HCL Tech was the top gainer in the Sensex pack, rising over 4 per cent, followed by HDFC Bank, Infosys, NTPC, Nestle India, TCS and HUL. NSE Nifty surged 337.80 points to 14,845.10.
Major automakers, including Maruti Suzuki, Hyundai, Tata Motors, Mahindra & Mahindra, Kia, Toyota and Honda, on Thursday reported healthy growth in passenger vehicles sales in June, recovering from the disruptions induced by the second wave of COVID-19. The country's largest carmaker Maruti Suzuki India (MSI) posted total sales of 1,47,368 units in June, up from 46,555 units in May. Its domestic dispatches to dealers last month stood at 130,348 units, up from 35,293 units in May, as easing of COVID-related restrictions helped the auto major to dispatch more units to dealerships.
In the Sensex pack, Bajaj Finance and Bajaj Auto ended up to 6.09 per cent higher after posting strong quarterly numbers.
The total dividend income for seven firms grows 25%.
Ahead of the international auto show that begins next Wednesday, the Indian auto industry continues to be buffeted with bad news. According to data released by leading automobile companies on Saturday, the industry's sales volumes in January fell about five per cent from those in the same month last year.
Teams of both companies are collaborating on all areas of mutual interest including electrification, distribution and product development.
Ajit Mishra answers reader queries on the stock market.
The BSE benchmark Sensex rose 192 points to end at 39,250 on Sunday as investors built up fresh positions in the special Muhurat trading session to mark the beginning of Hindu Samvat year 2076.
Domestic investors were also concerned about possible stagflation in India due to low growth and high inflation in wake of recently released government data. IndusInd Bank was the top loser in the Sensex pack, dropping 5.44 per cent. Infosys, SBI, PowerGrid, Tech Mahindra, Bharti Airtel and HDFC Bank too fell up to 1.21 per cent.
Ford is among several multinational automobile companies in India for whom exports now bring bigger volumes than local sales.
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M&M saw its sales drop by 26.93 per cent to 15,881 units in December 2013. Last year also the company had shut down its tractor plants at Jaipur and Rudrapur for five days and two days, respectively, due to inventory pile up amidst falling sales.
Sun Pharma stole the show in the Sensex pack, spurting 3.91 per cent, followed by M&M at 2.87 per cent.
The company announced on July 11 that it would stop production at its automotive plants for a period ranging from 1 to 8 days during the remaining period of the month.
ONGC was the top loser in the Sensex pack, ending 3.48 per cent lower. Tata Steel, Vedanta, Bajaj Auto, TechM, RIL, Hero MotoCorp, Kotak Bank, Axis Bank, and Infosys too fell up to 2.33 per cent.
Auto companies are now grappling with a slowdown in sales, triggered by pent up demand due to the COVID-led lockdown easing a bit and supply-side issues for raw material.
Dealers have stocked up vehicles in the run-up to a price hike, which is expected to be announced by leading players some time this month.
After sinking 586 points during the day, the 30-share index ended 503.62 points, or 1.29 per cent, lower at 38,593.52. The broader NSE Nifty plunged 148 points, or 1.28 per cent, to 11,440.20.
The five-acre facility, set up by M&M through a joint venture with government owned company MSTC, went on stream in April this year
'While most companies were bullish before the second wave of double-digit sales growth in FY22, that may not be the case now.'
Mahindra & Mahindra on Wednesday announced a 125 million Euro joint venture with French auto major Renault which will see the launch of mid-size 'Logan' in India by the first half of 2007.
Tata Motors, Hero MotoCorp, Ashok Leyland, M&M are up 3-6% on BSE.
Utility vehicle and tractor maker Mahindra and Mahindra on Tuesday said it plans to set up a manufacturing base in Brazil.
Top losers in the Sensex pack include Bharti Airtel, Infosys, Asian Paints, RIL, Coal India, HDFC Bank, HDFC, TCS, ONGC and M&M, falling up to 3.09 per cent.
Bajaj Finance was the biggest gainer in the Sensex pack, spurting 3.64 per cent. Tata Motors, Infosys, Vedanta, ONGC, PowerGrid, NPTC, Axis Bank, ICICI Bank, Kotak Bank, SBI, HDFC Bank, Tata Steel, TCS and RIL too rose up to 3.48 per cent.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
Yes Bank was the top gainer in the Sensex pack rising 5.80 per cent, followed by Tata Motors, ICICI Bank, IndusInd Bank, Axis Bank, Kotak Bank and Tata Steel.
The Sensex was mainly dragged by Reliance Industries, HDFC, HDFC Bank, ICICI Bank and SBI, which lost up to 3.35 per cent.
In the Sensex pack, losers included TCS, HUL, Tata Steel, HCL Tech, Infosys, Bajaj Finance, HDFC, IndusInd Bank, Asian Paints, ITC and Vedanta, shedding up to 3.70 per cent.
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