- Nifty and Sensex hit record highs with Nifty crossing 24,400.
- Maruti Suzuki shares soar 4.5% on tax waiver for hybrid cars.
- Zinka Logistics files for IPO, plans to raise Rs 550 crore.
The Indian stock markets experienced a bullish run with the NSE Nifty 50 and BSE Sensex reaching new highs. The Nifty 50 opened up by 30.45 points at 24,351, and the Sensex gained 146.82 points to start the day at 80,107.21.
In other notable movements, Zinka Logistics, backed by Flipkart, filed a draft red herring prospectus with SEBI for an upcoming IPO aimed at raising Rs 550 crore. Meanwhile, Jupiter Wagons saw a decline of over 3% after announcing a qualified institutional placement at a floor price of Rs 689.47 per share.
Market Momentum: Nifty and Sensex Reach New Peaks as Auto Stocks Drive Gains
The trading session on Tuesday witnessed remarkable performance in India’s benchmark indices, with the Nifty 50 and Sensex reaching unprecedented levels. The NSE Nifty 50 rose to 24,351 points, while the BSE Sensex climbed to 80,107.21. Auto stocks, particularly Maruti Suzuki, saw significant gains after the Uttar Pradesh government waived the registration tax on hybrid vehicles, leading to a 4.5% surge in Maruti’s stock price.
Zinka Logistics, India’s largest digital platform for truck operators, announced its IPO plans by filing a draft red herring prospectus with SEBI. The IPO will include a fresh issue worth Rs 550 crore and an offer for sale of 21.61 million equity shares. The company boasts a substantial user base, with over 9.63 lakh truck operators transacting on its platform in FY24.
Despite the overall positive market trend, Jupiter Wagons’ stock dropped by over 3% after the company announced a qualified institutional placement at Rs 689.47 per share. On the other hand, Mahanagar Gas saw a 1% increase in its share price following a hike in the prices of CNG and domestic PNG to offset rising gas costs. This price adjustment is effective from July 8, 2024.
Technical analysis indicates that while the Bank Nifty closed below its support level at 52,500, the trend remains positive, with strong support at 52,000. For Nifty, support is seen at 24,240, with resistance at 24,375-24,400. A breach above 24,400 could push the index towards 24,600. On the commodities front, gold and silver prices faced a slight decline due to profit-taking and a stronger dollar.
The Indian stock markets continue to show resilience and strength, driven by favorable policy changes and investor confidence. As sectors like auto and FMCG lead the charge, the overall market sentiment remains positive, setting the stage for further gains.
“Strong government policies and investor confidence are the key drivers behind the current market surge.” – Market Analyst
