Share price of Tata Motors jumped over 5 percent despite Moody's downgrade. It was one of the most active stocks on NSE in terms of volumes with 10,20,34,311 shares being traded.
The Indian stock market continues trading in the green with Sensex is up 346.79 points or 1.01% at 34554.84, and the Nifty gained 103.50 points or 1.03% at 10195.20.
Among the sectors, the auto index added over a percent led by gains from Tata Motors, Ashok Leyland and Bharat Forge which gained 4-5 percent each followed by Exide Industries, Maruti Suzuki, TVS Motor Company and Bosch.
Share price of Tata Motors jumped over 5 percent despite Moody's downgrade. It was one of the most active stocks on NSE in terms of volumes with 10,20,34,311 shares being traded at 14:08 hours. "The outlook on all ratings has been changed to negative from ratings under review," Moody's Investors Service said in a statement.
Pushkaraj Kanitkar, VP Equities, Technical Research at GEPL Capital is of the view that the auto sector may turn out to be the dark horse.
The BSE auto index also added a percent helped by gains from Eicher Motors, Cummins India, Balkrishna Industries and MRF.
However, stocks including Mahindra & Mahindra, Bajaj Auto and Hero MotoCorp traded in the red.
Gaurav Garg, Head of Research at CapitalVia Global Research feels that the auto sector may rally along with Nifty’s rally in the near term.
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