Vinod Nair, Head of Research at Geojit Financial Services, attributed the market's upward trajectory to stock-specific movements and robust underlying economic factors. He emphasized the presence of strong undercurrents driving the market sentiment, leading to the day's gains.

The company released an official statement addressing the matter, stating, "It is suspected that there is a possible defect in a part of the fuel pump motor, which is a rare case may lead to engine stalling or engine starting issue."

Maruti Suzuki India on Tuesday reported a 2.96 per cent decline in total vehicle production at 1,21,028 units in December 2023.