We had mentioned in Tuesday’s closing report that Nifty, Sensex were set to move sideways. The major indices of the Indian stock markets were tightly range-bound on Wednesday and closed with small gains over Tuesday’s close. NSE trading volumes were also lower. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
Initially on Wednesday, the key indices opened on a higher note, following the release of healthy domestic macro-economic data. Major domestic macro-economic data points like the fourth quarter GDP (gross domestic product), fiscal deficit and eight core industries (ECI) were released on Tuesday. The GDP data showed that the Indian economy expanded by 7.6% in 2015-16 to log the fastest growth among larger countries. Besides, India's core industrial output data, ECI edged up by 8.5% in April on the back of higher production of electricity, steel and refinery products.
Despite the positive opening, the key indices ceded some of their initial gains on the back of sluggish Asian markets and lower close of the US stocks on Tuesday. The US indices had closed lower on the back of disappointing consumer confidence data which stroked growth concerns in the world's largest economy. The US data also cast a doubt over the US economy's ability to withstand a speculated interest rate hike in June. In addition, lower crude oil prices, a weak rupee and profit booking dented investors' risk taking appetite. However, lower level value buying supported prices. Among the major indices, the Bank Nifty lost 1.12% over Tuesday’s close to close at 17,423.45.
Leading SUV car maker Mahindra & Mahindra Ltd (M&M) on Wednesday said it has sold 40,656 units during May, up 11% from 36,706 units sold in the corresponding month last year. In May, sales of passenger vehicles which include SUVs, cars and vans grew 8 per cent at 19,635 as against 18,135 units sold in May 2015. Its domestic sales stood at 36,316 units in the last month, up 10% from 33,369 units sold in the year-ago month. The company sold 501 units of medium and heavy commercial vehicles in the month under review. Exports for May stood at 4,043 units -- a growth of 21%. M & M shares closed at Rs1,334.95, up 0.77% on the BSE.
Automobile manufacturer Hyundai Motor India (HMIL) on Wednesday reported a growth of 10.4% in its domestic sales for last month. According to the company, its domestic sales in the month under review rose to 41,351 units from 37,450 units sold during May 2015. The automobile manufacturer credited the sales growth on the healthy off-take of its brands like brands Creta, Elite i20 and Grand i10. “Hyundai volumes grew by 10.4% with sales of 41,351 units continuing the build-up of positive growth momentum on the strengths of strong performance of the three Indian Car of the Year brands Creta, Elite i20 and Grand i10," Rakesh Srivastava, Senior Vice President, Sales and Marketing, HMIL was quoted as saying in a statement. Srivastava added that the positive growth momentum was supported by heightened expectations of increase in demand on the predictions of good monsoon. S & P BSE Auto index closed at 19,247.16, down 0.60% on the BSE.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: