The indices maintained their upward momentum throughout the day today. While the BSE-Sensex today closed higher by 248 points, the NSE-Nifty closed higher by 79 points. Midcaps and Smallcaps to witnessed a rise today. While the BSE Mid Cap index closed the day higher by 0.7%, the BSE Small Cap index closed the day higher by 0.3%. Most sectoral indices too closed the day on a positive note, with realty and IT stocks being the top gainers today.
As regards global markets, Asian indices closed on a mixed note today with China leading the list of gainers. The rupee was trading at Rs 61.46 to the dollar at the time of writing.
Auto stocks ended the day on a mixed note. Ashok Leyland and TVS Motors were the biggest gainers. India's largest passenger vehicle manufacturer, Maruti Suzuki Ltd announced its results today. Net sales increased 17.4% YoY to Rs 119.9 bn in 2QFY15. However, profits grew at a faster pace of 28.7% YoY to Rs 8.6 bn during the quarter. Strong domestic sales and cost reduction initiatives helped the company to boost its bottomline growth. Maruti sold 321,898 units during 2QFY15 recording a jump of 16.8% YoY. Sales in the domestic markets stood at 287,687 units while exports sales were up to 34,211 units during the quarter.
In a bid to cut the fiscal deficit and non-plan expenditure, the finance ministry today announced a string of austerity measures. The government has now barred bureaucrats and government officials from travelling first class on airlines for overseas visits. They have been asked to use video conferencing as much as possible as a substitute. The ministry has also barred officials from holding meetings in five star hotels. Further, it put a freeze on fresh appointments and on filling up posts lying vacant for over 1 year. Considering stringent targets that the government has in place to cut the fiscal deficit, this is indeed a move in the right direction.