The key equity indices ended with moderate gains on Tuesday. The Nifty settled above the 24,400 level. Auto, consumer durables and pharma stocks advanced while IT and oil & gas shares declined.

As per provisional closing, the S&P BSE Sensex rose 391.26 points or 0.49% to 80,351.64. The Nifty 50 index added 112.65 points or 0.46% to 24,433.20. The Nifty clocked an all-time high of 24,443.60 in late trade.

In the broader market, the S&P BSE Mid-Cap index added 0.36% and the S&P BSE Small-Cap index rose 0.22%. The S&P BSE Mid-Cap index hit an all-time high at 47,659.70.

The market breadth was positive. On the BSE, 2,013 shares rose and 1,922 shares fell. A total of 91 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 3.18% to 14.06.

Buzzing Index:

The Nifty Auto index added 2.23% to 25,823.55. The index shed 0.54% in the past trading session.

Maruti Suzuki India (up 6.66%), Bosch (up 3.74%), Apollo Tyres (up 2.74%), Mahindra & Mahindra (up 2.55%), MRF (up 1.99%), TVS Motor Company (up 1.85%), Hero MotoCorp (up 1.65%), Eicher Motors (up 1.59%), Tata Motors (up 1.22%) and Tata Motors-DVR (up 1.18%) edged higher.

On the other hand, Bharat Forge (down 0.25%) declined.

Maruti Suzuki India jumped 6.66% after the UP state government announced a complete waiver of registration tax on strong hybrid and plug-in hybrid electric vehicles, effective immediately. This move directly benefits two of Maruti Suzuki's popular models: the Grand Vitara SUV and the Invicto MPV, both equipped with strong hybrid technology.

The UP government levies a 3% road tax on vehicles priced below Rs 6 lakh. This rate increases as the car gets more expensive, with vehicles between Rs 6 lakh and Rs 10 lakh attracting a 6% tax, those between Rs 10 lakh and Rs 20 lakh paying 8%, and cars exceeding Rs 20 lakh subject to a 9% road tax.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 0.93%. The company’s precision engineering systems business vertical of L&T secured ‘significant’ order for construction of two fleet support ships from Hindustan Shipyard.

Godrej Consumer Products shed 0.89%. The company said that despite the operating conditions in India continuing to remain soft in the quarter its India business performed well with high-single digit organic volume and mid-single digit value growth.

H.G.Infra Engineering rose 0.68%. The company entered into an Memorandum of Understanding (MoU) with Ultra Vibrant Solar Energy for the execution of a solar power plant project.

Kalpataru Projects International added 2.23% after the company said that it has increased fund raising limit via non-convertible debentures (NCDs) by upto Rs 1,600 crore.

Century Textiles and Industries rose 0.64%. The company informed that its board is scheduled to meet on 16 July 2024, to consider the proposal of raising of funds up to Rs 1,000 crore through issuance of non-convertible debentures (NCDs) in one or more tranches.

Keystone Realtors advanced 2.08% after the company reported pre-sales of Rs 611 crore in Q1 FY25, showing a growth of 22% YoY basis as compared to the pre-sales of Rs 502 crore recorded in Q1 FY24.

Swan Energy hit an upper limit of 5% after BlackRock, the world's largest asset manager, acquired a stake in the company on Monday through block deals.

Metropolis Healthcare shed 0.02%. The healthcare service provider said that its revenue grew around 13% year on year (YoY) in the quarter ended 30 June 2024.

Global Markets:

Most European markets traded lower on Tuesday as investors in the region weigh up political uncertainty in France after election result.

Asian stocks advanced as investors awaited Federal Reserve Chair Jerome Powell's testimony before Congress and the kick-off of the U.S. earnings season.

Powell's testimony, starting Tuesday, will be scrutinized for clues about the Fed's monetary policy direction. He faces conflicting pressures from lawmakers: some urging interest rate cuts and others critical of the Fed's recent plans to tighten regulations on Wall Street banks.

In the U.S., both the S&P 500 and Nasdaq indexes extended their gains on Monday, reaching new all-time highs. Investors are looking ahead to key inflation data due later this week.