Source: IANS

The Indian benchmark indices hit a fresh all-time high today 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% to ₹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 were top losers.

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 today against July 8 close of 83.50.

(This story is taken from a syndicated feed and was only edited for style by Gujarat Samachar Digital staff)