The major indices of the Indian stock markets were range-bound on Monday and closed with marginal gains over Friday’s close. On the NSE, there were 925 advances, 811 declines and 342 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:
The markets opened on a positive note in line with global markets on signs of easing US-China trade tension who agreed to halt additional tariffs in the G20 meeting in Buenos Aires. Reversing early gains, the key equity indices traded in the red during the afternoon trade session on Monday as investors reacted to disappointing macro-economic data and a rise in global crude oil prices. According to market observers, investors reacted on weak second-quarter GDP figure and widening fiscal deficit made known after the markets closed on Friday. In addition, investor sentiments were also weighed down by a slowdown in vehicle sales. While the financials traded on a flat note, realty, power and utility stocks gained over 2%. In contrast, the healthcare and auto stocks witnessed selling pressure. Besides, ahead of the OPEC meeting this week, the crude oil prices surged on expectations of supply cuts by the oil cartel. The benchmark Brent Crude traded higher at $62.07 a barrel. Even the domestic currency weakened 63 paise against the US dollar, trading at Rs70.22 from its previous close of 69.59. However, the major indices moved up before the end of the trading session on Monday and closed with marginal gains over Friday’s close.
India's factory output in November rose to an 11 month high on the back of improved demand, according to the Nikkei India Manufacturing PMI. The Nikkei India Manufacturing Purchasing Managers' Index (PMI) was recorded at 54 in November, up from 53.1 in October. This was the third consecutive monthly increase in the index. It also said that manufacturing operating conditions in India strengthened for the third successive month in November as healthier inflows of new orders encouraged companies to lift production and input buying to greater extent than in October. An index reading of above 50 indicates an overall increase in economic activity and below 50 indicates an overall decrease.
"The Indian manufacturing sector continued to recover from ground lost in August, with November seeing the headline PMI climb to an 11-month high," said Pollyanna De Lima, Principal Economist at IHS Markit and author of the report released on Monday. She noted that the "relatively weak demand environment seen earlier in the year showed signs of abating, with clients unfazed by another round of increases in output prices and placing more orders regardless." The Nikkei report said that "heated demand" put higher pressure on capacities, which was reflected in a renewed increase in outstanding businesses.
"Buoyed by stronger demand conditions and greater sales, manufacturers increased production at the second-quickest pace since October 2016," said the report. It further observed that goods producers created jobs in November. "The increase in employment softened slightly since October, but was nonetheless among the fastest seen in six years," it said.
Commercial vehicles major Ashok Leyland Ltd on Monday said its sales went down by 9 per cent last month. In a statement issued here, the company said it sold a total of 13,121 units in November 2018, down from 14,457 sold during November 2017. Ashok Leyland shares closed at Rs107.25, down 4.54% on the NSE.
Two and three wheeler maker TVS Motor Company Ltd on Monday said it logged 27 per cent sales growth last month. In a statement, the company said it sold 319,965 units in November 2018, up from 251,965 in November 2017. The company sold 307,142 two-wheelers and 12,823 three-wheelers last month as against 243,323 two-wheelers and 8,642 three-wheelers during November 2017. The company’s shares closed at Rs550.00, down 1.33% on the NSE.
Amid reports of a deal between Saudi Arabia and Russia to cut crude production, Indian state-run oil firms continued to lower transport fuel prices for the eleventh straight day on Sunday, with petrol prices touching the lowest level in the ongoing fiscal across the major metros. Indian Oil Corporation shares closed at Rs132.85, down 1.30% on the NSE.
Following a "highly successful meeting" here between US and Chinese Presidents Donald Trump and Xi Jinping, the leaders of the two largest economies have agreed not to impose new tariffs from January 1, 2019, and pledged to continue negotiations to seek a way out of the ongoing trade war.
Maharashtra Seamless has bagged Rs920 Crore order from ONGC for supply of Seamless casings, Tubings, Line pipes and ERW Pipes. The company’s shares closed at Rs490.20, up 3.37% on the NSE.
Adani Transmission received LoI (Letter of Intent) from PFC Consulting Limited for an Intra State Transmission Project in Uttar Pradesh on BOOM basis. The project “Obra-C Badaun Transmission Limited” has approximately 625 ckt kms and with this the cumulative transmission network reaches 13,548 ckt kms. The company’s shares closed at Rs218.30, down 3.02% on the NSE.
Larsen & Toubro reported that its construction arm has won orders worth Rs1,127 crore across two business segments. The Metallurgical and Material Handling business has secured orders worth Rs755 crore. The Buildings and Factories business has secured an order worth Rs372 crores. L & T shares closed at Rs1,426.55, down 0.42% on the NSE.
Sun Pharma received final approval from the US FDA (Food and Drug Administration) for its ANDA for generic version of Ganirelix Acetate Injection, 250 mcg/0.5 mL. Approx. annual US sales are US$67 million (ending Sep 2018). Sun Pharma shares closed at Rs455.30, down 7.52% on the BSE. On Moneylife news, last Friday, a whistleblower had sent in a 150-page report on Sun Pharma and others connected to it.
Cadila Healthcare reported that Zydus Cadila has received final approval from the US FDA to market Teriflunomide Tablets (US RLD- AUBAGIO). Teriflunomide is used to treat relapsing forms of multiple sclerosis (MS). The company’s shares closed at Rs358.05, down 1.98% on the NSE.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: