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Nifty Auto Outlier After June Sales Data; Bajaj Auto, Balkrishna, Tata Motors Close To Their 52-Week High

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Liquidity is driving markets to new high and despite rallying close to all time high, there is still bullishness on the Indian markets. In today's trade even as markets are weak in trade with Nifty down by 23 points to 15,698 and broader markets still underperforming, one pack that is seeing the most strength is the Nifty Auto pack.

 

Nifty Auto Outlier Today; Bajaj Auto, Balkrishna,TVS Motor Close To 52-Week High

At the time of writing this report, Nifty Auto is up by over 1 percent. So, what is pushing the index higher.

In the 2 wheeler segment, Bajaj Auto has posted better sales figure for June month. The sales have registered a jump of 24% to 3.46 lakh units in comparison to the 2.78 lakhs. Exports at the company also registered a better growth at 45%. Three-wheelers of the company also recorded good sales.

Escorts tractor sales improved 15% YoY to 12,533 units in June 2021 The company said it has registered the highest sales in June month.

Individually, the stocks which propelled the index higher are Bajaj Auto, TVS Motors, Tata Motors, Balkrishna Industries and Bharat Forge. In fact, these scrips listed here are close to their 52-week high. For some time, auto scrips traded close to their 52-week low price and now we see a turnaround as the economy begins to open up after the second wave of the pandemic.

Recently leading global research firm Nomura expressed its bullishness on auto companies' as they expect demand to pick up aggressively in 2022 and 2023. Also inventory days are low at 23 days. Further for companies such as Bajaj Auto, exports shall also drive the company's prospects going ahead.

GoodReturns.in

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