Auto stocks on Tuesday surged more than three per cent on expectations that the ensuing festive season would improve their sales figure.
Shares of Mahindra and Mahindra went up by 3.71 per cent to an intra—day high of Rs 942.60 on the BSE, becoming the top gainer among the BSE 30—Sensex stocks. The stock finally ended the day at RS 938.35, up 3.25 per cent on the BSE.
Maruti Suzuki shot up by nearly one per cent to Rs 1,508.40 on the BSE. It finally settled at Rs 1,499.60, higher by 0.33 per cent.
Shares of Tata Motors also saw heightened buying interest as the stock rose by 2.38 per cent to scale an intra—day high of Rs 270,40. At close, the stock closed at Rs 266.20, up 0.80 per cent on BSE.
Meanwhile, two—wheeler majors Hero Mootocorp and Bajaj Auto ended in the negative territory with losses of 0.97 per cent at Rs 1,824.55 and 1.39 per cent at Rs 1828.40 respectively.
Market experts termed the ensuing festive season as positive for the automobile sector and said that the uptick in the counter is largely on the back of this sentiment.