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Markets intoxicated by a rate cut
Thu, 15 Jan Closing

After trading in the positive territory during post noon trading session buoyed by an unexpected rate cut by the RBI, the Indian equity markets registered further gains and closed the day in the green. While the BSE Sensex today closed higher by 729 points, the NSE-Nifty closed higher by 217 points. Midcaps and Smallcaps too closed in the green today. While the BSE Mid Cap index closed higher by 1.21% the BSE Small Cap index closed higher by 1.01%. Realty and banking stocks were the biggest gainers today.

As regards global markets, Asian pack too closed strong today. The rupee was trading at Rs 61.83 odd levels to the dollar at the time of writing.

Engineering stocks have ended the day on a strong note. Engineering major BHEL has bagged order worth Rs 12 bn for a 370 MW gas based project in Karnataka. The company will set up a combined cycle power plant on an EPC basis which will improve the power supply in the state. The order has been tendered by Karnataka Power Corporation. BHEL's scope of work includes everything right from designing to commissioning the project including any & all of the civil work.

Auto stocks have ended the day on a strong note. Auto major Bajaj Auto reported its results today. Total income rose 10.3% YoY to Rs 56.5 bn driven by higher export sales. However, net profits fell 4.8% YoY to Rs 8.6 bn due to decline in other income which more than halved to Rs 953 m during the quarter. The company sold 9.84 lakh units during the quarter as compared to 9.93 lakh units in 3QFY14. Export volumes increased 16% YoY while domestic volumes fell 13.5% YoY.

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