Fresh selling dragged the key benchmark indices to fresh intraday low in mid-afternoon trade led by index heavyweights Reliance Industries and HDFC. At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 202.41 points or 0.61% at 32,946.94. The Nifty 50 index was down 65.50 points or 0.64% at 10,161.05. The Sensex extended fall and hit fresh intraday low below the psychological 33,000 mark. Auto stocks fell.
Key benchmark indices edged higher in early trade boosted by data showing India's economic growth has bounced back in the July-September quarter boosted sentiment. Stocks hovered in positive zone in morning trade. A bout of volatility was witnessed in mid-morning trade as key benchmark indices reversed intraday gains to hit intraday low in negative zone. A bout of volatility was witnessed as key benchmark indices swung between gains and losses in afternoon trade.
The S&P BSE Mid-Cap index was down 0.32%. The S&P BSE Small-Cap index was down 0.25%. The fall in both these indices was lower than the Sensex's decline in percentage terms.
The market breadth, indicating the overall health of the market, turned negative from positive in mid-afternoon trade. On the BSE, 1,354 shares declined and 1,257 shares rose. A total of 152 shares were unchanged. Breadth was strong till afternoon trade.
Index heavyweight Reliance Industries lost 1.15% to Rs 912.
Index heavyweight and housing finance major HDFC lost 1.16% to Rs 1,658.35.
Auto stocks fell. Escorts (down 3.79%), Bajaj Auto (down 2.26%), Hero MotoCorp (down 0.12%), Tata Motors (down 0.46%) and Eicher Motors (down 1.01%) declined. Mahindra & Mahindra (M&M) (up 0.16%) and TVS Motor Company (up 0.98%) rose.
Maruti Suzuki India rose 0.18% after the company said its total sales rose 14.1% to 1.54 lakh units in November 2017 over November 2016. The announcement was made during trading hours today, 1 December 2017.
Maruti Suzuki India's domestic sales rose 15% at 1.45 lakh units in November 2017 over November 2016. Export sales rose 0.8% at 9,300 units in November 2017 over November 2016.
Ashok Leyland rose 1.74% after the company reported a 51% jump in its total sales at 14,460 units in November 2017 over November 2016. The announcement was made during market hours today, 1 December 2017.
Ashok Leyland's sales of medium & heavy commercial vehicles (M&HCV) spurted 54% to 10,641 units in November 2017 over November 2016. During the same period, sales of light commercial vehicles (LCVs) jumped 44% to 3,819 units.
IL&FS Engineering and Construction Company was locked at 5% upper circuit at Rs 51.25 after the company said it has received an order worth Rs 581.96 crore. The announcement was made during market hours today, 1 December 2017.
IL&FS Engineering and Construction Company has received a letter of acceptance (LoA) for a road contract from IL&FS Transportation Networks. The total value of the contract is Rs 581.96 crore and completion period is 21 months. The scope of IL&FS Engineering Services under this contract involves four laning a stretch of Amravati - Chikhli section of National Highway-6 in Maharashtra on item rate basis.
On the macro front, the Nikkei India Manufacturing Purchasing Managers' Index rose to 52.6 in November from 50.3 in October. This indicated a substantial improvement of operating conditions in India's manufacturing sector. At the broad market group level, growth in consumer and intermediate goods offset a marginal deterioration in investment goods category. The data was released during market hours today, 1 December 2017.
India's gross domestic product (GDP) growth recovered to 6.3% in quarter ended September 2017 from low of 5.7% recorded in the previous quarter ended June 2017. Quarterly GVA at basic price at constant (2011-12) prices improved 6.1% in Q2 of 2017-18, showing improvement in growth from 5.6% in Q1 of 2017-18. The GDP growth stood at 6% in April-September 2017, compared with 7.7% recorded in the corresponding period last year. The data was released by government after market hours yesterday, 30 November 2017.
The Eight Core Industries comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP) recorded 4.7% growth in its output in October 2017 over October 2016. Its cumulative growth was 3.5% during April to October 2017-18. The data was announced after market hours yesterday, 30 November 2017.
Overseas, European stocks were almost unchanged in early trade, with investors around the world still focused on US tax reform efforts. Most Asian stocks were trading higher buoyed by record highs in US equities.
Growth in China's manufacturing sector slowed in November, according to a private gauge. The Caixin China manufacturing purchasing managers' index fell to 50.8 in November, its lowest level in five months, from 51 in October, Caixin Media Co. and research firm Markit said today, 1 December 2017.
US stocks rallied yesterday, 30 November 2017 with the Dow finishing above 24,000 for the first time in history, as investors grew more optimistic about the prospects for a tax overhaul out of Washington.
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