The benchmark S&P BSE Sensex and the National Stock Exchange Nifty reached new record highs on Tuesday, driven by a nearly 7 per cent surge in India's largest passenger carmaker, Maruti Suzuki India (MSIL).
The Sensex peaked at 80,397 before settling at 80,352, marking a gain of 391 points, or 0.5 per cent. The Nifty50 closed at 24,433, up 113 points, or 0.5 per cent. Both indices achieved new highs both intraday and at closing. MSIL emerged as the top contributor to Sensex gains following an announcement by the Uttar Pradesh (UP) government of a complete waiver of registration tax on strong hybrid cars.
Currently, the Uttar Pradesh government imposes an 8 per cent road tax on vehicles under ₹10 lakh and 10 per cent on those above ₹10 lakh. The Japanese automobile (auto) manufacturer leads the market in the strong hybrid segment.
This story is from the July 10, 2024 edition of Business Standard.
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This story is from the July 10, 2024 edition of Business Standard.
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