Nifty Auto makes fresh all-time high ahead of Q1 results by Maruti Suzuki, M&M, Tata Motors

The Nifty Auto index made a fresh all-time high on July 30, rising over 1% to 26,757.9 ahead of the quarterly results announcement by major automobile manufacturers, namely Maruti Suzuki, Mahindra & Mahindra and Tata Motors, later this week on August 1.

Ahead of the announcement, Tata Motors shares jumped nearly 5%, hitting a 52-week high at ₹1,179.05 on Tuesday. On the other hand, Mahindra & Mahindra stock was trading over half a percent down at ₹2,916.25 while Maruti Suzuki was up nearly 1% at ₹1,2862.9.

The Nifty Auto index has been rising for the last few days in anticipation of a likely strong sales performance in July 2024 by automobile majors. The index has surged nearly 11,000 points or 70% in the last one year, outperforming the benchmark Nifty 50 index, which has gained 26% in the same period.

The top gainers on the Nifty Auto index today were Tata Motors, Apollo Tyres, Maruti Suzuki, Bharat Forge and TVS Motor while the leading laggards were Exide India, Balkrishna Industries, Ashok Leyland, Samvardhana Motherson International and Eicher Motors.

Meanwhile, Nifty 50 was trading flat at 24,841.20. The top performers were Tata Motors, NTPC, BPCL, Power Grid and Coal India while the losers were LTIM, SBI Life Insurance, Cipla, Sun Pharma and Grasim.