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Share market LIVE: Buzz around scrappage policy lifts auto stocks; RIL kissing distance away from Rs 10 lakh crore mcap

The Financial Express logo The Financial Express 27-11-2019

The buzz around new scrappage policy lifted auto stocks, leading the Sensex and Nifty higher. The Ministry of Road Transport and Highways has issued a fresh new draft for Vehicle Scrappage Policy which will enable setting up vehicle scrapping facilities in India.

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The automobile industry in India, especially commercial vehicle makers, have been lobbying for a scrappage policy that puts a cap on the age of vehicles beyond which they must be scrapped. This would create demand for newer vehicles in the market, thus aiding the industry amid the ongoing slowdown.

Track Markets Live

The headline indices Sensex and Nifty opened higher on Wednesday morning, led by gains in auto heavyweights. Tata Motors, M&M, Maruti Suzuki were among the major gainers, jumping up to 3%. The Sensex was up about 225 points, while the Nifty was trading above the 12,000-mark.

Billionaire Mukesh Ambani-led Reliance Industries is just kissing distance away from hitting Rs 10 lakh crore in market capitalisation. The US stock markets soared to a fresh all-time high on Tuesday. Shares of private sector lender ICICI Bank hit a lifetime high, after global brokerages firm Morgan retained upbeat call on the stock. 

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