After opening the day higher, benchmark indices continued the momentum as the session progressed and ended the day higher.Equity benchmark indices made a steady ascend on Tuesday, settling near record highs on the back of gains in Maruti Suzuki, M&M, ITC, and Titan Company.At the closing bell, the BSE Sensex stood higher by 391 points (up 0.4%).Meanwhile, the NSE Nifty closed higher by 97 points (up 0.4%).M&M, ITC, and Titan are among the top gainers today.Reliance Industries, ONGC, and Bajaj Financ on the other hand were among the top losers today.The GIFT Nifty was trading at 24,492, up by 90 points, at the time of writing.The BSE MidCap index and BSE SmallCap index ended 0.3% higher.Sectoral indices are trading mixed, with stocks in the realty sector, auto sector, and FMC sector witnessing the most buying. Meanwhile, stocks in the telecom sector and oil & gas sector witnessed selling pressure.Shares of Lupin, ICICI Bank, and CAMS hit their respective 52-week highs today.The rupee is trading at 83.49 against the US$.Gold prices for the latest contract on MCX are trading 0.2% higher at Rs 72,490 per 10 grams.Meanwhile, silver prices were trading 1% higher at Rs 93,549 per 1 kg.
Maruti Suzuki Zooms 6%. Here’s whyIn news from the auto sector, shares of Maruti Suzuki India (MSIL) rallied as much as 5.9% to Rs 12,735 on the BSE in Tuesday’s intra-day trade amid heavy volumes after the Uttar Pradesh (UP) government decided to waive registration fee on hybrid cars in a bid to promote green technology.The stock of automobile major has reported its sharpest intra-day rally in the last two years.As per media sources, the UP government has clubbed strong hybrids with electric vehicles (EVs), thereby extending zero registration benefits to strong hybrids being sold in the state.The move is anticipated to invigorate sales of these vehicles in the state, which is among the largest EV markets in India.According to automobile industry sources, the on-road prices of strong hybrid cars have decreased by up to Rs 4 lakh in UP after the state government move.Around 100 strong hybrid cars were sold per month in Uttar Pradesh in FY24.This has led to a substantial decline in the on-road price of strong hybrids in the state to the tune of around 10% and is expected to accelerate its sales going forward.MSIL is the market leader in the domestic passenger vehicle (PV) space with market share pegged at approximately 41.7% as of FY24. The popular models include WagonR, Swift, Brezza, Baleno, Ertiga, and Fronx among others.
Why Tea Stocks are Rising
Moving on, Shares of tea manufacturing companies rallied up to 16% on the BSE in Tuesday’s intraday on the back of rising tea prices. Tea prices have been increasing due to erratic rainfall affecting tea production in North India.Harrison Malayalam (Rs 247.95), Jay Shree Tea & Industries (Rs 131.70), and Rossel India (Rs 665) rallied 16% each on the BSE in the intraday trade. Bombay Burmah Trading Corporation (BBTCL), on the other hand, hit a record high of Rs 2,323, soaring 15%, while McLeod Russel India was locked in the 10% upper circuit at Rs 32.36 on the BSE.According to a Reuters report, tea prices have been soaring and are expected to stay high as heatwaves and floods during the peak harvesting season slash output in key producing regions.The price rise could support the Indian tea industry, which has been struggling with rising production costs amid a negligible rise in tea prices in the past decade.HML has around 6,084 hectares of area under tea plantations, producing crush, tear, and curl (CTC) and orthodox tea varieties. HML also produces green tea and white tea in small quantities.
Why CESC Rallies 10% Today?Moving on to news from the power sector, Calcutta Electric Supply Corporation (CESC) shares jumped 10% in trade on 9 July after the firm decided to raise the effective tariff by 5.7%, while also starting to levy fuel adjustment charges on its consumers.The tariff hike shall make up and cover the costs of the firm’s incremental fuel charges and make sure it sees complete cost recovery.According to reports, the gross power tariff of Rs 7.3, which includes the FPPAS as of 2 July, is among the lowest compared to other major cities like Delhi, Mumbai, Ahmedabad, and Bengaluru.CESC has clarified that there has been no change in the tariff for the past seven years.CESC’s accumulated regulatory assets, which stand between Rs 30 bn to Rs 35 bn, will be gradually recovered with regulatory approval.Currently, CESC trades at a steep discount to Torrent Power, Tata Power, and Adani Power.More By This Author:Sensex Today Trades Higher; Nifty Above 24,300Sensex Today Ends 36 Points Lower; BSE Midcap Hits Record High Sensex Today Trades Lower; Nifty Below 24,300
