Nifty Auto index rallies over 140 pts; Heavyweights Balkrishna Industries, Eicher Motors, Maruti, Bharat Forge lead the pack

31 Jan 2022 , 10:44 AM

On Monday, Nifty Auto index was trading on a bullish note led by broad based buying sentiments. The Index was trading higher with heavyweights Balkrishna Industries, Eicher Motors, Maruti lifting the performance. Though, for markets perspective the next few weeks are crucial for equities as the sector is eyeing for policy support in the Union Budget 2022 which is scheduled for tomorrow.

The contribution of automobile sector to the overall GDP of the country stands at 7.1% but after Covid and Omicron threat, the sector is still trying to regain its pre-pandemic peaks and hopes for better recovery ahead of F&O expiry, budget and boost in electric-mobility sector.

Also, India has been taking measures to address the semiconductor issue and strengthen the chip market which can also upbeat investors sentiments as markets perspective.

At around 10:40 AM, Nifty Auto was trading at 11,640.75 up by 147.35 points or 1.28%. The index has touched an intraday high and low of 11,668.10 and 11,587.30 respectively during early trading hours.

On the index, Balkrishna Industries outperformed as top bull skyrocketing by 3% at Rs2,320 per piece.

Accordingly, gainers list on Nifty Auto was led by all 15 scrips on a advancing note as auto stocks in a fast lane.

Eicher Motors was surging by 2.3% followed by Tube Investments up 2%. Similarly nearly 1.5% rise each was recorded in Maruti Suzuki and Bharat Forge stocks.

Stocks like Exide Industries (+1.37%), Ashok Leyland (+1.30%), Bosch (+1.19%), M&M (+1.18%), Amara Raja Batteries (+1.16%) were all trading in the green to lead the gains.

Further heavyweights Hero MotoCorp and Tata Motors inched higher to contribute the sector while Bajaj Auto, MRF and TVS Motors added marginal gains to further push the upbeat markets.