On Tuesday, July 9, the Indian stock market benchmarks, Nifty 50 and Sensex, hit fresh record highs despite mixed global cues, driven by significant gains in several automobile stocks, including Maruti Suzuki and Mahindra and Mahindra (M&M). The strong performance in the auto sector was attributed to reports that the Uttar Pradesh government had announced a complete registration tax waiver on strong hybrid cars.

After a relatively flat session previously, the Indian stock market saw a notable uptick as investors continued to bet on fundamentally strong large-cap stocks. Shares of Maruti Suzuki, ICICI Bank, ITC, and Mahindra and Mahindra were among the top contributors to the gains in the Nifty 50 index. However, some investors also booked profits in select heavyweight stocks such as Reliance Industries and Infosys, which ended as the top drags on the index.

Nifty 50 hit an all-time high of 24,443.60, while the Sensex reached a fresh peak of 80,397.17 during the session. Nifty 50 ended the day at 24,433.20, rising 113 points, or 0.46 percent. The Sensex settled with a gain of 391 points, or 0.49 percent, at 80,351.64, with both indices ending at their fresh closing highs.

Mid and small-cap indices also ended with gains but underperformed the benchmarks. The BSE Midcap index rose by 0.36 percent, and the Smallcap index climbed by 0.22 percent. The overall market capitalization of firms listed on the BSE increased to nearly ₹451.3 lakh crore from nearly ₹449.7 lakh crore in the previous session, with investors earning nearly ₹1.6 lakh crore in a single session.

In intraday trade on the BSE, as many as 331 stocks, including ICICI Bank, Zomato, Dr. Reddy's Labs, Lupin, GAIL, and REC, hit their fresh 52-week highs.

Top Gainers and Losers in Nifty 50

Top Gainers:

Maruti Suzuki: The stock surged by 6.52 percent, leading the gains in the Nifty 50 index.

Divi's Labs: Gained 2.37 percent, marking a strong performance in the pharmaceutical sector.

Mahindra and Mahindra: Rose by 2.23 percent, benefiting from the positive news in the auto sector.

Top Losers:

Reliance Industries: Fell by 0.80 percent, making it one of the top drags on the index.

Tata Consumer: Decreased by 0.76 percent, reflecting profit-booking among investors.

Bajaj Finance: Dropped by 0.61 percent, contributing to the minor losses in the index.

Also Read : GANESH GREEN BHARAT IPO Day 3 : Check GMP Today, subscription status and review before applying

Sectoral Performance

The Nifty Auto index jumped by 2.23 percent, emerging as the top gainer among sectoral indices. Other notable gainers included:

Nifty Consumer Durables: Up by 1.74 percent.

Nifty Pharma: Increased by 1.57 percent.

Nifty PSU Bank: Rose by 1.28 percent.

Nifty Healthcare: Gained 1.14 percent.

Nifty Realty: Up by 1.14 percent.

Nifty FMCG: Climbed by 0.97 percent.

Meanwhile, the Nifty Bank index saw a modest rise of 0.27 percent.

On the flip side, Nifty IT (down by 0.20 percent) and Oil & Gas (down by 0.17 percent) were the only losers among major sectoral indices on the NSE.

Global Market Context

Global markets were mixed as investors awaited the US Federal Reserve Chair Jerome Powell's testimony before Congress on Tuesday and Wednesday. The testimony is expected to provide insights into the Fed's future monetary policy actions, especially amid growing hopes of a rate cut in September.

In summary, the Indian stock market benchmarks Nifty 50 and Sensex reached new record highs on Tuesday, bolstered by strong performances in auto stocks and mixed global cues. As investors closely monitor global economic indicators and central bank policies, the market remains poised for further developments.

Also Read : EFFWA INFRA & RESEARCH IPO Day 3 : Check GMP Today, subscription status and review before applying

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst & Finance Saathi Telegram Channel for Regular Share Market, News & IPO Updates

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX & Upstox.