Nifty Auto on record high ahead of Q3 results; Hero Moto, Bajaj Auto gain up to 5%

The Nifty auto index gained over a percent to hit a new high of 18,755 on January 11, with gains of up to 5 percent in Hero MotoCorp and Bajaj Auto. The surge comes as automobile companies gear up to announce their third quarter results.

In the past year, the index has gained 47 percent compared to Nifty’s 21.2 percent during the same period.

The Hero MotoCorp stock was the biggest index gainer, closing nearly 5 percent to end the day at Rs 4,335 on reports of its foray into the 440cc segment with an all-new Maverick.

Also read: Hero Motocorp cruises 5% on buzz of entry into 440cc segment

Bajaj Auto was next in line, ending 3.44 percent higher at Rs 7,296 on the NSE. The momentum was fuelled by its recent Rs 4,000-crore buyback.

Other major stocks that rallied were Tata Motors, the best performing Nifty stock of 2023, Royal Enfield-maker Eicher Motors, two-wheeler major TVS Motor Company, and Bosch.

Read More: Analyst Call Tracker | Why Tata Motors dazzled in 2023 but Eicher dimmed out?

Maruti Suzuki and Mahindra and Mahindra closed marginally lower, while Bharat Forge fell almost a percent.

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