Even as there is huge buying with 42 out of 50 stocks from the Nifty seeing buying, Nifty sectoral indices are mixed with some including Pharma, PSU Bank and media down by a tad. Broader markets have been underperforming the headline indices.
Among the Nifty sectoral indices, Nifty Auto has been the most resilient post December sales figures which came in mixed. At the time of writing this copy at around 9:30 am, the index has been up by over 1 percent, with the highest gains of over 3 percent seen for Tata Motors. This is after the Tata major overtook Hyundai in being the second largest personal vehicle seller in December month.
The other notable gainers from the Nifty Auto pack have been Eicher Motors, Maruti, Ashok Leyland, Tube Investments among others, while Balkrishna Industries has been the laggard.
Given the pent up demand and the preference for personal mobility solutions suggest of a bright outlook for the auto sector.