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The capital commitment primarily came from family offices, HNIs and Indian financial institutions

Two back-to-back significant red candles on the daily chart indicate weakness that could extend further in the near future, said Rupak De, senior technical analyst at LKP Securities.

The Nifty Auto index closed 0.71 per cent up at 11681.4.

“Industrial clusters and R&D were the two clear demands from the Atmanirbhar Bharat scheme. It got overwhelming support from two industries – automobiles and electronics. They supported it 100% and that really stands out.”

The stock surged about 5 per cent after the foreign broker upgraded Biocon to ‘overweight’ from ‘equalweight’ with a target price at Rs 465. The stock last traded at Rs 366.

The company said its revenue from operations rose 1.25 per cent YoY to Rs 9,022 crore

“In FY21, there was a 50% growth in CNG cars versus FY20 and in the first six months of this financial year, we have already seen a 97% growth and with a 7% penetration in the market, this industry is going to touch or maybe cross more than two lakh in a year.”

The United States, Canada and Brazil are set to pump at all-time highs for the year while Saudi Arabia and Russia could also break their output records.

“We think the economy is going to improve, earnings are going to improve and to that extent, earnings growth in the small and midcaps is going to be sharper than the earnings growth in the largecaps over the next two-three years and that is one reason why you have to buy the small and midcaps and keep it because that will give you bigger return in your portfolio.”

The Nifty Realty index closed 0.15 per cent down at 501.9.