Auto Stocks Hit Brake Even As Nifty Shows No Signs Of Slowing Down

On Tuesday, Nifty 50 closed 0.39% up to 23,557.90. The benchmark index hit another all-time high in the session, jumping to 23,579.05. Shriram Finance led the gainers and Maruti Suzuki experienced the steepest decline.

Ajit Mishra senior vice president, research, Religare Broking said, “Markets began the week with modest gains, continuing the prevailing positive trend. After opening with a gap up, the Nifty traded within a narrow range throughout the day and closed at 23,560, up by 0.40%. Sectoral performance was mixed, with gains in Realty, private banks, and IT, while pharma, metal, and FMCG sectors lagged. The broader indices maintained their positive momentum, reaching new record highs. We anticipate the prevailing trend to persist, with Nifty gradually moving towards the 24,000 level. Additionally, renewed strength in the banking index supports our bullish outlook. Therefore, we recommend maintaining a “buy on dips” strategy, focusing on stocks demonstrating higher relative strength.”

Shriram Finance topped the performance chart with a 3.57% increase, closing at ₹2829.75, up from ₹2732.15. This rise made it the day’s standout performer.

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Top Gainers

StockCurrent PriceLast Close% Change
Shriram Finance₹2829.75₹2732.153.57%
Power Grid₹331.8₹321.53.2%
Titan Company₹3589.0₹3530.051.67%
ICICI Bank₹1122.85₹1105.651.56%

Power Grid Corporation of India followed closely with a 3.20% gain, ending the day at ₹331.80. Wipro also saw notable growth, with its stock price rising 3.00% to ₹491.85.

Other significant gainers included Titan Company and ICICI Bank, with increases of 1.67% and 1.56% respectively, contributing to the day’s positive outcomes.

Top Losers

StockCurrent PriceLast Close% Change
Maruti Suzuki₹12560.95₹12845.20-2.21%
Dr. Reddy’s Laboratories₹5991.25₹6085.25-1.54%
Tata Steel₹181.12₹183.15-1.11%
UltraTech Cement₹11119.05₹11242.8-1.1%
Hero MotoCorp₹5754.85₹5804.2-0.85%

On the downside, Maruti Suzuki recorded the largest decline, falling 2.21% to close at ₹12560.95.

Dr. Reddy’s Laboratories also faced a drop, with its stock price decreasing by 1.54% to ₹5991.25.

Other underperformers included Tata Steel, UltraTech Cement, and Hero MotoCorp, with their stock prices down by 1.11%, 1.10%, and 0.85%, respectively.

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Posted In: EquitiesNewsMarketsMoversTrading IdeasGainers And LosersMaruti SuzukiNifty 50Shriram Finance