The stock market closed at fresh record highs on Tuesday despite mixed global cues, buying in blue-chip stocks, and foreign fund inflows.

After a flat close in the previous session, the market saw healthy gains as investors continued betting on some fundamentally strong large caps.

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Several automobile stocks, including Maruti Suzuki and Mahindra and Mahindra (M&M), clocked healthy gains.

Auto stocks rose after reports emerged that the UP government had announced the complete registration tax waiver on strong hybrid cars.

Shares of Maruti, ICICI Bank, ITC and Mahindra and Mahindra remained the top contributors to the gains in the Nifty 50 index.

Nifty 50 ended the day at 24,433.20, rising 113 points, or 0.46% while the Sensex settled with a gain of 391 points, or 0.49%, at 80,351.64.

Both indices ended at their fresh closing highs as the Nifty 50 hit its fresh all-time high of 24,443.60 while the Sensex made a fresh peak of 80,397.17 during the session.

BSE Midcap index rose 0.36%, and the Smallcap index climbed 0.22%. The overall market capitalisation of the firms listed on the BSE rose to nearly Rs 451.3 lakh crore from nearly Rs 449.7 lakh crore in the previous session.

On Nifty50, Maruti Suzuki (6.52%), Divi’s Labs (2.37%) and Mahindra and Mahindra (2.23%) ended as the top gainers while the Reliance Industries (0.80%), Tata Consumer (0.76%) and Bajaj Finance (0.61%) closed as the top losers.

Among the sectors, Nifty Auto index jumped 2.23%, Nifty Consumer Durables (up 1.74%), Pharma (1.57%), PSU Bank (1.28%), Healthcare (up 1.14%), Realty (up 1.14%), FMCG (up 0.97%), and Nifty Bank (0.27%) closed with significant gains.

Nifty IT was down 0.20% and Oil & Gas by 0.17% being the only losers among major sectoral indices on the NSE.

Foreign investors bought over $1.3 billion in equities in early July, following a $3.18 billion net buy figure in June, which together offsets the selling seen in April and May.

On the global parameter, the US stocks closed at a record high with the investors eagerly anticipating Federal Reserve Chair Jerome Powell’s congressional testimony for insights into the US interest-rate outlook.

Investors will also closely watch the June consumer price index (CPI) report this week.