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Sensex closes on a healthy footing
Wed, 13 Oct Closing

Intense buying activity across index heavyweights throughout the trading session today ensured that Indian indices closed on a very firm footing. After some hiccups in the early hours of trade, the indices steadily gained ground and kept notching gains as the day progressed. While the BSE Sensex closed higher by around 485 points (up 2%), the NSE Nifty gained around 143 points (up 2%). The BSE Midcap and the BSE Smallcap also notched gains of around 1% each. Gains were largely seen in IT, FMCG, banking and capital goods stocks.

As regards global markets, Asian indices closed firm today while European indices have also opened in the green. The rupee was trading at Rs 44.51 to the dollar at the time of writing.

Exide Industries declared its 2QY11 results. The company reported a 19% YoY growth in sales. However, while demand soared, the company suffered from a capacity constraint. As a result, it was forced to sacrifice strong opportunities in the highly profitable replacement market, so as to meet the requirement of less profitable OE (original equipment) segment. This then had a negative impact in terms of market share, adverse sales mix and consequently operating margins. Net profits grew by 42% YoY. This was largely due to the extraordinary income of Rs 470 m that the company received from the transfer of a land in Maharashtra. Thus, on excluding the same, growth in net profits stood at 11% YoY. The stock closed 3% lower today.

India’s IIP numbers for the month of August are out and they do not paint a pretty picture. As per reports, industrial output grew at 5.57% in August. This is nearly half of the growth reported in the same period a year ago and is the slowest in 15 months. The manufacturing sector accounts for four-fifth of industrial production and witnessed a slowdown owing to production cuts. Overall, growth in industrial production has been uneven especially in the last few months. For instance, in May, it grew by 11.5%, dropped to 5.8% in June but came back strongly in July at 15.2%. The RBI is not likely to ease its tightening measures though as inflation remains a bigger concern and because monthly data cannot be taken as a trend.

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1 Responses to "Sensex closes on a healthy footing"

Antony Motha

Oct 13, 2010

When's the right time to take half of your tortillas off the table? :)

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Feb 23, 2018 (Close)