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Buying activity increased in the last half hour of trade as stocks from the realty, auto, metal, consumer durables and capital goods supported Indian indices amid volatility. At the closing bell, the BSE Sensex closed higher by 45 points, while the NSE Nifty finished higher by 11 points. The S&P BSE Midcap and the S&P BSE Small Cap also closed firm with the indices ending up by 0.5% and 0.3% respectively.
Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 1.94%, while the Shanghai Composite and the Hang Seng fell 0.64% and 0.08% respectively. European markets are lower today with shares in Germany off the most. The DAX is down 0.56% while London's FTSE 100 is off 0.53%; France's CAC 40 is lower by 0.33%
Oil prices were trading at US$41.49 a barrel at the time of writing. The rupee was trading at 66.54 against the US$.
Shares of Yes Bank finished the trading day on optimistic note (up 0.3%) after it was reported that the Foreign Investment Promotion Board (FIPB) has approved the proposal of the bank to increase its foreign investment limit to 74% from present 41%, making it the first bank to get approval for hiking FDI limit after the new regulations were announced last year. In November 2015, the government had removed sub-limit restrictions for foreign investments in private sector banks within the overall sectoral limit of 74%.
Yes Bank is India's fifth largest private sector bank and has a pan India presence across all 29 states and 7 Union Territories. The bank has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
According to an article in The Economic Times, Cummins plans to invest Rs 10 billion in the expansion of its research and development center in India (Subscription Required). This investment is touted as the biggest outside of the Indiana based company at its technical center in Pune.
The technical center is part of Cummins Technologies India Pvt. Ltd, a wholly-owned subsidiary. Reportedly, Cummins has technology for Euro Stage VI diesel and natural gas commercial vehicles and once the Indian government notifies the norms for Bharat Stage VI, the company will step up research and development for localizing the solutions for the Indian market. The biggest challenge the company faces is to arrest the price increase on account of upgrading to BS VI emission norms. Cummins finished the day on a strong note (up 5.3%) on the BSE.
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