Market trade higher; Auto shares accelerate

The domestic equity indices traded with limited gains in morning trade. The Nifty scaled above the 22,650 level. Auto shares rallied for the second consecutive trading session. Trading could be a volatile due to the expiry of weekly index options on the NSE.

At 10:25 IST, the barometer index, the S&P BSE Sensex, advanced 199.32 points or 0.27% to 74,683.01. The Nifty 50 index added 58.35 points or 0.26% to 22,663.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.68% and the S&P BSE Small-Cap index added 0.19%.

The market breadth was positive. On the BSE, 1,957 shares rose and 1,521 shares fell. A total of 182 shares were unchanged.

Coal India (up 0.15%), Adani Enterprises (up 0.84%), Adani Ports and Special Economic Zone (up 0.01%), Ajanta Pharma (down 0.13%), Blue Dart Express (down 0.43%), Dabur India (up 0.29%), Blue Star (up 0.29%), Ceat (up 1.83%), CIE Automotive India (up 0.19%), Coforge (down 0.96%), Federal Bank (up 4.15%), JBM Auto (up 3.21%), RailTel Corporation of India (up 1.71%), Ramkrishna Forgings(up 0.85%), South Indian Bank (down 0.03%), Ugro Capital (up 5.19%), and Voltamp Transformers (up 0.70%) will announce their quarterly earnings later in the day.

Buzzing index:

The Nifty Auto index jumped 0.83% to 22,667.35. The index increased 2.67% in the two consecutive trading sessions.

Ashok Leyland (up 2.28%), Bosch (up 2.28%), Mahindra & Mahindra (up 2%), Bajaj Auto (up 1.44%) and Tata Motors (up 1.19%) were the top gainers.

Among the other gainers were Tata Motors-DVR (up 1.06%), Apollo Tyres (up 0.89%), TVS Motor Company (up 0.73%), Hero MotoCorp (up 0.73%) and Balkrishna Industries (up 0.2%).

Ashok Leyland added 2.28% after the company reported 10% rise in commercial vehicle sales to 14,271 units in April 2024 from 12,974 units in April 2023.

Tata Motors rose 1.19% after the auto majors total sales jumped 11.4%YoY to 77,521 units in Q4 FY24. The domestic sales stood at 76,399 units, up 12%YoY. In Q4 FY24, total commercial vehicles sales grew 31% year-on-year to 29,538 units and passenger vehicle sales (including EV) increased 2%YoY to 47,983 units.

Escorts Kubota shed 0.50%. The agri machinery business division sales decline marginally to 7,515 units for April 2024 as compared with 7,565 units sold in April 2023. Domestic sales fell 1.2%YoY to 7,252 units while exports jumped 10.9%YoY to 347 units in April 2024.

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