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Analysts suggested that demand in rural as well as in urban areas will revive during the festive period, which tends to bring in close to 25-30 per cent of automobile companies’ revenues in a normal year.

"It is good to carry a mix of both debt and equity rather than carrying only equity and a balanced approach to investing would be a better option. "

PSE index rose for the second consecutive day with Power stocks hogging the limelight. As the gap between growth and value stocks widens, we are witnessing sectoral rotation in several pockets.

Lower global production caused the crumbling down of inventories in key consumers like the US and Europe.

The 30-share BSE Sensex closed down 254.33 points at 59413.27

The company shareholders have given their approval for the creation of the new unit on September 28 during the course of the 36th annual general meeting.

“FDI will always be a very small part of total investment. Ultimately there is a lot we have to do by ourselves in the sense of making ourselves cost competitive.”

“Maruti, Tata Motors, Bharat Forge are the names that are likely to do much better once we have a little bit of clarity on this supply related and the chip related issues.”

Citing technical indicators, an analyst at Mumbai-based brokerage Choice Broking says the Sensex has the potential to deliver up to 13 per cent upside from its current level. He says a number of positive technical indicators point towards extreme bullishness.

Sebi in an interim order passed on Monday banned Ramit Chaudhri, solutions design head of Infosys, and his accomplice Keyur Maniar of Wipro in an insider trading case involving the company’s strategic partnership with Vanguard announced last year.