Nifty Auto in the fast lane, outperforms 2%; Tata Motors, TVS Motor drives

Eicher Motors stocks also recovered on Friday to trade 1.72% higher. Mahindra & Mahindra however continues to struggle.

Nov 27, 2020 10:11 IST India Infoline News Service

Auto stocks were among top performers on Friday, which further limited the downside in overall benchmarks Sensex and Nifty. Tata Motors and TVS Motor made major gains to drive the sector.

At around 10.45 am, Auto Index was trading at 8,909.45 up 141.70 points or 1.62% after opening at 8,829.05 and touching a high of 8,922.65 and low of 8,820.05.

Tata Motors surged 4.81% higher, while TVS Motor traded 4.31% higher. Ashok Leyland (3.60 %) and Bajaj Auto (3.32%) continued to make gains while Mothersumi (3.465), Balkrishna Industries (3.01%), Exide (3.10%) and MRF (2.055) were also bullish.

Eicher Motors stocks also recovered on Friday to trade 1.72% higher. Its stocks were among the major losers on Thursday and Wednesday after touchiung new highs on Tuesday.

Mahindra & Mahindra however continues to struggle after Tuesday gains and is trading in the negative zone at -0.57%. Maruti is marginally higher at 0.37%.

Mahindra & Mahindra Subsidiary Mahindra Holdings agreed to sell its entire 100% stake in Mahindra First Choice Services (MFCS) and Optionally Convertible Redeemable Preference Shares in Auto Digitech (ADPL) to TVS Automobile Solutions (TASL). M&M signed a Share Subscription Agreement for subscribing securities of TVS Automobile Solutions (TASL).

BSE Sensex was trading at 44,175.23 down 84.51 points or 0.19% and Nifty50 was trading at 12,975.35 down 11.65 points or 0.09%.

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