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Auto stocks gain

May 31, 2010

Shares in auto companies posted decent gains on Monday on hopes of strong sales in May.

The BSE Auto index closed 1.9 percent higher, with TVS Motors and M&M gaining more than 5 percent each. Shares in Maruti Suzuki gained 1.13 percent.

Automakers will start reporting sales numbers from Tuesday.

Fund managers plan to increase their holdings in automobile firms, a Reuters poll showed, as some top automakers posted forecast-beating results for the March quarter.

Six of the seven respondents to the poll said they would increase exposure to the sector in the coming three months.

Would you add auto stocks to your portfolio at this stage?

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