 November 2016, announced an increase in the price of petrol by Rs 0.13 per litre (excluding state levies) and a decrease in the price of diesel by Rs 0.12 a litre (excluding state levies).
Among macro economic data, the headline seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index stood at 52.3 in November, down from October's 22-month high of 54.4, data released by Markit Economics revealed today, 1 December 2016. The withdrawal of high-value banknotes in India reportedly hampered manufacturing growth in November, with companies signalling softer increases in order books, buying levels and output, Markit Economics said.
The gross domestic product (GDP) rose 7.3% in the second quarter ended September 2016. GDP expanded by 7.1% in the first quarter ended June 2016 and at 7.6% in the second quarter ended September 2015, data released after market hours yesterday, 30 November 2016 from the Central Statistics Office showed.
The output of eight core infrastructure sector comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) has posted healthy 6.6% growth in October 2016 over October 2015. Its cumulative growth during April to October 2016-17 was 4.9%, data released after market hours yesterday, 30 November 2016 showed.
Overseas, Asian stock markets rose as investor sentiment was boosted by news that the Organization of Petroleum Exporting Countries (OPEC) reached a deal yesterday, 30 November 2016 to cut oil production. The agreement marks the first time since 2008 that OPEC has agreed to curtail production and comes as a supply glut has weighed on prices.
In mainland China, the Shanghai Composite index was currently up 0.67%. China's manufacturing sector continued to expand at faster rate in November. The National Bureau of Statistics today, 1 December 2016 said that China's manufacturing PMI score was 51.7 in November, up from 51.2 in October. The Caixin China manufacturing purchasing managers' index, a private gauge of nationwide factory activity, fell to 50.9 in November from 51.2 in October but stayed out of contractionary territory for a fifth straight month, Caixin Media Co. and research firm Markit said
In Japan, the Nikkei 225 Average rose 1.12%. The latest survey from Nikkei revealed that the manufacturing sector in Japan continued to expand in November, although at a slightly slower pace, with a PMI score of 51.3. That's down marginally from 51.4 in October, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.
US stocks ended on a mixed note yesterday, 30 November 2016 in a volatile session of trade. Stocks retreated from their earlier highs after the Beige Book suggested there were no signs of any post-election euphoria and that the economy was expanding moderately.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
