Tuesday 19 December 2017

Nifty Auto Hits Record High, Surges For Fourth Day

Posted by suhani varma on Tuesday, December 19, 2017 with No comments


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An expected recovery in rural demand due to a normal monsoon and BJP's victory in Gujarat and Himachal Pradesh assembly elections also boosted sentiment for the stocks in the sector.
Nifty Auto Index extended gains to the fourth consecutive session and was up by nearly 2% to a lifetime high, riding on the back of a positive outlook for the sector.

Automobile and auto-ancillary companies are expected to benefit from the likely double-digit sales growth in automobile sales in the coming months on account of low base due to demonetisation.

An expected recovery in rural demand due to a normal monsoon and Bharatiya Janta Party's victory in Gujarat and Himachal Pradesh assembly
elections also boosted sentiment for the stocks in the sector.

Today's gains in the Nifty Auto index were led by 2-4% rise in shares of Amara Raja Batteries, Eicher Motors, Bharat Forge, Hero MotoCorp and
Motherson Sumi Systems.
Amara Raja Batteries Ltd is currently trading at Rs790.5, up by Rs15.5 or 2% from its previous closing of Rs775 on the BSE. The scrip opened at Rs774 and has touched a high and low of Rs794 and Rs774, respectively.
Eicher Motors Ltd is currently trading at Rs30,735, up by Rs 825.5 or 2.76% from its previous closing of Rs29,909.5 on the BSE. The scrip opened at Rs30,000 and has touched a high and low of Rs31,000 and Rs30,000, respectively.

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