After opening the day in the red, share markets in India witnessed volatile trading activity throughout the day and ended the day on a negative note. Sectoral indices traded mixed, with stocks in the realty sector and stocks in the pharma sector, leading the losses.
At the closing bell, the BSE Sensex stood lower by 344 points (down 1%) and the NSE Nifty closed down by 100 points (down 1%). The BSE Mid Cap index ended the day down 0.6%, while the BSE Small Cap index ended the day down by 1%.
The rupee was trading at Rs 73.22 against the US$ in the afternoon session. Oil prices were trading at US$ 76.24 at the time of writing.
Asian stock markets finished mixed. As of the most recent closing prices, the Hang Seng was up by 0.5% and the Shanghai Composite was down by 0.9%. The Nikkei 225 was down by 0.1%. Meanwhile, European markets too were trading on a mixed note. The FTSE 100 was up by 0.1%. The DAX, was down by 0.8% while the CAC 40 was down by 0.3%
In news from stocks in the auto sector. Electric vehicle (EV) sales in India may soon get a boost as the government is proposing to amend building laws to make them EV friendly.
The government plans to make it mandatory to set up electric vehicle charging stations in residential and commercial buildings and parking lots.
The proposal also includes increasing electricity load for all buildings. India plans to shift one-third of its vehicle base to the electric fleet by 2030. The proposals include offering round-the-clock charging infrastructure facility to all-electric vehicles in residential buildings, setting up charging bays at 20% capacity of all vehicles, on-spot metering and payment services in both commercial and residential buildings.
In the four-wheeler segment, lack of infrastructure, ambiguity over policy remain a major deterrent, which is holding the segment back.
Is India Prepared to Meet the Ambitious Battery Car Target?
