Automobile companies witnessed positive gains of their shares on bourses owing to strong hopes of strong sales volumes in November. Projections of the same were enough to instill this vote of confidence in markets.
Automobile companies witnessed gains of 2% on their shares during early trade today. This was backed by positive sentiments and hopes relating to strong monthly sales figures to be revealed on the 1st of December. Additionally, the inclusion of Tata Motors, Maruti Suzuki and Ashok Leyland to the MSCI India Index also boosted shares. Maruti Suzuki witnessed a gain of 1.42% and stood at INR 4, 645 on the BSE. Bajaj Auto was trading at INR 2, 493.95 through a gain of 1.84%. Mahindra & Mahindra was trading at INR 1, 360 which was a gain of 0.88% while Tata Motors was trading at INR 425.30 which represented a gain of 1.86%.
Hero MotoCorp witnessed a gain of 0.39% to trade at INR 2, 714.70 while TVS Motors went up 0.98% to trade at INR 308.45. Ashok Leyland was trading at INR 98.85 with a gain of 1.38% while Eicher Motors was trading at INR 16, 746.35 as a result of a gain of 1.08%. According to market experts, these stocks witnessed high trading and gains on account of expectations pertaining to strong sales data posted by companies tomorrow after Diwali. Additionally, the MSCI Index inclusion for three companies has also given a boost to the sector as a whole.
Some analysts also talked of how expectations of GST bill passage in the Parliament Winter Session were also contributing towards this upsurge in stocks. Maruti Suzuki, Tata Motors and Ashok Leyland will be integrated into the MSCI Index with effect from today.