In trade today (August 2, 2021), Indian markets have been gaining in line with Asian peers. Nifty is up 0.67 percent and was last trading at 15,865. Broader markets performed still better with gains of 0.8% on the Nifty Midcap 100.
There is a sea of green among the Nifty sectoral indices, with the maximum gains seen on the Nifty Realty index, while the only laggard has been Nifty pharma that was down in trade today.
Nifty Auto was the second best performer in trade today with gains of up to 2.42% on Balkrishna Industries. The stock of Balkrishna Industries has hit a fresh 52-week high of Rs. 2449.8 per share today. The other auto share close to its 52-week high has been Ashok Leyland that last traded at a price of Rs. 138.9.
Within the Nifty auto pack, Tube Investments traded in the red and was down close to 0.48%.
As per a leading business daily, Minister for Road Transport and Highways (MoRTH) Nitin Gadkari is likely to meet auto industry leaders on Tuesday (August 3) as the centre turns it focus to this sector. The meeting shall be around the performance of the sector amid the Covid 19 led disruption and be centered around segments such as passenger vehicles (PVs), Commercial Vehicles (CVs) and three-wheelers.
Other agendas to be taken up during the meet include are CAFÉ-2 and BS-VI Phase-2, Bhutani said. CAFE 2 or Corporate Average Fuel Economy norms are stipulations provided by the centre such that the industry provides best in class products to its customers.
Another trigger pushing Auto stocks higher in trade today are good set of auto sales number for July month. Companies like Maruti to Tata Motors reported good set of numbers while Hero Moto registered a decline on a sequential basis.