Sensex gained 30 points to hit another record high on the back of further fall in crude oil and overnight rally in the US stocks market.

The benchmark index Sensex opened on the higher side at 26,483 against the previous close of 26,391. It made a high of 26,531 and low of 26,388 before closing at 26,421.

The turnover on BSE was up at Rs 3,133 crore against Rs 2,584 crore recorded on Monday.

In NSE, Nifty was up 23 points at 7,897.

Most auto company stocks on BSE rallied on hopes that the positive sentiment in the economy will lead to higher vehicle sales. Three companies including Tata Motors, Maruti Suzuki and Mahindra & Mahindra scaled a new 52-week high.

Tata Motors gained three per cent to Rs 519 after hitting 52-week high at Rs 520.50 in intraday trade.

Maruti Suzuki rose two per cent to Rs 2,751 after scaling 52-week high of Rs 2,761 in intraday trade while Mahindra & Mahindra advanced four per cent at Rs 1,375 after scaling a record high of Rs 1,379.80. Ashok Leyland was up seven per cent at Rs 38.

The fall in crude oil prices propelled aviation stocks such as Jet Airways (4%) and Spice Jet (2%). Aviation turbine fuel, which is linked to crude oil prices, typically make up for almost half of an airline's operating cost. State-run oil marketing companies such as Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation revise ATF prices on the 1st and 16th of every month based on the average international crude price in the preceding fortnight.

The major gainers Muthoot Fin (10%), Berger Paints (9%), Ashok Leyland (7%), Gujarat State Pet (7%), TTK Prestige (6%), Sobha Dev (6%), Apollo Hosp (6%), Mangalore Ref (5%) and Indian Hotels (5%).

Prominent losers were Financial Tech (-5%), Bhushan Steel (-5%), Prestige Estates (-4%), Engineers India (-3%) and HDFC (-2%).

Related Topics