Auto stocks mixed after January sales data. What's in store?
The commercial vehicle (CV) segment reported double-digit growth in January, with sales at Eicher and Ashok Leyland rising more than 32% each. Eicher Motors lost the most among stocks during the day, down 2.82%, while Ashok Leyland gained the most by 2.78%.
Shares of all Adani group companies have seen massive sell-off in the last few sessions. On Wednesday alone, they saw an erosion of nearly Rs 12 lakh crore in value. The view remains bearish for most stocks, but it will be crucial to see if stocks see a rebound.
Budget 2023: Auto cos rally on higher capital outlay, vehicle scrappage plan
Increase in tax exemption limit with consequent more disposable income for Indian taxpayers in Union Budget 2023-24 is a positive development for domestic automobile space and shall spur growth for the domestic passenger vehicle industry. Positive for Maruti Suzuki, M&M, and Tata Motors in our coverage universe. It is also positive for the premium motorcycle segment with Eicher Motors as key beneficiary with the popular Royal Enfield franchise," said brokerage firm ICICI Direct.
Now coming to Bank Nifty, today Bank Nifty has opened with gap up even above its last two weeks high of 42716 and presently sustaining it. So now if this crosses 43,000 and sustains over there my view will be, targets will be 43200 and 43500.
Stock market update: Stocks that hit 52-week highs on NSE
Sula Vineyards Ltd., Generic Engg, Innovana Thinklabs, Network People Services Technologies Ltd. and Upsurge Seeds of Agriculture Ltd., hit their fresh 52-week highs at 11:27AM.
Stock market update: Stocks that hit 52-week highs on NSE in today's trade
Radhika Jeweltech, Uma Converter Ltd., Archean Chemical Industries Ltd., Kandarp Digi Smart BPO Ltd. and Vardhman Special, hit their fresh 52-week highs during the day.
I don't think the Eicher motor will fall any more. I am feeling that it will go up by taking support from here itself because its candle is telling and the company is making growth in this quarter.
Shining bright! Jefferies analysts pick 4 auto stocks for 2023
Analysts say auto demand is recovering from its worst slowdown in decades, and they expect 12-18% volume CAGR for passenger vehicles, two-wheelers, and trucks over FY23-25E. Strong top-line growth with improving margins should fuel double-digit EPS CAGR for most OEMs, the report said.
2022 in numbers: New records and heartbreaks for stock investors
"The performance of 2022 has been as per the trend observed over the past 10 years. Whenever Sensex provided returns of over 25% in a calendar year, the following year has seen a muted return," said Sunil Sanghai of NovaaOne Capital.
Stock market update: Stocks that hit 52-week highs on NSE in today's trade
Avro India, Pritika Engineering Components Ltd., Mold Tek Tech, Baheti Recycling Industries Ltd. and Tainwala Chem, hit their fresh 52-week highs during the day.
Stock market update: Stocks that hit 52-week highs on NSE
Avro India, Pritika Engineering Components Ltd., Tainwala Chem, Baheti Recycling Industries Ltd. and Gujarat Pipavav, hit their fresh 52-week highs at 10:56AM.