Nifty Auto tops 120 pts amid broad-based buying; Exide soars 7%; Hero, Maruti, Bharat Forge, Eicher add to gains

The auto index has touched an intraday high and low of 10,195.90 and 10,042.55 respectively.

Sep 03, 2021 01:09 IST India Infoline News Service

Business growth, bull
Auto stocks were in the fast lane on Friday led by broad-based buying as the festive season comes around the corner. The Nifty Auto index has neared the 10,200-mark. At present, 12 scrips have advanced, while 3 scrips have declined.

At around 12.56 pm,  the Nifty Auto was trading at 10,142 up 119.55 points or 1.2%. The index has touched an intraday high and low of 10,195.90 and 10,042.55 respectively.

Exide was the top gainer surging nearly 7% followed by Hero MotoCorp and Eicher Motors climbed nearly 3% each. Bharat Forge jumped nearly 2%.

Maruti Suzuki advanced 1.5%, while stocks like TVS Motor, Bajaj Auto, Bosch and MRF zooming more than 1% each.

Tata Motors and Amara Raja Batteries gained nearly 1% each, while Balkrishan soared 0.5%.

On the other hand, Tube Investments plunged over 1% followed by Ashok Leyland dipped 0.5% and M&M marginally down.

Investors were upbeat in auto stocks as they took a breather from the impact of chip shortages on automakers production and offtakes.

The sector has been in focus since the start of this month amid monthly sales data. However, major auto companies such as Tata Motors, M&M and Maruti Suzuki have announced the quantum of impact expected due to shortages of semiconductors on productions in September 2021. 

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