Benchmark indices traded lower on the fourth trading session of the week breaking the winning streak of last four tradding session to end lower on account of lower manufaturing PMI data.The Nikkei/ Markit Manufacturing Purchase Managers Index fell to 52.3 in November from 54.4 in October though November month data highlighted an 11th consecutive monthly improvement in manufacturing conditions across India.Nifty closed the session to end at 8212.Auto shares were the major gainer of the day while power sectors stocks were the losers of the day.
Global Markets Update
Oil prices, and energy shares swept higher on Thursday after OPEC agreed to cut crude output to clear a glut, while the dollar and bond yields rose sharply on prospects that resulting inflationary pressures will lead to higher interest rates.
European shares edged lower in a broad-based sell-off, halting a two-day rally and retreating from the previous session’s three-week highs, led lower by drops in TalkTalk and Elekta.
Eicher Motor Nov sales meet estimates as sales grew 41 percent to 57313 units against Rs 40769 units for the same month last year despite currency demonetization. However, on M-o-M basis, sales tanks 3.1 percent from 59127 units sold in October.
Lupin shares moved higher on expansion of partnership with US pharma company Eli Lilly in India and USFDA approval for cholesterol-lowering drug.
M&M posted 22% fall in its November month sales number stood at 32499 units against 41590 units on the back of Weak domestic performance due to currency demonetization and post festive demand moderation impacted overall sales growth.
Maruti Suzuki posted growth of 12.2 percent in November sales number stood at 1.35 lakh units against 1.2 lakh units for the same month last year. Domestic sales for the month grew 14.2% to 1.26 lakh units while exports fell 9.8 percent to 9,225 units, the lowest sales since June 2016.
Telecom shares tanks after Mukesh Ambani, Chairman and Managing Director, Reliance Industries announced that all existing and new Jio users will get Jio data and voice, video and full bouquet of content will be free till March 31, 2017.
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