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Sensex, Nifty trade lower; Auto stocks slip 2%

Equity benchmark indices oscillated between gains and losses in the opening trade tracking sluggish Asian stocks, as US-China trade talks resume and the Federal Reserve is expected to deliver its first interest-rate cut in a decade.

The Sensex is down 62 points at 37,820, while the Nifty dropped by 12 points to trade at 11,255 levels.

The Nifty Auto is trading 2% lower at 7,008.80 levels led by Bajaj Auto, Eicher and Hero MotoCorp. The stock was under pressure after the GST Council on Saturday cut tax rates on electric vehicles from 12% to 5%, whereas for EV chargers, it was reduced from 18% to 5%. The new rates will be effective from August 1.

Granules India stock gained 1% on the NSE. USFDA has completed an inspection at the company's Bonthapally facility located at Hyderabad with one 483 observation which is procedural.

Shares of Vedanta dropped 1.5% after the company posted an 11.9%yoy fall in its Q1FY20 net profit at Rs1,351cr, down from Rs1,533cr.

Meanwhile, the 10-year government bond yield fell nearly 8bps after FM Nirmala Sitharaman said a rate cut will help the economy and the government is reviewing a proposal to issue any sovereign debt overseas.

The Volatility gauge, India VIX, was up 5.13% at 12.77.

The most active stocks on the NSE are ICICI Bank, Indiabulls Housing and Yes Bank.

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