Nifty Auto index outperforms; Balkrishna Industries hits fresh record high

M&M, Eicher, MRF and Maruti were up in the range of 3-4%, Hero Motocorp gained 2.5% and Motherson Sumi up 2% on the auto index.

Sep 28, 2020 02:09 IST India Infoline News Service

Benchmark indices extended gains for the second straight session and currently trading at day’s high in the afternoon session. The Nifty Auto index climbed over 2.9% or 223.85 points at 7,893.35 levels.

Shares of Balkrishna Industries hit a record high on the BSE on Monday on the back of heavy volumes. The stock is up over 7.5% on the NSE.

Tata Motors and TVS Motors jumped over 4.5% each, Bosch climbed 4%, M&M, Eicher, MRF and Maruti were up in the range of 3-4%, Hero Motocorp gained 2.5% and Motherson Sumi up 2% on the auto index.

Meanwhile, auto companies will announce their monthly sales data for September from October 1.

India Ratings and Research on Friday in auto sector report said that the retail sales are likely to continue to lag behind wholesale sales in September 2020 although the sector has reported a month-on-month rise in sales over May-August 2020 after the washout in April. It added that sales are likely to remain sluggish in September, especially on the retail side, “due to the inauspicious period of Shraadh.”

Further, the BSE Sensex is trading at 37,957, up 568 points or 1.52% and the Nifty50 is trading at 11,213 up 163 points or 1.48%. Out of 50 stocks traded on the NSE, 46 advanced and 4 declined.

IndusInd Bank, Bajaj Finance, ONGC, Axis Bank and Tata Motors are the top gainers while Wipro, TCS, Infosys and Hindustan Unilever are the top losers.

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