As the market fluctuated during Wednesday's trading session, with the benchmark indices opening low and ending strong, Auto stocks remained in focus. The Nifty Auto index closed at a high of 3.10% up by 262.05 pts.
The one stock that emerged as the top gainer both in the sectoral index and the benchmarks, on Wednesday, was
Mahindra and Mahindra. While the stock settled recording a surge of 10.64% from its previous closing at Rs705.05 per piece, the scrip managed to reach a 52 week high during the day as well.
M&M stock gained for a third consecutive session right in the wake of the Diwali weekend. The scrip reached a 52 week high of Rs709.80 recording a spurt of 11%. The stock surpassed its previous high of Rs666.60 touched earlier this year in September.
One of India's largest Automakers, Mahindra & Mahindra, witnessed a gradual recovery in sales in the second quarter after the lows it suffered in the first quarter. The reopening of the economy after the lockdowns put in place because of the coronavirus pandemic and the sustained demand for its tractors from rural areas drove the company's stocks to reach new heights.