Mumbai: Auto stocks on Tuesday surged more than three percent on expectations that the ensuing festive season would improve their sales figure.
Shares of Mahindra and Mahindra went up by 3.71 percent to an intra-day high of Rs 942.60 on the BSE, becoming the top gainer among the BSE 30-Sensex stocks. The stock finally ended the day at RS 938.35, up 3.25 percent on the BSE.
Maruti Suzuki shot up by nearly one percent to Rs 1,508.40 on the BSE. It finally settled at Rs 1,499.60, higher by 0.33 percent.
Shares of Tata Motors also saw heightened buying interest as the stock rose by 2.38 percent to scale an intra-day high of Rs 270,40. At close, the stock was trading at Rs 266.20, up 0.80 percent on BSE.
Meanwhile, two-wheeler majors Hero Motocorp and Bajaj Auto ended in the negative territory with losses of 0.97 percent at Rs 1,824.55 and 1.39 percent at Rs 1828.40 respectively.
Market experts termed the ensuing festive season as positive for the automobile sector and said that the uptick in the counter is largely on the back of this sentiment.