Oil price dip fuels auto stocks

DALAL STREET SPIKES

Automobile stocks ended with gains on easing fuel prices. Frontline automobile scrips ended higher after oil public sectors cut retail prices of petrol by up to Rs 1.26 per litre on Monday.

Analysts said automobile stocks witnessed renewed bargain hunting at lower levels in Tuesday's trading.

Two-wheeler major Bajaj Auto was up 2.73 per cent to close at Rs 1,020.30. More than 65,000 shares changed hands at the counter on the BSE.

The Hero Honda scrip too ended marginally higher at Rs 440.80, up 0.67 per cent from its previous close. The stock has witnessed an upward rally in the past few days on rumours that the company will pay a hefty interim dividend.

Other automobile stocks such as Tata Motors was up 2.4 per cent to close at Rs 440.05, while Maruti Udyog ended 2.06 per cent higher to close at Rs 389.

More than 15.2 lakh Maruti shares changed hands at the counter on BSE.