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Final hour surge
Wed, 10 Apr Closing

Buying interest in auto, IT, banking and engineering heavyweights helped the indices in Indian equity markets recover from the red and post strong gains in the final hour of the trading session today. All sectoral indices barring the FMCG index ended higher. While the BSE Sensex closed higher by 188 points (up 1%), the NSE-Nifty closed higher by 64 points. While the BSE Mid Cap index gained 0.5%, the BSE Small Cap index ended flat.

As regards global markets, Asian indices closed higher today while European indices have opened in the green. The rupee was trading at Rs 54.53 to the dollar at the time of writing.

Auto stocks have closed the day on a mixed note. On one hand the stocks of Maharashtra Scooters, TVS Motors and Eicher Motors saw gains. On the other hand the stocks of Hero Motocorp and Mahindra & Mahindra were victims of selling pressure. As per the Economic Times, Bajaj Auto has lost its position in the two wheeler industry. Their position as second largest manufacturer in the two wheeler segment has been taken over by Honda Motorcycle& Scooters India (HMSI). As per the latest sales numbers reported by SIAM, HMSI sold a total of 2,606,841twho wheelers in the financial year 2012-2013 (FY13). During the same period Bajaj Auto sold 2,463,863 units. The market leader in the segment is still Hero Motocorp with a sales figure of 5,912,538 units during the year. HMSI has undertaken an aggressive strategy to increase its market share in India. It plans to increase market share through new product launches as well as through aggressive pricing in the coming years.

As per a business daily, eClerx has received the board approval for buyback of equity shares from minority shareholders. The amendment of article enables the company to buy-back of as much as 10% of shares of the total paid-up equity capital and free reserves. The company has recent good revenue growth in recent quarters with much of the growth coming from volumes while pricing remained stable. The management also reiterated that the pricing situation would remain stable, while revenue visibility would decline as the company is engaging itself in more short term projects as compared to long term ones. The stock gained 5% in today's trade.

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