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Indian Markets Gain Ground
Wed, 1 Apr 01:30 pm

Indian markets gained strength after opening in the red weighed down by disappointing core sector growth figures. While BSE Sensex advanced over 70 points points, NSE-Nifty traded higher by 20 points; crossing the 8500 mark. Amongst the sectoral indices, Healthcare sector has outperformed the market with gains of over 1.5%, however, IT sector has lost the most in today's trading session. BSE Mid Cap and BSE Small Cap stocks have also outperformed the broader indices. While the midcap stocks have gained nearly 1%, smallcap stocks are trading with gains of over 1.5%.

Commodities continue to trade with a flattish tone as gold and silver prices have gained slightly. Gold prices, per 10 grams, gained 0.10% or Rs 25 to reach Rs 26,230. Silver prices, per kilogram, gained 0.24% or Rs 91 at Rs 37,260 levels. Crude oil prices continue to fall following international cues. Crude oil prices fell about 1.7% or Rs 52 and is currently trading at Rs 2,973 level. Dollar value against the Indian Rupee remained unchanged since yesterday's close at Rs 62.50.

Automobile sector is trading with moderate gains. India's leading car manufacture, Maruti Suzuki, posted disappointing sales figures. Export figures of the company dampened investors' sentiment towards the company. The sales of the company fell 1.6% YoY while the sales dropped over 5% MoM. The drop in the sales is attributable to fall in exports. The company sold 1.11 lakh units of cars in the month of March 2015 compared to 1.13 lakh units in March 2014 and 1.18 lakh units in the previous month. Exports dropped nearly 30%, however, domestic sales grew 1.4%. Sales of passenger cars and compact cars dropped 0.3% and 12.5%, respectively while utility vehicles witnessed a drop of 4.3%. Vans, however, saw a growth of 20.7% YoY. Shares of Maruti fell almost 2.5% after such developments. Tata Motors is trading with gains of 0.7%.

Lead by HCL Tech which tanked over 4% on speculations that results will disappoint investors in upcoming quarter, IT sector has witnessed a sell-off. However, Shares of eClerx Services gained over 2% as it revealed that it will acquiring CLX Europe for a consideration of 25 mn Euros or Rs 1.67 bn. CLX Europe SpA is an Italy based content management company while eClerx Services is a business and knowledge process outsourcing company.

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