Auto stocks are in focus as the festive season nears. On Thursday, Nifty Auto held modest gains led by broad-based buying across stocks. On the index, 9 scrips advanced and 6 scrips declined with bullish tone logged in heavyweights. So far, today, the index has gained nearly 1%.
The festive season is just around the corner and expectations for new launches, a rise in sales and a further boost to demand is already high spirited especially since business activities have started to pick up pace with easing in Covid restrictions.
At around 1.24 pm, Nifty Auto was trading at 10,176.15 up 35.75 points or 0.35%. The index has touched an intraday high and low of 10,223.75 and 10,149.85 respectively.
Bharat Forge was the top gainer on the index soaring by 5.2%. The stock has also touched a new 52-week high of Rs833.80 per piece earlier today.
Tata Motors and Amara Raja Batteries followed rising by 2% and 1.8% respectively.
Bajaj Auto and MRF climbed over 1% each.
Stocks like M&M, Balkrishna and Hero MotoCorp advanced marginally.
On the other hand,
Eicher Motors was the top bear tumbling 3.1% followed by TVS Motor diving at 1.1%. Maruti Suzuki was marginally down.
Tube Investments, Exide and Ashok Leyland were broadly on a flat note.
The June 2021 quarterly earnings also sway sentiments in this sector.