Nifty Auto holds steady amid volatile markets; Heavyweights Hero MotoCorp, Tata Motors, Bajaj Auto, TVS Motor lead the gains

17 Feb 2022 , 10:45 AM

Nifty Auto stock holds steady to trade marginally higher amid volatile markets. The index was floating steadily with the majority of stocks witnessing upside emerging as among the top gainers while other major sectoral indices witnessed profit bookings.

Hero MotoCorp, Tata Motors, Bajaj Auto, TVS Motor and Eicher Motors lend support to the sector amid gloom. Ashok Leyland and Bharat Forge emerged the top laggards as investors monitored the Russia-Ukraine crisis carefully.

Indian equity benchmarks Sensex and Nifty50 started Thursday’s session on a positive note but soon erased all the gains to trade in the red. At home, banking stocks were the worst hit while heavyweight indices also dragged the performance in broader markets.

At around 10:45 AM, BSE Sensex was trading at 57,892.02 down 104.66 points or 0.18% and Nifty50 at 17,276 down 46.20 points or 0.27%.

Nifty Auto was trading at 11,575.85 up 66.15 points or 0.57%, after touching a high of 11,671.45 and low of 11,540.80 during intraday trade.

Hero MotoCorp was the top gainer, surging over 1.5% while Tata Motors and Bajaj Auto soared nearly 1.5% followed by TVS Motor advancing above 1.2%.

On the index, majority stocks were on the upside but in a muted level. Stocks like Eicher Motors (+0.93%), Balkrishna Industries (+0.40%), M&M (+0.38%) and Amara Raja Batteries (+0.32%) were marginally higher to support the index from declining. Further, Exide Industries and Maruti Suzuki were on muted level but in the green.

On the contrary, Bharat Forge and Ashok Leyland witnessed massive profit booking where Bharat Forge emerged as top loser, tumbling near 1% while Tube Investments, MRF and Bosch were under selling pressure due to mixed global cues.