Key benchmark indices turned range-bound in mid-morning trade amid divergent trend in index pivotals. At 11:15 IST, the barometer index, the S&P BSE Sensex, was up 57 points or 0.16% at 35,379.38. The Nifty 50 index was up 7.95 points or 0.07% at 10,744.10. Most power generation stocks fell. Good GDP data announced by the government boosted market sentiment.
Key benchmark indices 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.
The S&P BSE Mid-Cap index was down 0.27%. The S&P BSE Small-Cap index was down 0.44%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 860 shares rose and 1349 shares fell. A total of 107 shares were unchanged.
On the macro front, 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).
Power Grid Corporation of India (down 2.73%), ONGC (down 2.23%) and Hindustan Unilever (down 1.26%) edged lower from the Sensex pack.
Index heavyweight and engineering and construction major L&T advanced 1.93% to Rs 1,394.
Bajaj Auto jumped 5.3% 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.
Most power generation stocks fell. Reliance Power (down 2.61%), Reliance Infrastructure (down 0.89%), NTPC (down 0.75%), Torrent Power (down 0.37%), Jaiprakash Power Ventures (down 2%), Adani Power (down 2.48%), JSW Energy (down 4.08%) edged lower.
CESC (up 2.2%), Tata Power Company (up 0.32%) and NHPC (up 0.57%) rose.
PNC Infratech rose 1.19% after the company said it was declared lowest bidder for Nagpur-Mumbai Expressway project worth Rs 2099.52 crore. The announcement was made after market hours yesterday, 31 May 2018.
PNC Infratech has been declared the L1 (lowest) bidder for the 54.40 km long 4th package of Nagpur-Mumbai Six Lane Access Controlled Super Communication Expressway (Maharashtra Samruddhi Mahamarg) on engineering procurement construction (EPC) basis for a quoted price of Rs 2099.52 crore. The price bids were opened on 31 May 2018, with PNC's bid being the lowest (L1). Maharashtra State Road Development Corporation (MSRDC) is the proponent for this 700 km long Green Field Expressway project comprising 16 individual packages. Construction of the project is to be completed in 30 months.
Overseas, most Asian stocks slipped after the Trump administration's tariffs on imports from key allies sent US and European stocks into a tailspin. 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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