Nifty Auto stocks pare early gains to trade lower; Bharat Forge drags the most

Maruti, Bajaj Auto and Eicher Motors trade higher despite the onslaught.

Sep 17, 2021 12:09 IST India Infoline News Service

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The Nifty Auto stocks pared early gains to trade lower amid volatile trade on Friday. The Index had surged 1% along with bullish markets early on but fell drastically around noon.  Maruti, Bajaj Auto, Eicher Motors, and TVS Motor Company advanced to lift the performance of the sector while Bharat Forge dragged the most.

The government on September 15, 2021, approved Rs26,058cr production-linked incentive (PLI) scheme for the auto sector also a part of the government's motive to create India as a manufacturing hub and job opportunities.

Indices hit fresh highs on Friday early on. At around noontime, Sensex was trading at 59,341.67 up 200.51 points or 0.34% and Nifty50 at 17,664.25 up 34.75 points or 0.2%. 

Nifty Auto was trading flat at 10,351.40 touching a high of 10,469.85 and low of 10,342.45 during intraday trade on Friday.

Maruti strecthed the winnign streak after hiking prices in recent times and seeing spike in sales of its various vehicles. The company stock led the gains at Rs7,003.85 per piece, up 1.05%. 

Bajaj Auto was also in the fast lane at Rs3,852.00 per piece, up 1%. Eicher Motors was also 1% higher at Rs2,888.65 per piece. 
TVS Motor was trading higher while M&M was flat. 

Bharat Forge dragged the most at Rs762.50 per piece, down 2.05%. Balkrishna Industries dropped 1.4% while Amara Raja Batteries also dropped nearly 1.4%. Bosch also dropped 1.2%. 

Ashok Leyland, Tube Investments of India, MRF and Tata Motors were also under pressure. Hero MotoCorp was marginally lower despite hike in prices and Exide India was also in the red. 

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