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Auto Index rises

October 14, 2009

Shares of major auto players rose on Wednesday, pulling the BSE Auto Index up 2.2 percent.

Shares in Mahindra & Mahindra ended 6.1 percent higher at 971 in a market that ended 1.2 percent up. Trade in the counter stood at 0.4 million shares.

The other gainers in this sector included Tata Motor (up 4 percent), Bharat Forge (up 5.8 percent) and Escorts (up 4.5 percent).

Data showed car sales in India increased an annual 21 percent in September for their eighth straight rise, aided by festival spending and easier availability of loans.

Indian automakers sold 129,683 units during the month, compared with 107,517 in the year-ago period, data from the Society of Indian Automobile Manufacturers (SIAM) showed.

The BSE Auto Index has gained over 170 percent so far this year, while the 30-share Sensitive Index has risen nearly 79 percent.

In the current scenario, will you buy auto shares or will you wait for a correction?

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