Share market update: Auto shares in the green; Tata Motors jumps 5%


NEW DELHI: Auto shares were trading in the green in Wednesday’s morning session.

Shares of Tata Motors (up 5.33 per cent), Bajaj AutoNSE 2.31 % (up 2.85 per cent) , Maruti Suzuki IndiaNSE 2.80 % (up 2.09 per cent) and Hero MotoCorp (up 1.94 per cent) were trading with gains.

Amara Raja Batteries (up 1.77 per cent) , Mahindra & Mahindra (up 1.69 per cent) , Bosch (up 1.66 per cent) and Exide Industries (up 1.60 per cent) too were trading higher.

Meanwhile, with regard to the industry demand for a cut in the goods and services tax (GST) on automobiles, the finance minister said the GST Council would decide on the matter.

“It is something, which if taken to the council, they will have to take a call,” she said, adding that the government was working on a few initiatives in this connection, including for the automobile and its components sectors.

The Nifty Auto index was trading 2.03 per cent up at 7310.80 around 09:48 am.

Meanwhile, CLSA has reiterated a sell on Ashok Leyland and has reduced the target price from Rs50 to Rs40/share as the brokerage sees risk of an elongated downcycle.

Benchmark NSE Nifty50 index was up 35.65 points at 11,038.70 while the BSE Sensex was up 139.08 points at 37,284.53.

Among the 50 stocks in the Nifty index, 33 were trading in the green, while 16 were in the red.

Shares of YES Bank, Tata Motors, Vodafone Idea, ICICI Lombard General Insurance Company, Ashok Leyland, JSPL, SAIL, Kalpataru Power, Dish TV India and NBCC were among the most traded shares on the NSE.