Shares of automobile companies gained about 2 per cent in early trade on Monday on hopes of strong monthly sales figures to be released on Tuesday
Shares of automobile companies gained about 2 per cent in early trade on Monday on hopes of strong monthly sales figures to be released on Tuesday and inclusion of Maruti Suzuki, Tata Motors and Ashok Leyland to the MSCI India index.
Maruti Suzuki was up 1.42 per cent at Rs 4,645 on the BSE. While the top gainer of the benchmark, Bajaj Auto was trading at Rs 2,493.95, up 1.84 per cent.
Tata Motors was up 1.86 per cent at Rs 425.30 and Mahindra and Mahindra was trading at Rs 1,360, up 0.88 per cent. Hero Motocop was at Rs 2,714.70, up by 0.39 per cent.
Among others, TVS Motors was trading at Rs 308.45, up 0.98 per cent, Ashok Leyland was up 1.38 per cent to trade at Rs 98.85 and Eicher Motors was at Rs 16,746.35, up by 1.08 per cent.
“The auto stocks are mainly up on expectations of a very good sales data tomorrow following the month of Diwali. Further, inclusion of Maruti Suzuki and Tata Motors in the MSCI index gave an impetus to the sector,” CNI Research head Kishore Ostwal said.
Analysts also attributed the spurt in auto stocks to hopes of passage of the GST bill in Parliament during the ongoing Winter Session.