Market Outlook for the day – Nifty crossed previous eight sessions range on the higher side. Going ahead, 8080 is the next important level to watch for on the higher side.
Mahindra & Mahindra total tractor sales rose 6% to 15,006 units in August 2014 over August 2013. Its total auto sales declined 7.18% to 35,175 units in August 2014 over August 2013. Domestic sales fell 5.72% to 33,145 units in August 2014 over August 2013. Four-wheeler commercial vehicle sales fell 5.41% to 12,975 units in August 2014 over August 2013. Three-wheeler sales rose 5.51% to 5,433 units in August 2014 over August 2013.
Maruti Suzuki India reported domestic sales of 98,304 units during August, up 29 per cent as compared with 76,018 vehicles in August 2013. Segment wise, the company sold 34,686 cars in the mini segment (Wagon R, Alto) during August as against 32,019 units in the corresponding month last year.
The HSBC India Manufacturing PMI for the month of August slowed to 52.4 as against a July's 17-month high of 53.0. According to HSBC Purchasing Managers' Index, "The latest PMI data highlighted a tenth consecutive monthly improvement in operating conditions in August, as solid output growth was supported by strong expansions in total new orders and business from abroad."
After remaining firm throughout the trading session, key benchmark indices extended gains and hit fresh record high in late trade after news reports filtered in that the Attorney General proposed to the Supreme Court that about 40 of the 218 coal mines it declared illegal should not be taken back from the companies that operate them as they were either producing or were close to producing. Data showing improvement in economic growth in Q1 June 2014 triggered a firm opening on the domestic bourses and took indices to record high. The CNX Nifty hit record high above the psychological 8,000 level. The market breadth indicating the overall health of the market was strong.