Car sales in India have accelerated to a new high in February. Figures from industry body Siam show Maruti Suzuki’s sales climbed about 19.79% to 101,543 vehicles. Hyundai sold 32,629 cars, a rise of 5.25%; and Tata Motors notched a 13.52% rise in sales to 36,250 units. India’s auto business has been thriving on the back of easy loans and high economic growth. But with costs of raw materials going up, prices are expected to rise further and eat into sales.
Indian markets nudged up on Wednesday after a session of choppy trade. The Sensex climbed 30 points to 18, 470. And the Nifty gained 10 points to end at 5,531.
Reliance Industries led the day’s advances. Stocks of the company jumped 0.97% to 993.90.
The day’s most traded stock meanwhile was Anil Ambani’s Reliance Communications. Its shares surged 9.36% to 99.30 on news that there was a potential buyer for its telecom towers business.
Car companies also made some gains after reporting healthy sales numbers. Maruti Suzuki went up 0.76% to 1,266.10. And Tata Motors inched up 0.16% to 1,161.95.