D-Street Buzz: Auto stocks gain led by Maruti; Ashok Leyland, Tata Motors, Bosch rise

The Indian stock market amid sell-off in US markets is trading in the red with Sensex down 445.93 points or 1.14 percent at 38545.01, and the Nifty shed 124.60 points or 1.08 percent at 11402.90.

Among the sectors, the auto index gained almost a percent intraday on September 4 after Heavy Industry Minister said that the auto industry will get some important concessions, according to a CNBC-TV18 report.

The top gainers included Maruti Suzuki which was also the top index gainer, up over 3 percent followed by Bharat Forge, Ashok Leyland, Amara Raja Batteries, Bosch, Hero MotoCorp, Tata Motors and TVS Motor Company.

The automotive industry has requested the government to put on hold the next generation emission norms that kick in from 2022.

Share price of Tata Motors gained half a percent. It was one of the most active stocks on NSE in terms of volumes with 5,12,06,907 shares being traded. On the other hand, Ashok Leyland added close to 2 percent wherein 3,11,41,819 shares were being traded.

Tata Motors on Thursday reported a 13.38 percent increase in total sales at 36,472 units in August. The company had sold a total of 32,166 units in same period last year, the home-grown auto major said in a statement.

Also Read: COVID-19 impact: Auto industry urges govt to put new emission norms on hold

According to Emkay, "Domestic PV industry volumes are likely to be better YoY, helped by positive growth for OEMs such as Maruti Suzuki, Tata Motors, Renault, Kia Motors and MG Motors. Domestic PV volumes should grow 15 percent YoY for Maruti Suzuki, while Mahindra & Mahindra should record a 14 percent decline."