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Booming demand for consumer electronics and supply chain disruptions across the globe have led to an acute shortage of chips, forcing a number of car companies to drastically cut production as they try to secure limited semiconductor supplies.

The government is expected to introduce the Electricity (Amendment) Bill, 2021 in Parliament soon. The bill is the latest attempt by the Centre to reform a sector that has seen incremental reforms for the past 25 years without ever dealing with the issues that plague it.

At Tuesday’s seven-day variable rate reverse repo auction worth Rs 2 lakh crore, RBI set the cutoff rate at 3.99 per cent, just shy of the repo rate of 4.00 per cent.

The 30-share BSE Sensex was up 7.45 points at 59420.72

The Nifty IT index closed 0.72 per cent down at 35028.0.

The Dow Jones Industrial Average rose 77.26 points, or 0.22 per cent, at the open to 34,467.98.

Heading into the October series, bears seem to have an upper hand as Nifty50 is losing momentum on the upside following multiple failed attempts to break out of the immediate hurdle between 17,950-18,000 levels.

Swing pricing is a mechanism by which fund houses can adjust a scheme’s net asset value (NAV) in response to the flows into or out of the fund. It is aimed at reducing the impact of large redemptions on existing investors by reducing dilution of the value of a fund’s units.

Nifty50 closed below its 13-day simple moving average, which had offered support to the index in the last two sessions, suggesting weakness ahead. Analysts said the index may correct towards the 17,500-459 zone in the coming days.

With the NCLT directing Zee Entertainment to hold the EGM, Invesco’s move showed that it is not willing to give an inch to Punit Goenka and the current board of the company.