Auto Stocks Rev Up Nifty To Another All-Time High

On Friday, Nifty 50 made a fresh all-time high of 23,490.40. The benchmark index closed 0.29% higher to 23,465.60 in the session. Eicher Motors was the top gainer while Tech Mahindra was the biggest loser.

Vinod Nair, head of research, Geojit Financial Services said, “There is a temporary blip in the market momentum, due to a lack of fresh triggers after the hawkish commentary from the US Fed, lowering the plausibility of a rate cut in the short-term. A near-term consolidation seems probable as domestic investors await cues from the upcoming union budget. There is a growing opinion that the government could place emphasis on welfare, giving a fillip to consumption-led stocks.”

Eicher Motors stood out as the top performer, registering a substantial increase of 2.78%, closing at ₹4935.10, up from its previous session at ₹4801.50. This uplift contributed positively to the market’s overall sentiment.

Top Gainers

StockCurrent PriceLast Close% Change
Eicher Motors₹4935.10₹4801.502.78%
Adani Ports₹1430.70₹1398.452.31%
Shriram Finance₹2732.15₹2684.301.78%

Mahindra & Mahindra (M&M) closely followed with a 2.34% rise, closing at ₹2928.60, a notable increase from ₹2861.70. The stock became the 18th largest company listed on the NSE and also hit an all-time high in the session.

Adani Ports also showed strong performance, marking a 2.31% increase to close at ₹1430.70. Shares of the Adani Group company jumped as Kotak Securities saw a 17% upside for the stock.

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Shriram Finance and Titan rounded out the top gainers, with increments of 1.78% and 1.67%, respectively, further bolstering the market’s upbeat mood.

Top Losers

StockCurrent PriceLast Close% Change
Tech Mahindra₹1371.45₹1388.95-1.26%

On the other end, Tech Mahindra faced the steepest decline, falling 1.26% to close at ₹1371.45.

Other notable declines included TCS and Wipro, with their shares falling by 1.19% and 1.06%, respectively. HCLTech and the State Bank of India also experienced slight downturns, closing lower than their previous sessions.

HCLTech fell after Jefferies maintained a cautious stance on the company.

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Posted In: EquitiesNewsMarketsMoversTrading IdeasEicher MotorsGainers And LosersNifty 50Tech Mahindra