Uttar Pradesh government announcement on registration tax waiver on strong hybrid cars. Maruti Suzuki is a leader in the strong hybrid segment with its shares jumping over 6.52% to Rs 12,807. This move will benefit Maruti Suzuki’s Grand Vitara SUV and Invicto MPV, as well as vehicles from other manufacturers like Toyota and Honda. Auto companies like Mahindra & Mahindra and Tata Motors also saw their shares rise, despite not having offerings in the strong hybrid category. The BSE Auto index was the best-performing sectoral index, increasing by 2.2%.

 

At the market close, the Sensex rose 391 points to 80,351, while the Nifty increased by 112 points to 24,433. The Nifty Bank also saw an uptick, closing 143 points higher at 52,568. The BSE midcap and smallcap indices also ended with positive with investors favoring strong large-cap stocks.

 

Market analysts attribute the market’s momentum to both domestic and global factors. They highlight that FMCG is currently leading the gains, supported by favourable monsoon progress and kharif sowing. Investors are also keenly awaiting first-quarter earnings reports, which are expected to influence future market trends.

 

Since the general election results, Indian equities have been on an upward trend, supported by expectations of policy stability, strong earnings, and robust macroeconomic indicators. The Sensex has climbed 14.4% and the Nifty 15% since hitting lows on June 4, setting new intraday and closing highs in 13 trading sessions. The Indian rupee remained stable at 83.49 per dollar. 

 

Positive revenue growth forecasts for the IT sector are anticipated to kick off the earnings season on a high note. Additionally, continued positive foreign institutional investor inflows are bolstering the prevailing bullish sentiment. 

Disclaimer: This blog is posted solely for educational purposes. The securities mentioned are examples and not recommendations. It is based on various secondary sources from the internet and is subject to change. Please consult an expert before making any related decisions.