Auto stocks News
The Nifty slumped by 67.85 points, or 0.67 percent, but managed to close above the 10,000-mark at 10,013.65 after touching a low of 9,998.25.
India's benchmark BSE index hit a record high on Thursday as steps taken by the capital markets regulator to attract more investments and tackle massive bad loans of banks boosted sentiment.
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Interest rate-sensitive realty, banking and auto stocks surged up to 18.5 percent Thursday after Reserve Bank Governor Raghuram Rajan sprang a surprise by cutting interest rates by 25 basis points a move that is likely to result in cheaper home and auto loans.
Auto stocks witnessed selling pressure on Wednesday after the government announced ending excise duty concessions for the cars and durable goods.
Auto stocks on Tuesday fell by as much as 3 percent following the Competition Commission imposing a penalty of Rs 2,545 crore on 14 car makers for violating trade norms in the spare parts and after services market.
A benchmark index of Indian equities markets Wednesday was trading 44.76 points or 0.17 percent down as auto stocks tanked.
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