BSE Auto index hits new high on strong outlook; M&M zooms 37% in 3 months

The strong outperformance in auto sector is mainly due to pick up in pace of monsoons, cut in excise duty on fuels, and decline in global crude prices

Shares of automobile companies are on a roll with the S&P BSE Auto index hitting fresh record high in Thursday's intra-day trade on strong demand outlook. Individually, Mahindra & Mahindra (M&M) and Tube Investments of India (TII) hit their respective all-time highs on the BSE today.

The BSE Auto index hit a new high of 27,781, up 1.3 per cent at 10:55 AM, as compared to 0.66 per cent rise in the S&P BSE Sensex. The index has surpassed its previous high of 27,271 touched in November 2021. Meanwhile, the Nifty Auto index hit an intra-day high of 12,123.20,