Indian equity markets started the day on a positive note. After hitting record highs for the seventh straight session on Tuesday, the key benchmark indices traded flat at mid-day after the Reserve Bank of India (RBI) left its key repo rate unchanged. RBI kept the repo rate, at which it lends short-term funds to banks, at 8%. The cash reserve ratio (CRR) was also kept unchanged at 4%. The markets finally closed the day in the green. IT and Consumer Durable stocks were the biggest gainers. While the BSE Sensex closed higher by 60 points, the NSE-Nifty closed higher by 16 points. BSE Mid Cap and the BSE Small Cap closed on a positive note.
As regards global markets, Asian indices closed in the green. European indices have also opened firm. The rupee was trading at Rs 60.03 to the dollar at the time of writing.
According to the HSBC Purchasing Managers' Index (PMI), the expansion in the manufacturing sector moderated in March, after a year-high growth in the previous month. The PMI manufacturing dipped to 51.3 points in March from 52.7 points in February. A PMI reading above 50 shows expansion in the sector. This data comes a day after official estimates showed that the eight infrastructure sectors grew at a five month high of 4.5% in February against 1.6% in the previous month.
Two and three wheeler maker TVS Motor Company has reported a 17.4% increase in its total sales at 196,826 units in March 2014. The company had sold 167,583 units in the same month of the previous year. Sales of scooters grew 63.2% to 47,766 units in March 2014 from 29,261 units sold during the same month of the previous year. Sales of motorcycles grew 10.2% to 68,158 units from 61,808 units. During the month, sales of three-wheelers stood at 8,004 units, an increase of 57.6%, compared with 5,076 units in the corresponding month a year ago.