Nifty Auto nears 12k, index skyrockets over 3% as Tata Motors extends super rally with new highs; M&M, Ashok Leyland add to winnings

The index has clocked a new lifetime high of 11,936.70. This week has been mightily fruitful for auto stocks despite uncertainties.

Oct 13, 2021 01:10 IST India Infoline News Service

Business growth, bull
Auto stocks continued to their super rally even on Wednesday with Tata Motors recording breathtaking gains. The Nifty Auto was slightly shy of the 12,000-mark, however, the index clocked a new 52-week high. Tata Motors led the winnings. Investors are upbeat ahead of major corporate earnings amid semiconductor shortages and the festive season. This week has been mightily fruitful for auto stocks despite uncertainties.

At around 12.51 pm, the Nifty Auto was trading at 11,860.35 higher by 384.25 points or 3.35%. The index has clocked a new lifetime high of 11,936.70 earlier today.

On the index, 11 scrips advanced and 4 scrips declined.

Tata Motors traded higher by more than 18% after touching a new 52-week high of Rs502.90 per piece. The performance comes after the company inked a deal with TPG Rise Climate and Abu Dhabi’s ADQ where the latter will invest Rs7,500cr in the Tata Group's automobile flagship's electric vehicle business.

Further, on the index, M&M climbed nearly 6% followed by Ashok Leyland jumping 5%.

Bharat Forge soared 2%, while Balkrishna zoomed 1%. Hero MotoCorp and Amara Raja Batteries advanced 0.6% and 0.5% respectively. Bosch and TVS Motor surged 0.3% each.

MRF and Exide traded between flat to marginally up.

However, on the index, Maruti Suzuki was the top laggard plunging 2.4% followed by Eicher Motor slipping 0.7%. Tube Investments and Bajaj Auto dipped 0.5% each.

So far, as per BSE, TVS Motor is set to announce its Q2 results on October 21, while Bajaj Auto will present the same quarter earnings on October 27. Bosch will announce Q2 results on November 09, 2021.

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