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Indian markets bounce back
Wed, 22 Jul 01:30 pm

After opening the day on a negative note, the Indian Indices have gained momentum and are trading higher in the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the energy and FMCG sectors leading the gains.

The BSE-Sensex is trading higher by 230 points (up 0.8%) and the NSE-Nifty is trading higher by 67 points (up 0.8%). The S&P BSE Midcap index is trading up 0.8% and the S&P BSE Smallcap index is trading up 0.6%. Commodity prices are trading on a positive note. Gold prices, per 10 grams, are hovering at Rs 24,658 levels. Silver, per kilogram, is trading at Rs 33,761 levels. The rupee is trading at 63.54 to the US dollar.

Banking stocks are trading on a mixed note with United Bank of India and Bank of Maharashtra witnessing maximum selling pressure. As per a leading financial daily, IDBI Bank is eyeing to raise Rs 260 bn through a mix of equity and bonds to fund its business growth. Out of this Rs 60 bn will be issued by the way of equity shares in such a way that the central government shall at all times hold not less than 51% of the paid-up capital of the bank. Further, the remaining Rs 200 bn is planned to be raised from bonds in one or more tranches during the current fiscal. Currently the stock of IDBI bank is trading up by 0.6%.

Most of the stocks in the automobile space are trading positively with Force Motors and Mahindra & Mahindra leading the gainers. Eicher Motors has reported its results for the second quarter ended June 30, 2015. The company has reported a 37.7% rise in its net profit on a YoY (year-on-year) basis. For the concerned period the company's total income has increased by 44.8% on a YoY basis. On the consolidated basis, the company has reported 40.9% YoY rise in its net profit after tax and minority interest. Presently the stock of Eicher Motors is trading down by 1.2%.

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