Sensex, Nifty hit record peaks in opening session
Mumbai, Nov 26: Market benchmark BSE Sensex jumped over 200 points in early trade on Tuesday to hit its record high of 41,108, and NSE Nifty surged to its lifetime peak of 12,126 amid sustained foreign fund inflow and positive global cues.
The 30-share index was trading 218.82 points, or 0.54 per cent, higher at 41,108.05. Similarly, the broader Nifty rose 51.55 points, or 0.43 per cent, to 12,125.50.
Top gainers in the Sensex pack included Yes Bank which rose up to 1.57 per cent, Tata Steel 1.54 per cent, Sun Pharma 1.45 per cent, ICICI Bank 1.48 per cent, Infosys 1.10 per cent and RIL 0.76 per cent.
On the other hand, Bharti Airtel fell up to 1.73 per cent, Kotak Bank 0.40 per cent, Bajaj Auto 0.33 per cent, L&T 0.22 per cent and Hero MotoCorp slipped 0.05 per cent.
On Monday, the Sensex ended 529.82 points, or 1.31 per cent, higher at 40,889.23 -- it's all-time closing peak. Likewise, the Nifty closed with a gain of 159.35 points, or 1.34 per cent, at 12,073.75 -- just shy of its life-time closing high.
According to experts, market is on a high tracking sustained buying from foreign investors over the last couple of weeks, easing global worries on the trade tariff front, new developments over divestment to curb fiscal deficit and expectations of cut in interest rate by the Reserve Bank of India.
Short covering ahead of the expiry of November derivatives contracts on Thursday is also contributing to the rally, traders said.
Foreign institutional investors bought shares worth Rs 960.90 crore in the capital market in the previous session, while domestic institutional investors sold equities worth Rs 213.66 crore, data available with stock exchange showed.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading on a mixed note.
Stocks on Wall Street ended in the green on Monday.
On the currency front, the rupee appreciated 8 paise against the US dollar to trade at 71.66 in early session.
Brent futures, the global oil benchmark, slipped 0.05 per cent to USD 62.59 per barrel.
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Pune accident: Porsche car's registration was pending since March due to non-payment of Rs 1,758 fee
Mumbai, May 21: The permanent registration of the luxury Porsche car involved in the accident in which two IT professionals were fatally knocked down by in Pune city was pending since March due to non-payment of Rs 1,758 fees by the owner, top officials of the Maharashtra transport department said on Tuesday.
The electric luxury sports sedan - Porsche Taycan - was being driven allegedly by a prominent builder's 17-year-old son, who the police claim was drunk at the time of the accident that took place in Kalyani Nagar area in the early hours of Sunday.
Maharashtra Transport Commissioner Vivek Bhimanwar told PTI that the Porsche car was imported in March by a dealer in Bengaluru and from there it was sent to Maharashtra on a temporary registration.
"When it was produced at the Pune Regional Transport Office (RTO), it was found that a certain registration fee was not paid and the owner was asked to pay the amount for completion of the procedure. However, the vehicle was not brought to the RTO for the completion of the registration process after that," he said.
According to officials, road tax is exempted for electric vehicles registered in Maharashtra, and hence for the registration of this Porsche Taycan model, the registration fees that were applicable were only Rs 1,758 with the break-up of Rs 1,500 hypothecation fees, Rs 200 smart card RC fees and Rs 58 postal charges.
Interestingly, as per Porsche India's website, the ex-showroom price of the vehicle manufacturer's various cars starts at Rs 96 lakh and goes over Rs 1.86 crore. Though the price of the Porsche Taycan model is not given on the website, transport department sources said that it could be in crores.
The officials said that as per their records, the vehicle had a valid temporary registration certificate issued by Karnataka with a validity of six months from March to September 2024.
They said that the Porsche dealer in Bengaluru was not at fault as he had handed over the car after doing the temporary registration. Hence, it was the responsibility of the owner to get it registered at the RTO before plying it on the roads. During the temporary registration period, the vehicles can only be used to drive to and from the RTO.
Bhimanwar said that the teenage boy, who was said to be driving the car, will be barred from getting a driving licence until he turns 25 years of age, and the luxury car will also not be allowed to register at any RTO office for 12 months as its existing temporary registration will be cancelled as per the provisions in the Motor Vehicles (MV) Act.
Under the sub-sections of Section 199A (offenses by juveniles) of the MV Act, the transport authorities can take this action.
Bhimanwar said that their department is going to take stringent action in this case and the Pune RTO has been asked to register the police complaint for violation of provisions in the MV Act
"Whatever violations related to the Motor Vehicles Act happened in the issue, those will be registered in the FIR," Bhimanwar said, adding that they will also invoke the procedure for cancellation of the temporary registration of the vehicle as per the provisions in the act.
"The vehicle will be impounded for 12 months," another top official of the transport department said, adding that there is gross negligence in this case as the vehicle was driven at a speed over 160 kmph, allegedly in an inebriated state as per media reports.
The official said that there are several violations in this case, including driving the vehicle without a driving licence and without its registration, among others.
Meanwhile, Maharashtra Deputy Chief Minister and Home Minister Devendra Fadnavis said in a press conference in Pune this evening that the car was purchased in Bengaluru and was brought here.
"As per the primary information, the RTI had carried out its inspection but the tax which was required to be paid was not paid. If there is any violation regarding that, a separate FIR will be registered," he said.
