Automakers assist in boosting Indian shares in 2022

10 Jan 2022 CW Team

Indian shares surged approximately 1% after closing out 2021 with their best yearly growth in four years, led by auto stocks on the back of robust monthly sales data amid an increase in Covid-19 cases.

The NSE Nifty 50 index advanced 0.92% to 17,513.70 by 0458 GMT, while the benchmark S&P BSE Sensex increased 0.98% to 58,823.26. Auto stocks led the gains, with the Nifty auto index jumping to a three-week high.

Maruti Suzuki, the nation's biggest carmaker, increased 2.9% after registering its highest ever monthly export sales in December.

Tata Motors rose 3.6% after listing a 26% boost in total domestic sales. Eicher Motors increased 3.5% as domestic sales of its commercial vehicles surged 27.6%. Markets have opened higher, taking forward the momentum witnessed in the strong closing on Friday, Deepak Jasani, head of retail research, HDFC Securities, told the media.

Indian shares are probably increased in expectation of fresh inflows from foreign institutional investors, most of whom are still on holiday. Daily coronavirus cases surged for a sixth straight day as the nation witnessed a fresh wave of infections during the holiday weekend.

India observed 33,750 new Covid-19 cases in the last 24 hours, the highest since September 18, health ministry data revealed.

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