Nifty Auto continues bull ride ahead of festive season; Maruti, M&M drive the sector

Bharat Forge dragged the most, down 2%. Exide India was also 1% on the downside.

Sep 24, 2021 12:09 IST India Infoline News Service

Bull run Faster
Nifty Auto stocks continued bull ride ahead of the upcoming festive season and tracked overall positive markets. Maruti Suzuki and Mahindra & Mahindra led the gains while on the flip side Bharat Forge dragged the most.

The sector overall had mixed fortunes on Friday with five advances and 10 declines among the 15 listed auto companies on the NSE.

Sensex crosses 60,000 mark for first time ever, while the Nifty50 topped more than 17,945. In terms of sectoral indices, IT saw a massive rally while banking stocks also made significant contributions. 

At around noontime, Sensex was trading at 60,101.20 up 215.84 points or 0.36% and Nifty50 at 17,880.35 up 57.40 points or 0.32%.

Nifty Auto was trading at 10,427.65 up 54.70 points or 0.53%, after touching a high of 10,451.95 and low of 10,341.75 during intraday trade.

Auto stocks are also in focus ahead of their monthly sales data.

Maruti continued to ride on demand in sales in festive season. The company stock was 1.8% higher at Rs771.90 per piece. 

M&M was also in the fast track, climbing 1.6% at Rs6,956.25 per piece. India Ratings and Research (Ind-Ra) has affirmed Mahindra & Mahindra Limited’s (M&M) Long-Term Issuer Rating at ‘IND AAA’. The Outlook is Stable.

Eicher Motors, Bajaj Auto and Tata Motors were also over 0.5% higher. 

Bharat Forge dragged the most at Rs748.90 per piece, down 2%. Exide India was also 1% on the downside. Ashok Leyland, Amara Raja Batteries, TVS Motor, Tube Investments of India and Bosch also struggled. Balkrishna Industries, MRF and Hero MotoCorp were also marginally lower.

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