Nifty Auto drives ahead on second straight day; Maruti and M-;M top gainers

15 Mar 2022 , 12:10 PM

Nifty Auto Index gained ~2% to advance for the second straight day despite choppy trade on Tuesday. Heavyweights Mahindra & Mahindra and Maruti Suzuki India led the gains while Ashok Leyland, Bharat Forge and Tata Motors also made substantial gains. Tube Investments of India dragged over 4.5%.

Indices were trading flat in Tuesday’s trade as the EU imposed the fourth round of sanctions against Russia and as investors turned cautious ahead of the outcome of the two-day US Fed policy meeting beginning later in the day.

Oil prices extended losses on Tuesday, sliding to a two-week low as ceasefire talks between Russia and Ukraine eased fears of further supply disruptions and surging COVID-19 cases in China fuelled concerns about slower demand.

At around 12.10 pm, BSE Sensex was trading at 56,523.42 up 37.4 points or 0.07% Nifty50 at 16,879.85 up 8.55 points or 0.05%. The Nifty Auto index gained 1.72% to 10,248.05. The auto index has rallied around 3% in two days.

Maruti led the gains at Rs7,554.40 per piece, up 3.25%. Apart from expanding the Arena line-up with CNG cars, Maruti is also looking at adding CNG options to its Nexa line-up.

Mahindra & Mahindra surged Rs766.00 per piece, up over 3%. The company signs MoU with Campervan Factory to make Bolero camper gold trucks.

Ashok Leyland Ltd (up 2.80%), Bharat Forge (up 2.50%) and Tata Motors Ltd (up 2.2%), were also among the top gainers. 

On the other hand, Tube Investments of India Ltd dragged 4.6% at Rs1,495.30 per piece to emerge the top laggard.