Automobile sales surge in Raipur

The automobile sector outperformed the overall Diwali market in Chhattisgarh that accounted a business of more than Rs 200 crore at the onset of festival-of-lights as on October 7.

Dhanteras marks the first day of five-days-long Diwali festival is considered auspicious for purchasing gold-silver articles or at least one or two new utensils as it is believed that new "Dhan" or some form of precious metal is a sign of good luck.

The shopping continued in the state capital till late in the evening. But at the end of the traders' big day, it was jewellery market in the state surprisingly missing its glitter this year with automobile sector outperforming the Dhanteras market.

The leap of automobile segment was a new twist in the trend of Diwali market as Sarafa (jewellery) sector had always ranked top till last year, said market experts.

The state accounted an overall business of more than Rs 200 crore when the shutters were finally pulled down past mid-night.

The traders claimed that the market recorded a growth of 25 per cent this year as compared to last Dhanteras.

Raipur market shared about half the total business.

According to experts, the automobile sector recorded a business of more than Rs 55 crore while the jewellery market had to satisfy with a trade of Rs 35 crore.

Sources said that the jewellery market had expected a business of Rs 50 crore this year.

"Following changing trends and new tactics of investment, the jewellery market did not get the response it had anticipated," Suresh Bhansali of a leading jewellery house in state capital said.

The market size was confined to Rs 30-35 crore this year, he conceded.

There were many factors, Bhansali said, that resulted in changing the market trend this year.

"The gold price jumped about 22 per cent as compared to last year that prevented people to invest in this sector," he said, adding that with easy finance facility available, people are interest to invest in other sectors, as gold cannot be financed. Automobile dealer Manish Singhania claimed that the sale in automobile sector had jumped three times this year.

"People had money following boom in the share market and they wanted to invest it. They preferred to purchase cars, bikes and land this year," Singhania explained.

Sources said that about 2800 bikes were sold yesterday while the figure of four-wheelers crossed 700 marks.

The craze of luxury and big cars also dominated the market on contrary to the attraction of small cars.