The stock market, which has been steadily rising, set a new record. Banks, auto and pharma stocks were the main contributors to the stock market’s rise to new heights. The Nifty Bank Index was up 2.46 per cent, the Nifty Pharma Index was up 1.22 per cent and the Nifty Auto Index was up 1.71 per cent.

The Sensex closed above 44,500 and the Nifty closed above 13,000. The Nifty set a new record of 13,079. The Sensex was up by 445.87 points and the Nifty by 128.70 points.

The Sensex closed at 44,523.02 points and the Nifty at 13055.20 points. The Nifty traded down 200 points during the day. The day’s low was 12,978 points.

Adani Ports, Axis Bank, HDFC Bank, Eicher Motors and Hindalco were the top five gainers. Shares of Axis Bank, HDFC Bank, Aysher Motors and Hindalco gained over 3 per cent.

Most of the stocks in the Nifty gained. Out of the 50 stocks in the Nifty, 38 gained while 12 lost. Shares of Titan, HDFC, BPCL, Nestle India and GAIL lost ground.

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The company had announced in July that it plans to exit international markets as part of its global rewire strategy to cut costs and focus on key markets for maximum impact. Since February this year Harley-Davidson has been on the lookout for an India partner and the company has been in talks with Bajaj Auto, Hero MotoCorp and Mahindra. Harley Davidson has not confirmed if it is still in talks for a strategic partnership for the India market. There are reports that the company is expecting partnership with Hero MotoCorp.

The motorcycle giant also announced that it would also be reducing staff in its India office.

Harley, which entered India in 2010 has sold over 25,000 units in ten years. The India exit comes due to low sales volumes. The company produced 236 units and sold 176 units in India in August. Harley reported a decline of 64 percent in sales during the April-August period.

Harley-Davidson, which has approximately 25 outlets in India, has informed dealer partners that it would not be renewing contracts after December 31 this year.

The departure is also the latest setback for Prime Minister Narendra Modi’s strategy to encourage domestic manufacturing that would keep more of the fruits of a gigantic home consumer market in India.

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