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Gaining their lost momentum after trading lower in the afternoon session, the Indian stocks closed the day on a firm note. Stocks from sectors such as telecom and auto were leading the gains, while realty stocks ended the day in the red. Both the BSE Mid Cap and the BSE Small Cap indices were up by 0.2% and 0.5%, respectively. The BSE Sensex closed higher by about 130 points (0.5%), while the NSE-Nifty ended higher by about 46 points (0.6%).
On the global front, most of the Asian indices closed the day on a mixed note. The Shanghai Composite ended higher by 0.2%, while Hong Kong's Hang Seng and Japan's Nikkei 225 ended lower by 1.34% and 0.25% respectively. However, the European indices are trading positive. The FTSE 100 is up 0.5% while France's CAC 40 is up 0.9% and Germany's DAX is up 0.89%. The rupee was trading at Rs 66.20 to the dollar at the time of writing.
Indian markets witnessed volatility throughout the day today. This was seen as participants keep a wath out for the Reserve Bank of India's (RBI) decision on rate cut in tomorrow's monetary policy. While the market seems to be expecting a 25 basis points rate cut, Ajit Dayal, in a recent article in The Honest Truth, challenged the consensus. He thinks a 1% rate cut is possible.
But that's just a part of the picture. In his latest Diary entry, Vivek Kaul argued that the RBI should not cut the repo rate by 1%, or at least not all at once. His reasons are sound - the strongest being banks not passing the cut in deposit rates to lenders and that the entire situation needs to be viewed from the point of view of savers. To view Vivek's take on interest rates, click here.
Who do you think will be right - Ajit or Vivek? To vote your opinion, please click here.
As per a leading financial daily, Mahindra and Mahindra's (M&M) South Korean subsidiary - SsangYong Motor has sold a total of 13,010 units in March 2016. The company has sold 9,069 units in domestic market and 3,941 in exports.
It was reported that SsangYong's domestic sales recorded 9,069 units, up 29.9% from the previous month and 17.5% from the corresponding month last year. The increase in sales here was witnessed on the back of robust sales of Tivoli brand models that jumped by 69.7% compared to March 2015 and its other main SUVs.
Further, SsangYong's exports in March soared by 9.7% over the previous month. The rise witnessed here came through Tivoli Air exports to the European markets. However, the company's YoY (year-on-year) exports dropped by 23.5% due to reduced demands in the emerging markets.
The company's global sales surged by 23% from the previous month and 1.1% from the same month last year. This was seen on the back of sales uptrend of Tivoli and Tivoli Air (XLV), which has led the company's domestic sales growth along with Tivoli since its launch in early March.
On a separate note, M&M has launched its latest SUV - the NuvoSport. The launch has given a further boost to the company's leadership position in the UV segment.
The company has completed nine product launches in FY16. The impact of this, along with the recent launch of NuvoSport, will be reflected in the financials of FY17. We have discussed this in our result analysis report of the company here (subscription required).
M&M closed the day on a positive note, up 4.3%.
In another news update, Wipro is eyeing to set up a BPO (business process outsourcing) centre in Riyadh, Saudi Arabia. This will be the second such facility in the nation after an all-women technology services centre of Tata Consultancy Services (TCS).
On a separate note, Wipro has recently entered into a five-year partnership with Jubilant FoodWorks, the country's top food service company. The partnership aims to deliver energy management services and help reduce Jubilant FoodWorks energy and operational costs.
The management of Wipro regarding this partnership stated that the company will include analytics and IoT (Internet of Things) technologies to improve various aspects like food safety and guest experience in order to reduce overall maintenance costs and help in maintaining Jubilant FoodWorks market leadership position in India.
Wipro is a global information technology, consulting and outsourcing company. It operates with a workforce of more around 170,000 and serves clients in 175+ cities across six continents. The stock of the company closed the day up by 0.8%.
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