Key benchmark indices extended gains and hit fresh record high in the mid-morning trade. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, scaled record high. The Sensex was currently up 97.32 points or 0.36% at 26,964.87. The market breadth indicating the overall health of the market was strong. The market sentiment was boosted by provisional data showing that foreign funds were net buyers of Indian stocks during the previous trading session. Realty stocks advanced. Bajaj Auto, Hero MotoCorp, and TVS Motor Company gained after good sales in August 2014. Tata Motors declined after weak August sales.
Key indices have remained in green so far during the day after opening a tad higher.
Asian stocks were mixed. Japanse stocks surged as the yen weakened against the dollar before Prime Minister Shinzo Abe announces a new cabinet tomorrow, 3 September 2014.
At 11:18 IST, the S&P BSE Sensex was up 97.32 points or 0.36% at 26,964.87. The index gained 115.08 points at the day's high of 26,982.63 in mid-morning trade, a record high for the index. The index rose 18.67 points at the day's low of 26,886.22 in early trade.
The CNX Nifty was up 32.55 points or 0.41% at 8,060.25. The index hit a high of 8,067.15 in intraday trade, a record high for the index. The index hit a low of 8,036.55 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,601 shares gained and 864 shares fell. A total of 96 shares were unchanged.
The BSE Mid-Cap index was up 76.60 points or 0.81% at 9,521.19. The BSE Small-Cap index was up 114.75 points or 1.1% at 10,512.34. Both these indices outperformed the Sensex.
Among 30-share Sensex pack, 17 stocks rose and remaining declined.
Realty stocks advanced. Godrej Properties (up 3.23%), Indiabulls Real Estate (up 2.48%), D B Realty (up 2.49%), Unitech (up 1.47%), DLF (up 1.78%), Housing Development & Infrastructure (up 0.59%), and Oberoi Realty (0.23%) gained.
Bajaj Auto rose 1.54% after the company during market hours said its total sales rose 8% to 3.36 lakh units in August 2014 over August 2013. Motorcycle sales rose 2% to 2.84 lakh units in August 2014 over August 2013. Commercial vehicle sales jumped 56% to 52,538 units in August 2014 over August 2013. Exports rose 21% to 1.75 lakh units in August 2014 over August 2013.
Tata Motors lost 1.43% after the company after market hours on Monday, 1 September 2014, said that its total sales (including exports) of Tata commercial and passenger vehicles declined 18% to 40,883 units in August 2014 over August 2013. The company's domestic sales of Tata commercial and passenger vehicles fell 19% to 36,403 units in August 2014 over August 2013. The company's exports declined 8% to 4,480 units in August 2014 over August 2013.
Hero MotoCorp rose 1.43% after the company market hours on Monday, 1 September 2014 said that its total sales rose 21% to 5.58 lakh units in August 2014 over August 2013.
All the recent launches - including the new Karizma, ZMR Xtreme, Passion Pro TR and the New Pleasure scooter - have received overwhelming response from customers, and the Splendor iSmart continues to drive volumes in the market, Hero MotoCorp said. Hero MotoCorp said it is confident of keeping up this growth momentum heading into the festive season, with as many as 10 new launches - including new models, upgrades and refreshes - during this period. The eagerly-awaited new bike Splendor Pro Classic will be available in dealerships across the country in the coming weeks, Hero MotoCorp said in a statement.
TVS Motor Company jumped 3.1% after the company after market hours on Monday, 1 September 2014, said its total sales jumped 46% to 2.27 lakh units in August 2014 over August 2013. The company's total exports jumped 28% to 35,074 units in August 2014 over August 2013.
IRB Infrastructure Developers rose 1.73% after the company said after market hours on Monday, 1 September 2014, that Solapur Yedeshi Tollway, a wholly-owned subsidiary of the company, has achieved financial closure in terms of the concession agreement executed with NHAI, by tying up of project finance of Rs 910 crore.
NOCIL jumped 12.88% after a bulk deal was executed on the counter on BSE today, 2 September 2014. A bulk deal of 3.61 lakh shares was executed on NOCIL counter at Rs 36.95 per share at 10:04 IST on BSE today, 2 September 2014.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.61, compared with its close of 60.525 during the previous trading session.
Japanese Prime Minister Shinzo Abe yesterday, 1 September 2014, expressed his intention to realize 3.5 trillion yen of public and private investment and financing from Japan, including Overseas Development Assistance (ODA) to India in five years, to finance appropriate public and private projects of mutual interest including in the areas of next generation infrastructure, connectivity, transport systems, Smart Cities, rejuvenation of Ganga and other rivers, manufacturing, clean energy, skill development, water security, food processing and agro industry, agricultural cold chain, and rural development. This was stated in a joint statement issued yesterday, 1 September 2014, after a meeting between Prime Minister Narendra Modi and Abe. Modi is currently on a five-day visit to Japan. The Prime Ministers of the two countries have decided to set a target of doubling Japan's foreign direct investment and the number of Japanese companies in India within five years as an objective to be jointly achieved.
In macroeconomic data, the output of eight core sector industries rose 2.7% in July 2014, showing moderation from a growth of 7.3% in June 2014. However, the cumulative growth has remained steady at 4.1% in April-July 2014 over April-July 2013. The data was announced after market hours on Monday, 1 September 2014.
India's current account deficit (CAD) narrowed sharply to $7.8 billion or 1.7% of GDP in Q1 June 2014, from $21.8 billion or 4.8% of GDP in Q1 June 2013. The lower CAD was primarily on account of a contraction in the trade deficit contributed by a rise in exports and a decline in imports. On sequential basis, the CAD rose from $1.2 billion or 0.2% of GDP in Q4 March 2014.
The preliminary data on India's balance of payments (BoP) also showed that foreign direct investment (FDI) in India rose to $8.2 billion in Q1 June 2014, from $6.5 billion in Q1 June 2013. The data was announced after market hours on Monday, 1 September 2014.
Asian stocks were mixed today, 2 September 2014. Key benchmark indices in Singapore, Japan, Indonesia, and China were up 0.28% to 1.4%. Key benchmark indices in Hong Kong, Taiwan, and South Korea were off 0.11% to 1.19%.
Trading in US index futures indicated that the Dow could gain 18 points at the opening bell on Tuesday, 2 September 2014. US stock markets were closed on Monday, 1 September 2014 for Labor Day holiday.
According to reports, the Russian officials pressed Ukraine on Monday, 1 September 2014, to declare a cease-fire with separatists, but Ukrainians say they are locked in a war not just against the rebels but also against Russia on behalf of Europe. Ukraine and its Western allies have surmised that Russian forces are significantly aiding pro-Russian separatists.
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