Auto stocks in top gear … Tata Motors surges over 12%
Auto stocks are witnessing smart rally today on account of bargain hunting. Market expectation that the current valuation is attractive after a sharp decline in the last few sessions. Auto stocks declined 30-50% in the last one months due to poor March sales volume. Market expects that the risk reward ratio is favorable and demand may pull back in the next few months. Tata Motors surged 12% to Rs75 amid 5.1cr share traded on NSE. Hero Motocorp, Maruti, Bajaj Auto, TVS Motors, Escorts, Eicher Motors gained 4-8%. We are positive on Maruti, Ashok Leyland, Tata Motors and Eicher Motors
