Money on the markets
A maturing market amid the mayhem
Tata Motors rose to an all-time high on Tuesday, climbing nearly 4 percent on the back of strong investor confidence in a broader market that touched a 32-month high for the third consecutive session.
The scrip opened on a strong note and hit a life-time high of 1,067.50 rupees on the BSE before closing 2.7 percent up at 1054 rupees with volumes of 1.2 million shares.
Tata Motors was also the top performing stock in the Auto index which closed 1.3 percent up.
For the year, the counter has given a return of over 30 percent. Do you think there is more upside to the stock?
The BSE Auto Index gained 1.27 percent on Friday, as a top industry body official said he expected Indian vehicles sales to reach a record high for the second year in a row in 2010/11.
Shares in Tata Motors rose 4.5 percent to 808 rupees and ended as the top gainer among the Sensex and auto index components.
The stocks declined 7.4 percent on the NSE.
Tata Motors was the top Sensex loser and also pulled the BSE Auto Index down 1.72 percent, making it the worst sectoral performer of the day.
The BSE Auto Index closed 1.3 points lower on Wednesday as investors across Asia remained cautious after the overnight slide on Wall Street.
The Auto Index was the top performer yesterday, gaining as much as 2.45 percent in a broader market that shed 115 points.
The past two months have been exciting for auto stocks. Helped by better car sales and solid earnings by auto companies, the BSE Auto Index has gained over 20 percent since June, a sharp contrast to the Sensex’s meagre gain of around 4 percent over the same period.
Car sales in India jumped an annual 7.8 percent in June, climbing for a fifth straight month and signifying that demand for autos was picking up.
The Sensex jumped 335 points on Thursday to cross the 10,000 mark, driven by strong global markets and short covering in monthly derivative contracts.