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Indian markets close strong
Tue, 28 Apr Closing

The Indian markets had a volatile trading session today. The morning session saw the indices barely stay afloat, while in the afternoon session, the indices fell into the red. After trading in the negative territory during post noon session, the Indian indices, gathered steam and closed the day on a firm note. Barring stocks from FMCG and IT segments, majority of stocks closed on a positive note. Maximum buying activity was witnessed in stocks from Banking and Auto sector. The Sensex ended higher by 220 points or 0.8%, while NSE-Nifty closed up by 72 points or 0.9%. Stocks from S&P BSE Midcap and S&P BSE Smallcap spaces too were opened on a positive note, with their respective indices closing higher by 1.5% and 1.4%.

At the time of writing, the INR was trading at 63.12 to US$. Stocks in Europe were trading weak at the time of writing.

FMCG stocks closed mostly strong today with the exception of a few like Godrej Consumer. The stock traded weak today closed lower by more than 2%. This despite the decent set of numbers announced by the firm for the quarter ended March 2015. As per reports, consolidated net profit for the quarter saw more than 12% increase on the back of an 8% growth in sales, both on a YoY basis. For the full year, the performance was even better with profits higher by 19% on the back of a 9% growth in topline. As per the company, its performance during the second half of the year was much better as compared to the first half and is on the back of a gradual recovery it is seeing in FMCG growth in India.

Meanwhile, ICICI Bank continued with its positive streak and closed an impressive 8% higher for the day. Evidently, the company seems to be in the midst of a dream run initiated by its strong show for the full year ended March 2015. While there are some concerns on the asset quality front, the bank looks well positioned to cash in on the expected improvement should the economic cycle take a turn for the better. The company's leadership position in both the banking as well as the retail segment should hold it in good stead if a report is to be believed.

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