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India's Third Giant Leap

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Indian markets end firm
Wed, 29 Jul Closing

Indian stock markets ended the day on a positive note. The BSE-Sensex closed up by 108 points (up 0.4%), while NSE-Nifty closed higher by about 40 points (up 0.5%). Both the S&P BSE Midcap and S&P BSE Smallcap indices also ended in the green, up by 0.9% and 0.8% respectively. Among sectoral indices, software and telecom were leading the gainers. However, FMCG stocks closed the day in the red.

Asian markets closed the session on a positive note. Markets in Hong Kong gained 0.5%, while the China markets gained 3.4%. The rupee was trading at 63.85 against the US dollar.

Stocks in the engineering sector ended the day on a mixed note with Cummins India and Bharat Electronics leading the gainers. According to a leading financial daily, Blue Star, the air-conditioning and commercial refrigerator major, has declared its results for the quarter ended June 2015. The company has posted 26% YoY increase in its net profit on a standalone basis. The company's operating income grew by 8% YoY for the concerned quarter. However, the revenues of the electromechanical projects and packaged air-conditioning systems declined marginally by 3%, while the segment profits declined by 17% on a YoY basis. The decrease in profitability was mainly due to sluggish execution of projects and cost overruns in specific legacy projects. Stock of Blue Star ended the day up by 1.8% on the BSE.

Banking sector stocks also ended the day on a mixed note. Yes Bank and ICICI Bank were among the leading gainers. As per a leading financial daily, private sector lender Yes Bank has posted a 27% YoY rise in its net profit for the first quarter ended June 30, 2015. This was on account of a strong growth in its net interest income which witnessed a YoY rise of 42.2%. The CASA (Current Accounts-Savings Accounts) deposits grew by 31.2% where the advances were up by 35%. The scrip of Yes Bank ended the trading session up by 2.6%.

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