On the global front, most of the Asian indices have closed the day on a weak note. So also, the European indices opened in the red. The rupee was trading at Rs 60.15 to the dollar at the time of writing.
Barring few such as M&M, Bajaj Auto and Maruti Suzuki, auto sector stocks closed the day on a firm note. Stocks like Force Motors and Ashok Leyland led the pack of gainers. According to a leading daily, the India's second largest two-wheeler manufacturer Bajaj Auto has declared its first quarter FY15 earnings results today. The net profit has gone up 0.31% and the total income has witnessed an increase of 7.6% during 1QFY15 on YoY basis. The first quarter also marks the beginning of a demand recovery.
Bajaj Auto also has some launches lined up that are expected to bolster volumes going forward. As far as three wheelers are concerned, the company remains positive on the back of new product launches and release of new permits. These will push up the volumes too. While auto industry was considerably impacted during the year on account of the economic slowdown, once economic growth picks up, its positive impact will be rubbed off on the auto industry as well.
As per a leading financial daily, the gold imports for the month of June have jumped 65.1% to US$ 3.12 bn from US$ 1.9 bn in the corresponding month a year ago. However, this pushed the trade deficit to 11-month high of US$ 11.76 bn last month. While exports have also grown, gold imports spoilt the show. In the budget, the Finance Minister had left the import duty on gold and silver unchanged at 10%, surprising all. The huge rise in gold imports indicates that the curbs would stay in place for some time. That's because the overall import bill is already expected to spike on the back of an improvement in investment and consumption activity adding to the trade shortfall.