Auto stocks drive Sensex, Nifty rally; Maruti Suzuki hits fresh lifetime high

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Auto stocks fuelled the market rally on Tuesday a day after Sensex and Nifty rose on bullish bets by traders and investors amid the euphoria over the Assembly elections win by the ruling BJP in Himachal Pradesh and Gujarat elections. Analysts said the BJP win is likely to push markets to new highs after Congress was left with power in only four states. The BSE auto index rose 884 points or 3.42 percent to 26,742 level. Car market leader and Sensex heavyweight Maruti Suzuki India hit a life-time high of 9,855 level on the BSE.  The stock closed 5.33 % or 496 points higher at 9804 level, a  new closing high. Auto stocks were among the top Sensex gainers. Maruti (5.33%), Hero MotoCorp (4.51%), Tata Motors (3.56%), Bajaj Auto (2.8%) and M&M (2.08%) contributed the most to the Sensex.   Of the 14 stocks on the BSE auto index, 13 closed higher. Bosch Ltd (0.53%) was the sole loser. The Nifty Auto index too rose 3.48 percent or 402 points at 11,991. The rise in the auto stocks comes amid the year-end discounts being offered by the firms to finish inventories.Auto dealers are offering discounts and other offers, in the range of Rs 25,000 and Rs 8.85 lakh, on certain vehicles. The benefits include cash discounts and exchange bonuses on select models by companies including market leader Maruti Suzuki to luxury carmaker Audi, and everything in between.Most offers by the car manufacturers will be available for a limited period and may vary according to the region.

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