Nifty Auto stocks rallied to trade higher on Monday morning trade. Balkrishna led the bull ride by surging 8 percent while Motherson Sumi provided able support to lift sectorial performance.
Even as Asian markets traded mixed and Covid-19 cases in the country continued to fall due to the nationwide lockdowns, benchmark indices opened the day higher.
Nifty Auto was trading at 9,974.05 at 12 p.m., up 178.55 points or 1.82 percent. During early trading hours, the index hit an intraday high of 9,994.30 and a low of 9,785.90, respectively.
As a result, all 15 scrips on a positive note led the gainer's list on Nifty Auto, indicating that auto stocks are on the rise.
TVS Motor was up 2.13 percent, while Motherson Sumi was up 3.35 percent. Eicher Motors and MRF both saw a nearly 2% increase in their stock prices.
To lead the gains, heavyweights Baja Auto (+1.47 percent), Bharat Forge (+1.34 percent), and Hero Motocorp (+1.22 percent) were all trading in the green.
Tata Motors, Mahindra & Mahindra, Maruti Suzuki, and Amara Raja Batteries rose between 0.5-1 percent .