Indices in the equity market in India entered a higher trajectory during the closing stages of the day and as a consequence, closed significantly higher. While Sensex today edged higher by around 230 points (up 1.3%), gains on the NSE-Nifty came in at around 70 points. BSE Mid Cap and BSE Small Cap indices also closed higher, recording gains of 1.1% and 0.8% respectively. Only two Sensex stocks were seen trading in the red and that too marginally.
Asian stocks however ended on a mixed note. Europe on the other hand, is trading mostly positive currently. The rupee was placed at Rs 55.5 to the dollar at the time of writing.
While it was negative cues from Europe that led to the poor performance of yesterday, it was the turn of positive cues from the same continent that mostly contributed to today's gains. As per reports, the leaders in Euro zone agreed to give Spain one more year till 2014 in order to make progress towards deficit reduction. They also seemed to have agreed on some kind of package to help bail out Spain's troubled banks. While such a step would indeed be a positive in the short run, we have our fair share of doubts whether it is the right move to ensure long term stability across Euro Zone.
FMCG major, Godrej Consumer Products Ltd (GCPL) closed higher by nearly 1% on the bourses today. As per reports, the company has re-entered the air care category with a new brand "Aer." It should be noted that following the end of its 15-year partnership with Sara Lee whereby the company was selling the air freshener brand "Ambi Pur," it had exited air freshener category in 2010. However, with the launch of "Aer" it has re-entered the space and is making available both the versions of the product i.e. for homes as well as cars. The company is planning to sell "Aer" with an extensive communication campaign that includes a television commercial, digital media promotion and on-ground consumer initiatives. The air freshener market is growing at a robust pace of 20% YoY and the company plans to grab around 7% market share over the next 12 months.
After having achieved a stellar reputation in the four wheeler space, Bosch, one of India's largest auto ancillary companies, is planning to foray into the two-wheeler service centres. In this regard, the company has opened 10 express bike service outlets on the lines of its sole outlet in Delhi. The firm will increase the outlets to 50 by year end and will further take it up to 500. The company is confident of sustaining its growth in the coming years. The stock closed higher by nearly 1% on the bourses today.