The Indian stock market is trading flat ahead of the GDP data with Sensex up 22.20 points or 0.05 percent at 44281.94, and the Nifty adding 17 points or 0.13 percent at 13004.
Among the sectors, the auto index added over 2 percent led by Tata Motors, TVS Motor Company, Exide Industries, Ashok Leyland, Amara Raja Batteries, Bajaj Auto and Motherson Sumi Systems.
Share price of Tata Motors has gained over 20 percent in the last 15 days and was trading at Rs 182.55, up Rs 8.80, or 5.06 percent. CLSA has retained buy call on the stock with target at Rs 220 per share.
TVS Motor share price hit new 52-week high and was trading at Rs 503.50, up Rs 28.90, or 6.09 percent. It has touched a 52-week high of Rs 504.90.
It believes that the company had a good start to Q3 with JLR volume recovery continuing, driven by China. Estimated JLR’s overall retail sales decline moderated to 4 percent YoY in October, it said.
Mahindra & Mahindra share price was trading flat after its subsidiary Mahindra Holdings agreed to sell its entire 100 percent stake in Mahindra First Choice Services (MFCS) and Optionally Convertible Redeemable Preference Shares in Auto Digitech (ADPL) to TVS Automobile Solutions (TASL).
Tata Motors was one of the most active stocks on NSE in terms of volumes with 7,24,58,807 shares being traded followed by Ashok Leyland, Motherson Sumi Systems and Exide Industries.
Karan Pai, technical analyst - equities at GEPL Capital has a buy recommendation on Motherson Sumi Systems with target of Rs 182 per share. Motherson Sumi has been forming a higher high higher low pattern, after breaking out of a bullish continuation pattern. This breakout was backed by above-average volume, indicating interest in the stock as the prices broke out of a 13-week long consolidation.
CLSA has also retained outperform call on the stock with target of Rs 140 per share.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.