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Market trade higher; Auto shares accelerate

Published on May 02, 2024 10:32

The domestic equity indices traded with limited gains in morning trade. The Nifty scaled above the 22,650 level. Auto shares rallied for the second consecutive trading session. Trading could be a volatile due to the expiry of weekly index options on the NSE.

At 10:25 IST, the barometer index, the S&P BSE Sensex, advanced 199.32 points or 0.27% to 74,683.01. The Nifty 50 index added 58.35 points or 0.26% to 22,663.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.68% and the S&P BSE Small-Cap index added 0.19%.

The market breadth was positive. On the BSE, 1,957 shares rose and 1,521 shares fell. A total of 182 shares were unchanged.

Coal India (up 0.15%), Adani Enterprises (up 0.84%), Adani Ports and Special Economic Zone (up 0.01%), Ajanta Pharma (down 0.13%), Blue Dart Express (down 0.43%), Dabur India (up 0.29%), Blue Star (up 0.29%), Ceat (up 1.83%), CIE Automotive India (up 0.19%), Coforge (down 0.96%), Federal Bank (up 4.15%), JBM Auto (up 3.21%), RailTel Corporation of India (up 1.71%), Ramkrishna Forgings(up 0.85%), South Indian Bank (down 0.03%), Ugro Capital (up 5.19%), and Voltamp Transformers (up 0.70%) will announce their quarterly earnings later in the day.

Buzzing index:

The Nifty Auto index jumped 0.83% to 22,667.35. The index increased 2.67% in the two consecutive trading sessions.

Ashok Leyland (up 2.28%), Bosch (up 2.28%), Mahindra & Mahindra (up 2%), Bajaj Auto (up 1.44%) and Tata Motors (up 1.19%) were the top gainers.

Among the other gainers were Tata Motors-DVR (up 1.06%), Apollo Tyres (up 0.89%), TVS Motor Company (up 0.73%), Hero MotoCorp (up 0.73%) and Balkrishna Industries (up 0.2%).

Ashok Leyland added 2.28% after the company reported 10% rise in commercial vehicle sales to 14,271 units in April 2024 from 12,974 units in April 2023.

Tata Motors rose 1.19% after the auto major�s total sales jumped 11.4%YoY to 77,521 units in Q4 FY24. The domestic sales stood at 76,399 units, up 12%YoY. In Q4 FY24, total commercial vehicles sales grew 31% year-on-year to 29,538 units and passenger vehicle sales (including EV) increased 2%YoY to 47,983 units.

Escorts Kubota shed 0.50%. The agri machinery business division sales decline marginally to 7,515 units for April 2024 as compared with 7,565 units sold in April 2023. Domestic sales fell 1.2%YoY to 7,252 units while exports jumped 10.9%YoY to 347 units in April 2024.

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