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A late hour surge
Tue, 20 Jan Closing

After trading in the positive territory during post noon trading session, the Indian equity markets gathered momentum in the last couple of hours and closed the day in the green. While the BSE-Sensex today closed higher by 523 points, the NSE-Nifty closed higher by 145 points. Midcaps and Smallcaps too closed the day in the green. While the BSE Mid Cap index closed higher by 0.44%, the BSE Small Cap index closed higher by 0.41%. Metal and FMCG stocks were the biggest gainers today.

As regards global markets, the Asian pack closed strong today. The rupee was trading at Rs 61.77 odd levels to the dollar at the time of writing.

Private banking stocks have ended the day on a strong note. Kotak Mahindra Bank announced its results today. Net interest income grew 16% YoY to Rs 10.5 bn in 3QFY15. PAT surged 36.6% YoY to Rs 4.6 bn backed by higher other income and lower provisions. Other income surged 65% YoY to Rs 4.9 bn led by higher fee & treasury income. Advances grew 22% YoY, while deposits rose 34% YoY during the quarter.

Auto stocks have ended the day on a mixed note. The 50:50 Volvo Eicher Motors JV, VE Commercial Vehicles, aims to have 15% market share in the heavy duty trucks market over a period of three years. The company currently has 4% market share in the segment. The JV is banking on its ProSeries of trucks to scale the ambitious target. These trucks are expected to replace the company's existing range of trucks in the 5 to 49 tonnes category.

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