Auto stocks recover: Eicher Motors, M&M, Tata Motors surge 1-2% intraday – brokerage says this
At around 12:00 PM, the Nifty Auto index was up nearly 1 per cent to the 12,642.85 level, while the BSE Auto index was also up around 1 per cent to 29,053.44-mark.
Automobile stocks recover to trade in the green and turned one of the top sectoral gainers during Wednesday’s trading session. Heavyweights like Eicher Motors, M&M and Tata Motors have gained 1 to 2 per cent. Maruti, Bajaj Auto, and TVS Motor were also marginally up.
At around 12:00 PM, the Nifty Auto index was up nearly 1 per cent to the 12,642.85 level, while the BSE Auto index was also up around 1 per cent to 29,053.44-mark. In the 15-share auto index on NSE, 11 were in green while on the BSE Auto index, 13 advanced and the remaining were laggards.
Hero Moto slumped most on NSE and BSE, down by over 1 per cent to Rs 2,612 and 2,607.85 per share, respectively. The auto major is also one of the top laggards on Nifty50 for the second straight session today. Besides, Ashok Leyland is also one of the top sectoral losers today.
Tube Investments reversed yesterday’s trend as it become top gainer on both BSE and NSE, up over 2 per cent. Bajaj Auto, Maruti Cummins India, Bosch and TVS Motors were up marginally.
The domestic auto sales volume, excluding CVs (Commercial Vehicles), grew by 18% year-on-year and 10 per cent by month-on-month to 18,74,815 units in August 2022, according to the Society of Indian Automobile Manufacturers (SIAM).
According to Reliance Securities, all segments of the automobile industry witnessed a strong YoY & MoM, except PV (Passenger Vehicle) performance due to ease in the semi-conductor supply, overall recovery, and inventory built up ahead of the festival, despite a slow rural recovery.
“It witnessed sequential improvement due to festival season kicking in from August, though erratic monsoon spoiled the show, particularly in rural India. Despite improvement, overall demand level remained below pre-Covid level for most of the segments,” the domestic brokerage said in its note.
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12:58 PM IST