Strong buying demand in index pivotals propelled the key indices to day's high in mid-afternoon trade. At 14:12 IST, the barometer index, the S&P BSE Sensex, was up 400.75 points or 1.01% at 40,114.95. The Nifty 50 index was up 119.85 points or 1.01% at 12,042.65. The Sensex and the Nifty,both, scaled record high. Sentiment was boosted by steep slide in crude oil prices. Auto shares were in demand after monthly sales data.
Domestic stocks drifted higher in early trade on buying demand in index pivotals. Stocks extended gains in morning trade after an initial upmove. Key indices marched ahead and hit fresh intraday high in mid-morning trade. The Sensex hit day's high above the psychological 40,000 level and the Nifty hit day's high above the psychological 12,000 level. Firmness prevailed on the bourses in early afternoon trade. Key benchmarks were trading near day's high in afternoon trade.
Broader market lagged key benchmarks. The S&P BSE Mid-Cap index was up 0.55%. The S&P BSE Small-Cap index was up 0.21%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1088 shares rose and 1361 shares fell. A total of 153 shares were unchanged.
Auto shares were in demand after monthly sales data. Maruti Suzuki India rose 1.71%. Maruti Suzuki India reported 22% decline in total vehicle sales to 1.34 lakh units in May 2019 over May 2018. Total domestic passenger vehicle sales declined 25.1% to 1.21 lakh units. Total export sales fell by 2.4% to 9089 units. The announcement was made on Saturday, 1 June 2019.
Tata Motors fell 0.03%. Tata Motors Commercial and Passenger Vehicles Business sales in the domestic market in May 2019 were reported at 40,155 units, a drop of 26%, as against 54,290 units sold in May 2018, as market sentiments continued to be muted. The announcement was made on Saturday, 1 June 2019.
Mahindra & Mahindra (M&M) rose 0.58%. M&M reported a 3% decline in total vehicle sales to 45,421 units in May 2019 over May 2018. Total domestic sales declined 2% to 43,056 units in May 2019 over May 2018. Total exports declined 22% to 2,365 units in May 2019 over May 2018. The announcement was made on Saturday, 1 June 2019.
Further, M&M's Farm Equipment Sector (FES), reported a 16% decline in total sales to 24,704 units in May 2019 over May 2018. Total domestic sales declined 17% to 23,539 units in May 2019 over May 2018. Total exports increased 3% to 1,165 units in May 2019 over May 2018.
Eicher Motors fell 0.15%. Eicher Motors said that its unlisted material subsidiary, VE Commercial Vehicles, reported a 19.7% decline in the total vehicle sales to 4,801 units in May 2019 over May 2018. The announcement was made on Saturday, 1 June 2019.
Escorts rose 0.83%. Escorts announced an 18% fall in the total tractor sales to 6,827 units in May 2019 over May 2018. The total domestic tractor sales declined 19.8% to 6,488 units. The total exports were up by 42.4% to 339 units. The announcement was made on Saturday, 1 June 2019.
SML Isuzu rose 2.74%. SML Isuzu reported a 17.1% increase in total sales to 1,689 units in May 2019 over May 2018. The announcement was made on Saturday, 1 June 2019.
Two-wheeler stocks were in demand. Bajaj Auto was up 3.95% after the company reported 3% increase in total vehicle sales to 4.19 lakh units in May 2019 over May 2018. Bajaj Auto's total domestic vehicle sales increased 5% to 2.35 lakh units. Total export rose by 1% to 1.83 lakh units in May 2019 over May 2018.
In a separate announcement during trading hours today, Bajaj Auto said that it has agreed on new electric vehicle alliance with KTM Industries AG. As per the deal, Bajaj Auto and KTM Industries AG will develop a common 48 volt electric two-wheeler platform in the power range 3 to 10 kW for planned serial production in India. This platform will support different product variants - scooters, mopeds, small mopeds, under brands of both partners. The serial production will start at Bajaj's production site in Pune by 2022.
Hero MotoCorp was up 5.15%. The company reported sales of 652,028 units of motorcycles and scooters in the month of May 2019. The company recorded a sequential increase in sales compared to the previous month (April 2019) when it sold 574,366 units of two-wheelers.
TVS Motor Company was up 3.76%. The company registered sales of 307,106 units in May 2019 as against 309,865 units in the month of May 2018.
Dilip Buildcon fell 1%. Dilip Buildcon announced that it has executed the engineering procurement construction (EPC) agreement with the National Highways Authority of lndia for Saoner-Dhapewada-Kalmeshwar-Gondkhairi, NH-547E, Package ll on EPC mode in Maharashtra. The project cost is Rs 480.06 crore. The completion period is 24 months. The announcement was made on Saturday, 1 June 2019.
PNB Housing Finance rose 0.07% after the company announced that credit rating agency ICRA has reaffirmed the long term credit rating of its non-convertible debentures and Tier-II bonds program to [ICRA] AA+. The outlook is revised from Stable to Negative. The announcement was made on Saturday, 1 June 2019.
Crude oil prices dropped amid stalling demand as trade wars fanned fears of a global economic slowdown. Brent for August 2019 settlement was down 87 cents at $61.12 a barrel. The contract fell $3.34 a barrel or 5.11% to settle at $61.99 a barrel during the previous trading session.
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