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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Tech & bank stocks steal the show 
(Wed, 1 Jun Closing) 
 
Buying activity intensified during the closing stages and as a consequence, benchmark indices in the <Indian stock market capped off what can be called as another strong session. The BSE-Sensex edged higher by more than 100 points whereas NSE-Nifty closed the day with gains of more than 30 points. BSE Midcap and BSE Small cap indices also joined in the exuberance and closed higher by more than 0.8% each. Nearly four stocks gained for every one that declined on the Sensex today. While most Sensex stocks closed the day with gains, tech and banking heavyweights contributed quite a bit to the overall strength.

Asian stocks also closed mostly strong today whereas Europe is trading on a negative note currently. The rupee was trading at Rs 44.8 to the dollar at the time of writing.

Cement major ACC traded strong today and closed the day with gains of more than 1%. The positive trend in the counter seemed an outcome of the company's robust despatch numbers for the month of May 2011. As per reports, its dispatches were up nearly 14% YoY during the month. Similarly, its production also came in higher by 10% YoY. The strong performance in May, also helped push up the cumulative despatches for the first five months of the calendar year by 12.8% YoY. While these are impressive numbers no doubt, it will be interesting to see how the pricing pans out in the coming months as this is the bigger driving factor for cement companies we believe. Already, ACC's first quarter results had come in subdued as profits fell by 13% on the back of cost pressures. If things don't improve on pricing front in coming quarters, even a strong volume growth like in the month of May may not help much.

TVS Motor was also amongst a long list of stocks that closed in the positive today. The two-wheeler major closed higher by more than 2%. Even here, the buoyancy appeared a result of strong sales performance for the month of May. The company reported an 18% YoY growth in its May sales. The cumulative sales for the first two months of the fiscal thus grew by 16% YoY. As far as segmental break up is concerned, two-wheeler sales improved 18% YoY, while three-wheelers registered a growth of a whopping 75%, albeit on a lower base. While the company's domestic sales were up 16% YoY, exports registered a growth of an impressive 42% YoY. Given the backdrop of high interest rates and fuel prices, a strong performance by the company we believe. However, we would not be surprised if the sales start showing a downward trend in the coming months.

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Apr 21, 2017 (Close)

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