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Market drops in volatile trade
(15:47, 01 Jun 2018)

Key benchmark indices logged modest losses on last trading day of the week weighed by data showing manufacturing PMI growth has slowed in May. The barometer index, the S&P BSE Sensex, lost 95.12 points or 0.27% at 35,227.26, as per the provisional closing data. The Nifty 50 index lost 39.95 points or 0.37% at 10,696.20, as per the provisional closing data.

Intraday volatility was high. Stocks nudged higher in early trade following good GDP data announced by the government after market hours yesterday, 31 May‎ 2018. Stocks hovered in a small range in morning trade. Key benchmark indices turned range-bound in mid-morning trade amid divergent trend in index pivotals. Indices hovered in a small range till mid-afternoon trade. Stocks extended losses in late trade.

The S&P BSE Mid-Cap index fell 1.01%. The S&P BSE Small-Cap index fell 1.57%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 727 shares rose and 1968 shares fell. A total of 130 shares were unchanged.

Bajaj Auto jumped 5.13% after the company reported a 24% growth in its total vehicles sales at 3.42 lakh units in May 2018 over May 2017. Bajaj Auto's domestic sales rose 23% to 1.92 lakh units. Exports surged 24% to 1.50 lakh units. The announcement was made during market hours today, 1 June 2018.

Private sector banking major HDFC Bank lost 1.25% to Rs 2,109.55 on profit booking. The stock had gained 4.36% to settle at Rs 2,136.15 yesterday, 31 May 2018.

Another private sector banking major ICICI Bank advanced 1.37% to Rs 289.50. In reply to media reports, ICICI Bank board denied having asked Chanda Kochhar to go on leave. She is on her annual leave which was planned in advance. Further, the board denied that it has appointed any search committee to find her successor. The announcement was made during market hours today, 1 June 2018.

Tata Motors rose 1.52%. In May 2018, Tata Motors registered a strong growth of 58% at 54,295 units as against 34,461 units over last year due to the continued strong sales performance of its commercial and passenger vehicles businesses in the domestic market. The announcement was made during market hours today, 1 June 2018.

Tata Motors' commercial vehicles (CV) domestic sales in May 2018 were at 36,806 units, an increase of 56% compared to 23,606 units in May 2017. Tata Motors' passenger vehicles (PV) domestic sales were at 17,489 units, a growth of 61%, compared to 10,855 units in May 2017. The company's sales from exports (from CV and PV) in May 2018 was at 3,699 units as against 3,900 units in May 2017.

Maruti Suzuki India rose 3.01% after the company said that its total sales rose 26% to 1.72 lakh units in May 2018 over May 2017. Maruti Suzuki India said total domestic sales rose 24.9% to 1.63 lakh units, while total exports rose 48.1% to 9,312 units in May 2018 over May 2017. The announcement was made during trading hours today, 1 June 2018.

In a separate announcement after market hours yesterday, 31 May 2018, Maruti Suzuki India said it crossed the mark of 3-lakh cumulative sale of cars with the acclaimed auto gear shift technology.

With the auto gear shift (AGS) becoming popular among the customers, Maruti Suzuki aims to achieve the feat of over 2-lakh sales in the current fiscal year. The contribution of cars with AGS variant to the company's total sales has tripled since its introduction in 2014. At present, Maruti Suzuki offers AGS in seven models in its range, including bestsellers like Alto K10, WagonR, Celerio, Swift, IGNIS and Dzire. In May 2018, Vitara Brezza became the latest offering with AGS technology from Maruti Suzuki.

On the macro front, activity in India's manufacturing sector grew at a weaker pace in May from the previous month, a survey showed on Friday. The Nikkei India Purchasing Managers Index fell to 51.2 in May from 51.6 in the previous month, data released during market markets today, 1 June 2018 showed. A reading below 50 indicates contraction in activity, while a number above it signals expansion.

India's GDP rose at 7.7% in the fourth quarter of 2017-18 compared with 6.1% in the same period last year, and a revised 7% in the quarter ended December, government data released after market hours yesterday, 31 May 2018 showed. For the full financial year, GDP grew at 6.7% compared with 7.1% in the previous year.

The combined Index of eight core industries stands at 124.2 in April, 2018, which was 4.7% higher as compared to the index of April 2017, government data released after market hours yesterday, 31 May 2018 showed. Its cumulative growth during April to March, 2017-18 was 4.3%. The eight core industries comprise 40.27% of the weight of items included in the index of industrial production (IIP).

Overseas, European shares were trading higher as Italian stocks led the pack after a coalition deal appeared to end three months of political deadlock.

Asian stocks were mixed after the Trump administration's tariffs on imports from key allies sent US stocks into a tailspin. Activity in China's factories held steady in May, a private gauge indicated, pointing to a sustained growth momentum in the world's second largest economy. The Caixin China manufacturing purchasing managers' index held steady at 51.1 in May, buoyed by a pick-up in production and new orders, Caixin Media Co. and research firm Markit said Friday.

US stocks fell yesterday, 31 May 2018 as the president's escalation of trade tensions with Canada, Mexico and the European Union hammered American industrial and financial shares. The Trump administration announced it's imposing a 25% tariff on steel imports and a 10% tariff on aluminium imports from the European Union, Canada and Mexico effective midnight Friday.

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