D-Street Bulls! Auto stocks rally 2%; M&M, Bajaj Auto, Motherson, Tata Motors lead gainers

Auto stocks were in the fast lane with BSE Auto and Nifty Auto surging by over 2% on exchanges as investors parked their money in heavyweights.

Sep 16, 2020 10:09 IST India Infoline News Service

Bullish
Benchmark indexes Nifty and Sensex was performing broadly on a positive level led by investors huge appetite for auto stocks on Wednesday. Auto stocks were in the fast lane with BSE Auto and Nifty Auto surging by over 2% on exchanges as investors parked their money in heavyweights.

At around 10.25 AM, BSE Auto performs at 18,533.92 skyrocketing by 373.78 points or 2.06%. The index has surged to an intraday high of 18,569.48.

Meantime, Nifty Auto trades at 8,199.60 higher by 166.10 points or 2.07%. The index has clocked the day's high of 8,220.40.

On Nifty Auto, M&M stock led the gainers' list by trading at Rs647.60 per piece, followed by Bajaj Auto at Rs3,032.30 per piece above 3.23%, Motherson Sumi at Rs123.65 per piece up 2.27% and Tata Motors at Rs151.55 per piece higher by 2.12%.

Other stocks like - TVS Motors (Rs463.75 per piece), Hero Motocorp (Rs3,091.95 per piece), Bharat Forge (Rs483.25 per piece), Eicher Motors (Rs2,168.00 per piece) and MRF (Rs59,149.45 per piece) surged in the range of 1.27% to less than 2%.

Furthermore, stocks like Maruti Suzuki, Amara Raja Batteries, Exide Industries, Balkrishna Industries, Bosch and Ashok Leyland surged gradually.

On BSE Auto, all the above-mentioned stocks witnessed buying sentiment except one. Cummins India was the sole underperformer on this index trading at Rs476.90 per piece down 1.48%.

Auto sales which were massively impacted during the Covid-19 nationwide lockdown have started to rebound and are on a recovery path.

Latest data of the Society of Indian Auto­mobile Manufacturers (Siam) shows that domestic wholesales of passenger vehicles rose by 14.16% yoy to 2.15 lakh units in August 2020. As per SIAM, the passenger vehicles sales returned to positive territory in the latest month after nine-consecutive months of downside. 

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