Share market update: Auto shares up despite muted sales data
NEW DELHI: Most auto shares were trading in the green in Friday’s morning session despite muted auto sales data.
According to analysts, auto sales are expected to remain muted in February due to weak demand from consumers and inventory stuck with dealers.
Shares of Ashok LeylandNSE 0.12 % erased gains and fell as much as 2.4 per cent to Rs 84.40 as its sales were flat at 18,245 units in February.
Meanwhile, shares of Maruti Suzuki India were trading 0.45 per cent higher after rising 1.40 per cent intraday. The company sold 1.48 lakh units last month, a decline of 0.8 per cent from the year-ago period.
Also, monthly sales of Bajaj AutoNSE -1.28 % rose at its slowest pace in over a year as the company sold 3.93 lakh units last month, an increase of 10 per cent from February 2018.
The Nifty Auto index was trading 0.29 per cent up at 8379.40 around 11:23 am.
Shares of TVS Motor Company (up 1.78 per cent) , Hero MotoCorp (up 1.42 per cent) , Amara Raja Batteries (up 0.91 per cent) and Exide Industries (up 0.75 per cent) were the top performers in the index.
MRF (up 0.63 per cent), Tata Motors (up 0.56 per cent), Maruti Suzuki India (up 0.45 per cent) and Apollo Tyres (up 0.30 per cent) too were trading higher.
Benchmark NSE Nifty50 index was up 55.35 points at 10,847.85 while the BSE Sensex was up 180.82 points at 36,048.26.
Among the 50 stocks in the Nifty index, 39 were trading in the green, while 11 were in the red.
Shares of SAIL, Ashok Leyland, YES Bank, Vodafone Idea, Bharti Airtel, Bank of Baroda, SBI Life Insurance Company, Motherson Sumi, Vedanta , SBI, Coal India, Tata Motors, ICICI Bank, BHEL, JSW Steel and Tata Motors were among the most traded shares on the NSE.