Tata Motors holds approximately 12 per cent weight in the Nifty Auto index, and trails Maruti Suzuki and Mahindra & Mahindra
The breakout of "Inverse Head and Shoulder" for the Nifty Auto index hints at bullish scenario for auto stocks, provided the overall market momentum says strong
Maruti Suzuki was the top-performing index stock as it rose over 4 per cent after the company said it would be raising vehicle prices in the July-September quarter
Automobile and financial stocks dominate the list of companies where analysts have scaled back their earnings estimates for FY22
India recorded a massive surge of 1.69 lakh Covid-19 cases in the last 24 hours
The rally in auto stocks may pause for now as demand cools off and companies grapple with supply-side issues, say analysts
Union Minister for Road Transport and Highways Nitin Gadkari's proposal to levy 'green tax' on old vehicles polluting the environment nudged investors to off-load auto stocks from their portfolio
Ashok Leyland, Bharat Forge and Tata Motors from the auto index were down in the range of 3 per cent to 4 per cent.
At 02:50 pm, these three stocks were trading higher in the range of 2% to 4%, as against a 0.75% fall in the S&P BSE Sensex and 0.45% decline in S&P BSE Auto index
Bajaj Auto said the operating performance was driven by favorable mix, lower marketing spends, and operating leverage
Nifty Auto index has jumped 8 per cent on a year-to-date basis in 2021
The medium-term trend of Sensex is bullish till the time it defends 44,000 levels
A strong close above Rs 770 in M&M may trigger a rally Rs 825 levels
Two-wheeler stocks such as TVS Motor, Hero MotoCorp, and Bajaj Auto were among the top gainers on the Nifty Auto index, surging up to 1.6 per cent in the intra-day deals on the National Stock Exchange
For the auto sector as a whole, analysts now expect polarisation to get more entrenched where rural-focused plays like M&M, Escorts etc to do well
Hero MotoCorp sold 13.34 lakh units during the quarter under review, down 25 per cent on YoY basis
Expected demand pick-up in tier-II and tier-III cities as well as preference for personal mobility amid the Covid-19 health concerns are the top two factors that would drive the demand, analysts say.
In May, the S&P BSE Auto index gained 5.6 per cent as compared to 3.8 per cent decline in the S&P BSE Sensex.
Ashok Leyland and Hero MotoCorp surged over 10 per cent each
Eicher Motors, Bharat Forge, M&M, Maruti Suzuki and Hero MotoCorp slipped more than 5 per cent on the NSE today