Sunday 1 November 2015

Nifty holds 8000 amid pressure; M&M, Tata Motors, Maruti up -- 2 Nov 2015

Auto stocks bucked the trend post October sales data. Mahindra & Mahindra rallied 3 percent as its October sales increased by 20 percent year-on-year to 51,383 units, majorly led by passenger vehicle (up 19 percent to 24,060 units) and commercial vehicle sales (up 31 percent at 18,756 units).


                             
The market slipped further in noon trade with the Sensex falling 200.75 points to 26456.08 and the Nifty down 51.30 points to 8014.50. FMCG, metals, infra, select technology and banking & financial stocks dragged market down. The broader markets also declined with the BSE Midcap and Smallcap indices down 0.3-0.5 percent. Auto stocks bucked the trend post October sales data. Mahindra & Mahindra rallied 3 percent as its October sales increased by 20 percent year-on-year to 51,383 units, majorly led by passenger vehicle (up 19 percent to 24,060 units) and commercial vehicle sales (up 31 percent at 18,756 units). Tata Motors gained over a percent on reporting a 1 percent increase in sales at 43,486 units. Its passenger vehicle sales rose 11 percent and medium & heavy commercial vehicle sales climbed 20 percent despite a 4 percent decline in commercial vehicle sales. Maruti Suzuki was up 0.8 percent as sales jumped 29 percent whereas Bajaj Auto lost 4.4 percent after a 9 percent decline in sales at 3.5 lakh units year-on-year.

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