Nifty Auto takes bull ride amid bearish markets; Heavyweights Bajaj Auto, Hero MotoCorp, Maruti, TVS Motors in top gear

21 Jan 2022 , 01:15 PM

Nifty Auto traded higher despite weak markets on Friday. The Index gained nearly 1% despite the gloomy broader sentiments of indices. Heavyweights Bajaj Auto, Hero MotoCorp, Maruti, and TVS Motor Company were in top gear to ensure bull run from the sector. Amara Raja Batteries and Tata Motors were under pressure.

Indian equity benchmarks Sensex and Nifty50 remained in the red after a gap-down start today tracker weak global cues. Investors awaited more quarterly earnings from India Inc for cues. In the afternoon, the Indices trimmed losses and were on recovery path.

At around 1.15 pm, BSE Sensex was trading at 59,262.69 down 201.93 points or 0.34% and Nifty50 at 17,700.20 down 56.80 points or 0.32%.

Nifty Auto was trading at 11,661.40 up 78.20 points or 0.68%, after touching a high of 11,682.80 and low of 11,421.25 during intraday trade.

Bajaj Auto surged 4.3% at Rs3,451.45 per piece to emerge the top gainer. The company’s total revenues grew by 1% to Rs9,022cr, during the comparable period on the back of price hikes by the auto major to account for raw material price increases. However, the company’s profits fell to Rs1,214cr, compared to Q3FY21, due to a fall in demand for two-wheelers in domestic as well as in export markets. 

Maruti and TVS Motor Company also surged 2.15% and 2.07% at Rs8,208.95 per piece and Rs649.30 per piece respectively. Maruti has launched new cars and TVS annouced new partnerships in recent times.

Hero MotoCorp was 2% higher at Rs2,763.65 per piece to boost the sector. The company announced the commencement of online bookings of its latest motorcycle XPulse 200 4 Valve. The company has started accepting bookings for the second batch after the first lot was completely sold out. Hero MotoCorp was also recently conferred the coveted GreenCo Platinum rating for Hero Global Centre for Innovation and Technology (CIT) by the prestigious Confederation of Indian Industry (CII) Green Business Centre, as part of the Green Company rating system.

Amara Raja Batteries dragged 1.8% at Rs621.70 per piece while Tata Motors was also 0.77% lower at Rs511.75 per piece.