Nifty Auto stays firm amid fragile markets; Tata Motors top gainer; M&M struggles

Motherson Sumi and Balkrishna Industries were also bullish while Bharat Forge and TVS Motor Company also dragged.

May 12, 2021 01:05 IST India Infoline News Service

Nifty Auto stocks rallied to trade higher amid bearish tone of the markets on Wednesday. Tata Motors led the bull ride by surging 5% while Motherson Sumi provided able support to lift sectorial performance.

Mahindra & Mahindra continued to struggle while Bharat Forge and TVS Motor Company also dragged.

At around 1.45 pm, Nifty Auto was trading at , 10,026.20 up 31.10 points or 0.31%, touching a high of 10,042.90 and low of 9,913.50 during intraday trade on Wednesday.

Tata Motors surged nearly 5% at Rs331.00 per piece. The company on Tuesday said it has extended warranty and free service period till June 30 for those passenger vehicle customers whose tenures are due on April 1 and May 31, in view of the ongoing curbs across the country due to the second wave of the pandemic.

The auto company is also reviewing the order by the Competition Commission of India (CCI) to initiate investigation against its commercial vehicles business in India for alleged abuse of its dominant position.

Motherson Sumi advanced over 2.3% at Rs238.60 per piece. Balkrishan Industries advanced 1.5% at Rs1,934.20 per piece. Maruti and Bosch also gained around 0.5% while Hero MotoCorp and Bajaj Auto were marginally higher.

M&M dragged the most at Rs758.65 per piece, down 2.25%. TVS Motor Company dropped 1.87% at Rs612.65 per piece. Bharat Forge was also 1.64% on the downside at Rs657.30 per piece. MRF and Ashok Leyland also shed 1.38% and 1.3% respoectively. Exide India, Amara Raja Batteries and Eicher Motors also traded in the red.

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