Nifty Auto climbs over 100 pts amid monthly sales data; Eicher Motors, Maruti Suzuki influence the bull trend

Maruti Suzuki expects semiconductor shortage to impact production in December month.

December 01, 2021 10:40 IST | India Infoline News Service
Auto stocks were in the fast lane on Wednesday led by broad-based buying as the index is in focus due to their monthly sales data of November month. Besides, streets cheered the figures of GDP growth for Q2 and Eight Core Industries performance in October this year. However, worries of global chip shortage continues to play a spoilsport for the sector as the issue is expected to extend till next year. Although, revival in semiconductor uncertainties is expected to begin from mid of 2022. Notably, a cautious tone in the sector cannot be ruled out. 

Due to chip shortages and input costs, many auto companies have struggled to see upside in their production, missed on its sales and further added lacklustre profits in the first half of FY22.

Today, the Nifty Auto index has neared the 11,000-mark. At present, 12 scrips have advanced, while 3 scrips have declined.

At around 10:40 AM, the Nifty Auto was trading at 10,709.45 up 105.85 points or 1%. The index has touched an intraday high and low of 10,776.90 and 10,670.10 respectively.

Stocks like Eicher Motors and Maruti Suzuki led the winning streak by surging over 3.70% and 2.79% respectively. Tata Motors was also doing well by gaining above 2% at Rs468.55 per piece. Recently, Tata Motors reported to launch 10 new EVs by 2026 in India.

Maruti stocks is in focus as the auto giant industry expects semiconductor shortage to impact production in December month.

Ashok Leyland, Bosch, Balkrishna Industries soared around 1% each amid monthly sales data.

While major stocks like Bajaj Auto, Hero MotoCorp, Amara Raja Batteries and Exide were marginally higher on the index but closer to their 52-week low each.

TVS Motor and Bharat Forge traded between flat but in the green.

On the contrary, MRF is trading in the red by 0.57% at Rs74,208.15 per piece and closer to its 52-week low while Tube Investments and M&M dived marginally each.

However globally, volatility may stay in the market as traders weighed Federal Reserve Chair Jerome Powell’s signal of tighter monetary policy ahead to tackle economic risks from elevated inflation.

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