Amid volatile markets tone, the Nifty Auto maintained gaining momentum as investor's sentiments shift to monthly sales data for the next month. The sector was among the major four gainers along with Metal, Pharma and PSU Bank stocks on Friday.
At around 11:25 AM, Nifty Auto was trading at 10,715.40 higher by 96.95 points or 0.91%. The index has touched an intraday high and low of 10,754.90 and 10,643.90 respectively during early trading hours.
The bullish stance in auto stocks is also led by investors expectations for automakers to follow suit in price hikes like Maruti and Hero MotoCorp. Also, improvement in sales data as business activities were back on track with slowdown in Covid-19 second wave.
Ashok Leyland was the top gainer skyrocketing 7.1% at Rs126.60 per piece while Tata Motors and Bharat Forge followed by surging nearly 2% to lead the bull run. Ashok Leyland shines as the auto giant releases it quarter results. Company's consolidated Q4 profit grows more than five-fold to Rs377cr.
Motherson Sumi was also trading higher by 1.48% at Rs239.60 per piece.
Accordingly, Heavyweights like
HeroMoto Corp,
Maruti Suzuki and TVS were trading bullish by gaining nearly 1% each.
Exide, Amara Raja Batteries,
Mahindra & Mahindra also gained substantially.
Bosch and Balkrishna were also trading in the green.
Meanwhile on the downside, Bajaj Auto, Eicher Motors and
MRF were trading marginally lower.
Bajaj Auto was the top underperformer dropped 0.49% at Rs4206.35 per piece on the index.