Auto stocks rally as markets reach new peaks after UP govt’s road tax waiver

Stock markets hit fresh all-time high On Tuesday, Indian benchmark indices reached a new all-time high driven by gains in auto, pharma, and FMCG stocks. Maruti Suzuki India emerged as the top performer following the Uttar Pradesh government’s decision to waive the registration tax on strong hybrid cars. Maruti Suzuki India’s shares surged over 6.52 […] The post Auto stocks rally as markets reach new peaks after UP govt’s road tax waiver appeared first on PGurus.

Jul 9, 2024 - 14:58
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Auto stocks rally as markets reach new peaks after UP govt’s road tax waiver
Maruti Suzuki India's shares surged over 6.52 percent to Rs.12,807

Stock markets hit fresh all-time high

On Tuesday, Indian benchmark indices reached a new all-time high driven by gains in auto, pharma, and FMCG stocks. Maruti Suzuki India emerged as the top performer following the Uttar Pradesh government’s decision to waive the registration tax on strong hybrid cars.

Maruti Suzuki India’s shares surged over 6.52 percent 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, domestic and global factors 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.

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The post Auto stocks rally as markets reach new peaks after UP govt’s road tax waiver appeared first on PGurus.

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