Mumbai, July 9 (SocialNews.XYZ) The Indian benchmark indices hit a fresh all-time high on Tuesday led by auto, pharma and FMCG stocks, with Maruti Suzuki India becoming the top gainer after the Uttar Pradesh government's announcement of registration tax waiver on strong hybrid cars.
Maruti Suzuki India's shares surged over 6.52 per cent to Rs 12,807 apiece, after the Uttar Pradesh government announced a complete waiver of registration tax on strong hybrid electric cars (HEVs) and plug-in hybrid electric vehicles (PHEVs) with immediate effect.
The move will benefit Maruti Suzuki's Grand Vitara SUV and Invicto MPV, along with other automakers like Toyota and Honda.
Apart from Maruti Suzuki, other top gainers were M&M, ITC, Titan Company and Sun Pharma on Sensex, while Bajaj Finance, Reliance Industries, Tech Mahindra, HCL Technologies and JSW Steel.
At the closing bell, Sensex reached 80,351, up 391 points, while Nifty closed at 24,433, up 112 points. Nifty Bank gained 143 points to close at 52,568.
The BSE midcap and smallcap indices also ended on a positive note.
According to market analysts, both domestic and global factors continue to drive the market momentum.
"Currently, consumption sectors like FMCG and auto are leading the gains, buoyed by progress in the monsoon and kharif sowing. Investors are eagerly awaiting the first-quarter earnings results, which will guide market direction," they noted.
The rupee ended flat at 83.49 per dollar on Tuesday against Monday's close of 83.50.
Jateen Trivedi of LKP Securities said that the overall focus now shifts to the upcoming budget in India.
"The rupee will take cues from the budget and how the economic outlook will be shaped according to the spending figures presented,” he said.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
