Equity benchmarks recovered from day's low. The Sensex fell 424.43 points or 1.53 percent at 27387.41 and the Nifty declined 134.90 points or 1.61 percent to 8246.20. About 532 shares have advanced, 1883 shares declined, and 142 shares are unchanged on the BSE. HUL and NTPC turned positive, up marginally
Nomura expects the recent trend of strong growth momentum in medium & heavy commercial vehicles (MHCVs) and steady recovery in the passenger vehicle industry to sustain in June as well. It expects 24 percent Y-o-Y volume growth in MHCVs; for PVs, while industry volume growth on a Y-o-Y basis will likely be flattish due to the higher base effect, underlying growth momentum remains strong, it said in its note. Note that passenger vehicle industry volumes had increased by 14 percent Y-o-Y in June-14 due to fears of a roll-back of excise duty benefits (4-6 percent) in the July-15 government budget.
On the other hand, rural volumes continue to remain under pressure, which will have some impact on 2-wheeler and tractor industry volumes. Monsoon rains so far have been 28 percent above normal. "If rainfall is good this year we can expect recovery in rural demand around the festive period (October- November). We expect 2-wheeler industry volumes to grow at around 5 percent; Honda should continue to outperform industry growth due to stronger growth in scooters."
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