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Markets begin on a positive note
Mon, 2 Aug 09:30 am

Markets have started today's session on a very positive note. The benchmark indices opened well above the breakeven mark and witnessed a sharp upward spike that took them much higher than Friday's closing. Other key Asian markets are all trading in the positive territory. The US markets closed nearly flat on Friday. Currently in India most of the heavyweights are witnessing good buying interest with banking and auto majors amongst the top gainers. Strength is also being seen amongst BSE Midcap and Small cap indices. The rupee is trading at Rs 46.1 to the dollar at the time of writing.

Bajaj Auto has started today's session on a positive note. The buoyancy seems to be the result of its strong July numbers. As per reports, the company's motorcycles sales have continued to defy gravity and have managed to log in a growth rate of 66% in the month of July on a YoY basis. Its exports went up by 56% YoY. Buoyancy was also on display in the three wheeler segment where growth at 60% YoY came in equally strong. With this performance, the company has continued to surpass industry growth rate in the second quarter of the current financial year as well. The growth in the domestic market has also been helped by the fact that its archrival Hero Honda has not had any new launches in the recent past. However, with that scenario likely to change soon, it will be interesting to see whether Bajaj Auto continues to improve upon its market share.

As per a leading business daily, ICICI Bank has said that lending rates are expected to go up only after the month of September this year. The bank recently revised its deposit rates up by 0.75%. However, the top management of the bank has expressed that this does not translate into a rise in cost of funds immediately for the bank, and actually happens with a lag effect. It is for this reason that it expects lending rates to go up only in the second half of the year. Further, the bank expects domestic credit growth of 20% in FY11 on the back of improving loan demand in its retail, small and medium enterprise and corporate portfolios. Total growth however, which includes international loans, is expected to be about 15%. Banking stocks are currently trading in the positive led by ICICI Bank and Karnataka Bank.

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Feb 19, 2018 02:21 PM