Markets

Nifty Auto hits new high ahead of RBI policy meet

NEW DELHI: Shares of Hero MotoCorp (up 2.84 per cent), Bharat Forge (up 1.23 per cent), Motherson Sumi Systems (up 1.09 per cent) and Bosch (up 1.03 per cent) were among the top gainers in the Nifty Auto pack that hit an all-time of 11,201 in Wednesday’s trade ahead of central bank’s policy outcome, due later today.

However, the index cooled off a bit as shares of Exide Industries (down 1.63 per cent), Ashok Leyland (down 1.31 per cent), TVS Motor Company (down 1.23 per cent), and Bajaj Auto (down 1.06 per cent) slipped over 1 per cent.

The Nifty Auto index was trading 4 points higher at 11,175 around 10.45 am (IST).

Market experts expect a rate-cut because of low inflation. The rate-setting MPC is due to announce its decision today.

Rate cut hopes lifted market to record highs today as the Sensex surged to record high of 32686.48 and Nifty hit a fresh peak of 10,137.85, with rate-sensitive stocks hogging the limelight.

But, markets turned volatile as a fresh spell of selling emerged in pharma, metal and FMCG stocks.

Benchmark Nifty50 index was 16 points lower at 10,098, while the 30-share Sensex was 15 points down at 32,560 around 10.45 am (IST).

In the Nifty50 pack, 20 stocks were trading in the green, while 31 stocks were in the red.

On BSE, 1,066 stocks were advancing whereas 1,086 stocks were lagging.


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