Nifty Auto holds rising spree, index tops 1%; Tata Motors, M&M, MRF drive the performance

On Nifty Auto, the majority of the stocks are trading on a bullish note.

Sep 22, 2021 03:09 IST India Infoline News Service

Bull Market
Nifty Auto index has been in the fast lane since the start of this week and Wednesday's trading session was no different. Investors are optimistic about the sector ahead of the festive season with expectations of healthy growth in sales and a further rise in demand.

On Nifty Auto, the majority of the stocks are trading on a bullish note. At around 2.56 pm, the index was trading at 10,289.10 higher by 133.15 points or 1.31%.

The index was trading near the day's high of 10,314. However, the index has touched the day's low of 10,174.15.

Balkrishna was the top gainer soaring by 6.3% after touching a new 52-week high of Rs2,710 per piece. Tata Motors surged nearly 3%.

Stocks like Exide, MRF and M&M climbed more than 2% each. While Ashok Leyland, Amara Raja Batteries and TVS Motor jumped over 1% each.

Heavyweight Maruti Suzuki and Bajaj Auto zoomed by 0.9% and 0.7% respectively.

Meanwhile, Bosch and Bharat Forge advanced 0.5% each.

On the contrary, Eicher Motors was the top bear slumping by 0.6%, while Tube Investments and Hero MotoCorp dipped marginally.

The automakers have already announced that the September production and sales data will be impacted due to the shortage of semiconductors. However, they are cautiously optimistic about demand improvement and an uptick in the festive seasons. The majority of auto companies have also hiked the prices of their vehicles due to higher input costs.

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