Auto stocks bucked the weak market trend on Monday, with the Nifty Auto index rising nearly 1 percent even as the benchmarks came under pressure due to profit booking. The outperformance of auto stocks comes amid expectations of steady demand and improving margins.
The auto index climbed 0.92 percent during intraday trade, marking its fourth straight session of gains. Over the last four trading days, the index has risen 3.78 percent, driven by strong buying interest in key two-wheeler and commercial vehicle stocks.
Bajaj Auto emerged as the top gainer in the auto pack, jumping 4.10 percent to settle at Rs 8,830 apiece on the NSE. During the session, the stock touched an intraday high of Rs 8,861.50, up 4.47 percent. The stock has been on an upward trajectory for the past six sessions, rallying nearly 15 percent during the period.
Among other gainers, Tube Investments of India rose 2.71 percent, while Ashok Leyland advanced 2.30 percent.
Shares of Hero MotoCorp and Eicher Motors also saw modest gains, rising up to 0.89 percent during the day.
Meanwhile, the Sensex dropped by 271 points on Monday, marking the second straight day of losses due to selling in IT stocks and a weak trend in global markets after rating downgrade of the US by Moody's Ratings.
The Sensex declined 271.17 points or 0.33 percent to settle at 82,059.42. During the day, it dropped 366.02 points or 0.44 percent to 81,964.57. The Nifty dipped 74.35 points or 0.30 percent to 24,945.45.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
