Auto stocks appear to be holding on to their gains after the RBI’s rate cut triggered hopes of softening of interest rates, though the impact of RBI’s action on the overall market seems to be on the wane.
Unlike yesterday when the two-wheeler stocks seem to be the favourites of investors, today there was demand for four-wheeler stocks also. But the impact of rate cut on auto component makers on the BSE auto index was not very significant.
The momentum in Bajaj Auto stock continued with the scrip gaining Rs 11.70 to trade at Rs 1,730.05. In the four-wheeler space, Maruti Suzuki was a major gainer, up by Rs 34.25 at Rs 1,384.15.
Tata Motors gained Rs 6.85 to trade at Rs 316.45 and M&M was up by Rs 6.65 at Rs 699. Hero Motocorp gained Rs 14.05 at Rs 2,155.
However, Apollo Tyres was down 85 paise at Rs 92.45 and Exide lost Rs 3 at Rs 129.05.
The auto index was up about 127 points to 10,529. But the Sensex was up 25 points at 17,417.