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Mid, smallcaps buck trend
Tue, 7 Jul Closing

After opening the day on a positive note, the Indian markets erased their gains in afternoon trade, pulled down by oil & gas, IT, auto and power stocks to close just below the dotted line. The Sensex closed lower by 37 points while the NSE-Nifty ended lower by 11 points. However, the broader markets continued to outperform benchmarks. The BSE Mid CapBSE Small Cap ended the trading day higher by 0.52% and 0.62% respectively. Healthcare and Consumer Durables sector ended with moderate gains.

Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 1.31%, while the Shanghai Composite led the Hang Seng lower. They fell 1.29% and 1.03% respectively. European stock and bond markets fell once again in early trade before a euro zone leaders' summit to discuss the Greek debt crisis. The rupee was trading at 63.37 against the US$ in the post noon session.

Shares of State Bank of India (SBI) ended the trading day on an encouraging note after the company reported to increase its information technology budget by a third this financial year as part of its strategy to improve its digital offerings. The bank will spend nearly Rs.40 bn before March 2016 and significantly upgrade its IT back-end, while also investing in new equipment for the 250 'InTouch Lite' branches it plans to add during the year. The InTouch Lite branches will have devices for customers to help themselves while opening a new account, getting a new debit card, transferring or depositing money, planning for savings and applying for new loans.

Cement sector companies ended the trading day with moderate gains led by Ramco Cement and Ultratech Cement leading the gains. According to a leading financial, Ambuja Cements, formerly known as Gujarat Ambuja Cements, is believed to have been paid Rs 200 m by Nestle for burning the recalled packets of Maggi noodles at its cement plant in Chandrapur in Maharashtra. In addition to the value of stocks being destroyed there will be additional costs to take into account, like bringing back stock from the market, transporting the stock to the destruction points and destruction cost.

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