Auto, tyre shares on a roll; Nifty Auto, M&M scale new highs; here's why

Auto, tyre stock update: Shares of auto and tyre makers rallied up to 5 per cent in intra-day deals on Tuesday, lifting the Nifty Auto index to a new all-time high on upbeat outlook.

Shares of automobiles and tyre companies were in demand and rallied up to 5 per cent on the BSE in Tuesday's intra-day trade owing to a healthy outlook. Mahindra & Mahindra (M&M), Apollo Tyres, MRF, Balkrishna Industries, TVS Motor, Hero MotoCorp, Ashok Leyland and Bajaj Auto were trading higher in the range of 2 per cent to 4 per cent.

The S&P BSE Auto index hit a new high at 51,389.34, gaining 2.3 per cent in intra-day trades. At 11:13 am; the auto index was the top sectoral gainer, up 2 per cent, as compared to 0.4 per cent