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Share market LIVE: Sensex ends above 41,000, Nifty above 12,100; Yes Bank soars 8%

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

The headline index Sensex ended above the 41,000-mark for the first time ever, backed by a rally in auto heavyweights. The Nifty closed the session above the 12,100-mark.

© PUNIT PARANJPE/AFP/Getty Images

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.

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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