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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Energy, auto lead the gains 
(Tue, 28 May Closing) 
 
Indices in the Indian equity markets came down from the day's highs during the closing session. However, they still managed to close the day on a strong note. Thus, while BSE-Sensex gained in the region of 130 points (up 0.7%), NSE-Nifty edged higher by around 30 points (0.5%). BSE Mid Cap and BSE Small Cap also closed higher, gaining 0.6% and 0.5% respectively. Nearly 2 stocks gained for every stock that closed the day in the red on the Sensex.

Other Asian indices closed strongly today with Europe too displaying a strong positive trend currently. The rupee was trading at Rs 55.8 to the dollar at the time of writing.

The markets have gone up for the second consecutive day of the week today. And as highlighted earlier, it is mostly the cheap liquidity from the West in search for higher yields that seems to be the driving force behind the current rally. This is not to say that India's fundamentals have not improved. The fact that inflation has come down and crude prices have also softened, have acted as triggers in some way. Also, valuations are not that high currently in India and this also seems to be helping. From a long term perspective though, foreign institutional investors (FIIs) or no FIIs, companies run by good management and having fundamental strengths are bound to do well as a steady growth in their earnings backed by India's long term GDP growth story is pretty much certain.

Bajaj Electricals, one of India's largest consumer durables companies, has announced that it plans to double its overall spending on advertising to Rs 750 m as against Rs 380 m that is spent in the previous fiscal. This, the company believes, will help it achieve the 25% growth in topline target the company has set for itself in the current fiscal. The idea is to increase the visibility of the company's products and brands, which could help in augmenting distribution and product range. The stock closed lower by 3% on the bourses today.

Mahindra & Mahindra (M&M), India's leading auto manufacturer, is looking to target rural market so that the potential for executive motorcycles could be tapped adequately. The company could also use services of the farm equipment division of the company as it has a presence in the rural market through its tractors and other agri related equipment. The company has decided to showcase a good, wide variety of bikes for consumers to choose from. Also on the anvil is a new launch in the second quarter of the current financial year. The stock of M&M closed higher on the bourses today by around 2%.

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