The BSE Mid-cap Index is trading up 0.67% at 10,764, whereas BSE Small-cap Index is trading up 0.69% at 11,012.
The BSE Mid-cap Index is trading up 0.67% at 10,764, whereas BSE Small-cap Index is trading up 0.69% at 11,012.
The indices could get dizzy as it approaches key resistance levels later in the day. The global cues are positive for now. Asian indices are well in the green. In the US market, the Dow gained 0.77%, S&P 500 added 0.46% while Nasdaq was marginally up. Democratic presidential candidate Hillary Clinton in a tweet stated that she would lay out a plan to prevent price gouging by specialty drug makers. The remarks triggered a selloff of biotechnology and health-care stocks. Watch out for any reaction on Indian stocks in the sector. Oil futures ended higher.
Finance Minister Arun Jaitley reportedly said the government is confident of the new GST regime to roll out from the next fiscal.
With India’s deficient monsoons and oppressive heat prevailing in most parts of the country, electricity demand has jumped up which could lead to power outages in the coming days. State run power generators are also threatening to cut off supplies to distribution companies (discoms) unless they pay up Rs 20,000-crore outstanding bills, says an ET report.
The world’s biggest car maker by sales, Volkswagen, saw its shares crashing to record its biggest intra-day fall after reports that it had rigged emissions tests in the United States.
The U.S. Environmental Protection Agency (EPA) said Volkswagen had used software for diesel VW and Audi branded cars that deceived regulators measuring toxic emissions. The carmaker could face penalties of up to $18 billion.
Other manufacturers too will be checked for similar possible violations.
Back home, Motherson Sumi, which has almost 40% of its revenues from Volkswagen saw its shares fall by around 9%. The stock finally closed over 7% lower at Rs 262.
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