Nifty Auto Outlier In Trade Today; MRF Close To Its 52-Week Low

Indian indices after 3 consecutive days of gains are down by 236 points on the Sensex and Nifty has come down to 17,718. The weak global cues are weighing on the Indian markets today.

Among Nifty sectoral indices, there is more of red than the green, with indices like financial services, FMCG, IT, pharma, realty and private bank all down at the time of writing this report at around 10:49 am.

The auto pack is the outlier in trade as it has gained over 1 percent. The budget 2022 gave no direct support to the auto segment. Nevertheless, the steps in the EV space will push private players to foray into the segment if they have not so far. Battery swapping will enable interoperability in the space.

The auto space has been seeing an uptrend despite the CCI imposing fees on tyre companies for cartelisation. Nevertheless, the MRF tyre stock is trading close to its 52-week low price of Rs. 68,700, while the stock's day's low price has been Rs. 70,111.3 per share.

Meanwhile, some of the counters from the space are trading close to their 52-week high are Tata Motors and Maruti.

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