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Momentum sustains till the end
Wed, 22 Jul Closing

Indian stock markets end the days with gains of about 1% led by strength in Reliance Industries and a rebound in other heavyweights such as Sun Pharmaceutical Industries and Hindustan Unilever Limited (HUL). The Sensex ended higher by 322 points and the NSE-Nifty ended higher by 104 points. The BSE Mid Cap and BSE Small Cap ended the day trading higher by 1.30% and 0.86% respectively.

Asian markets finished on a negative note at the most recent closing prices. Nikkei and Hang Seng lost 1.19% and 0.99% respectively. The rupee was trading at 63.54 against the US$ in the post noon session.

Stocks from the auto-ancillaries space ended the day on a mixed note. Bosch is planning to invest Rs 4 bn in its present Chennai facility which currently manufactures front loading washing machines. The facility has a capacity to manufacture about 300,000 units a year and is spread over an area of 42 acres. The company is now planning to manufacture other products at this facility and utilize the entire plant in the process. The stock of Bosch has ended the day on an encouraging note.

Stocks in the hotel sector ended the day on a mixed note. Indian Hotels is aiming to open 14 new properties in India and abroad this year. This will be twice the inventory the company is set to open as compared to the last year, pushing its inventory to nearly 17,500 rooms with 145 properties as compared to 15,751 rooms with 131 hotels at present. Indian Hotels is also making efforts to bring down its overall debt levels in order to reduce the interest burden. US and European hotel owners have introduced a variety of brands, in order to cater to demand at every level. This has put pressure on every hotel operating abroad, including those belonging to Indian Hotels. The stock of Indian Hotel has nevertheless closed the day on a firm note.

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