12:00
Moneycontrol Bureau 12:20pm SIAMTwo-wheelers will continue leading the auto pack even in 2015, despite having reported weak demand in December, says Society of Indian Automobile Manufacturers (SIAM) President Vikram Kirloskar.
According to him, the lower demand for two-wheeler vehicles in December may just be a one-off as there is a lot more scope for growth of two-wheelers in India.
In an interview to CNBC-TV18, Kirloskar says the auto industry grew about 2-3 percent last year but this year it is expected to double its growth rate to around 5 percent.
12:00pm Market Check
Equity benchmarks climbed higher today with the Sensex holding 27000 level. All sectoral indices traded in the green with the FMCG, auto and banking stocks leading with strong gains.
The 30-share BSE Sensex rose 276.57 points or 1.03 percent to 27185.39 and the Nifty jumped 91.05 points or 1.12 percent to 8193.15. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 1.6 percent and 1.8 percent, respectively.
More than three shares advanced for every share declining on the Bombay Stock Exchange.
Asian equity markets with the exception of Shanghai gained as the fall in oil prices abated and a positive finish on Wall Street overnight lifted trading sentiment. Crude halted its 4-day drop, Brent crude got back above USD 50 a barrel, up 33 cents to USD 51.5 a barrel.
Back home, the rupee rose to over a one week high to trade below the 63 per dollar mark as exporters and foreign banks stepped up dollar sales. Bonds softened but markets are expecting profit booking ahead of Friday's Rs 14,000 crore auction.
Coal India gained 2 percent after trade unions called off their strike late last evening. Coal minister, Piyush Goyal says workers' issues were addressed. Morgan Stanley remained equalweight on the stock.
BPCL topped the Nifty charts, up as much as 4.5 percent after CLSA upgraded the stock to buy with a target price of 800. The brokerage preferred BPCL over IOC and HPCL.
Kotak Mahindra Bank and ING Vysysa Bank reacted positively to both the extraordinary general meeting going through successfully last evening. Shareholders of both banks approved the merger, taking way for the USD 2.5 billion deal announced in November. Both stocks rallied 3 percent.
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