Indian benchmark indices close higher on Friday
Some of the key stocks that gained were Maruti Suzuki, Vedanta, Tata Steel, Tata Motors, Hindalco, HDFC Bank and Asian Paints while while GAIL, Tech Mahindra, ITC, Wipro, Infosys, Tata Power and ONGC declined.
Infosys took a beating despite denying media allegations that its founders are planning to sell their stake in the company. The company even issued a statement denying the media reports, on Friday.
In the global market, the British Pound fell after the snap General Election held on Thursday failed to return a majority verdict on Friday. Theresa May is set to stake claim to form the government even though her party failed to win a clear majority.
Meanwhile, on Friday, the Society of Indian Automobile Manufacturers (SIAM) said that the auto industry continues to grow but commercial vehicles sale slowed down. It also believes that GST regime can fuel further growth.
According to SIAM, the industry produced a total 4,675,407 vehicles including passenger vehicles, commercial vehicles, three wheelers, two wheelers and quadricycle in April-May 2017 as against 4,313,445 in April- May 2016, registering a growth of 8.39 percent over the same period last year.
Image: WIkimedia Commons
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