Auto stocks in huge demand; Maruti Suzuki jumps nearly 7%

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The launch of Maruti Suzuki's 4th generation Epic New Swift, in Gurugram, Thursday, May 9, 2024

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New Delhi: Auto stocks were in huge demand on Tuesday, with Maruti Suzuki India surging nearly 7 per cent, amid reports that the UP government has waived registration taxes on hybrid cars as part of its initiative to promote environmentally friendly vehicles in the state.

Shares of Maruti jumped 6.60 per cent to settle at Rs 12,820.20 on the BSE. During the day, it soared 7.72 per cent to Rs 12,955.

At the NSE, it climbed 6.51 per cent to Rs 12,807.

As per reports, the Uttar Pradesh government has announced a waiver of road tax on hybrid cars.

Buying was seen in other auto stocks. Shares of Mahindra & Mahindra went up 2.51 per cent, Hero MotoCorp climbed 1.53 per cent, TVS Motor Company (1.36 per cent), Tata Motors (1.24 per cent) and Bajaj Auto (0.18 per cent) on the BSE.

The BSE auto index climbed 2.17 per cent to settle at 58,706.42.

Maruti was the biggest gainer in the Sensex and Nifty pack.

The 30-share BSE benchmark climbed 391.26 points, or 0.49 per cent, to settle at a new closing peak of 80,351.64. During the day, it jumped 436.79 points, or 0.54 per cent, to hit a new lifetime high of 80,397.17.

The NSE Nifty went up 112.65 points, or 0.46 per cent, to 24,433.20 -- its record closing high. During the day, it surged 123.05 points, or 0.50 per cent, to hit a new record peak of 24,443.60.