Market Opening: 09:19 AM
Benchmark indices opened marginally higher with Nifty reclaiming 11,950 levels despite correction in global markets.
HPCL, BPCL, IOC, Hero Motocorp, Bharti Infratel, HDFC, GAIL and Wipro gained.
Tata Motors, Yes Bank, Eicher Motors, M&M, Hindalco and Maruti are under pressure.
Market Outlook: 09:24 AM
Arvind Sanger is the founder and managing partner of Geosphere Capital Management told CNBC-TV18 that GDP numbers for Q1FY20 should be worse than Q4FY19 and economy continued to decelerate.
Trade war & preference to tariffs have raised risks significantly, he said.
He feels the RBI cutting the rates not a solution to weak economy. "RBI rate cut might trigger sell on rally action."
Sanger said he is not willing to bet on overall market, will buy into specific sectors.
Market Update: 09:30 AM
Benchmark indices extended gains in early trade with the Sensex rising 205.27 points to 39,919.47.
The Nifty 50 jumped 49.50 points to 11,972.30, driven by HDFC and HDFC Bank.
May Auto Sales 10:36 AM
Ashok Leyland said it sold 13,172 units in May, lower by 4 percent against 13,659 units sold in same month last year.
Medium and heavy commercial vehicle sales declined 14 percent year-on-year to 8,946 units.
Domestic sales grew by 6 percent to 12,778 units YoY in May 2019.
Nikkei India Manufacturing PMI 10:38 AM
Economic growth in manufacturing industry moved up a notch in May as companies responded to strengthening demand conditions by lifting output, quantities of purchases and employment to greater extents, IHS Markit said.
Business sentiment also ticked higher. Price pressures remained relatively muted, with goods producers leaving selling prices unchanged on the back of a mild rise in overall cost burdens, it added.
Nikkei India Manufacturing Purchasing Managers’ Index pointed to the strongest improvement in the health of the sector for three months. Moreover, the current growth sequence was stretched to 22 months, it said.
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