Tata Motors soared by nearly 4 per cent today to an all-time high on the BSE, boosted by strong investor confidence in the auto sector amid a firm broader market.
"The overall sentiment in the automobile sector is buoyant. People are giving a premium to the stock and the company has become darling of the market," Unicon Financial Services CEO Gajendra Nagpal said.
The scrip opened on a strong note and jumped 3.85 per cent to touch a lifetime high of Rs 1,067.50 on the Bombay Stock Exchange. Tata Motors was later trading 3.78 per cent higher at Rs 1,065.15.
Among the 30 Sensex companies, the auto giant emerged as the top performer in the first half of trade on the BSE.
The stock saw a similar upsurge on the National Stock Exchange as well and was being quoted at Rs 1063.35, up 3.54 per cent.
In terms of volume, over 46 lakh shares of the company changed hands on the two bourses within the first three hours of trade.
Other than Tata Motors, Maruti Suzuki was trading higher by 1.72 per cent, Mahindra & Mahindra by 1.23 per cent and two-wheeler major Hero Honda by 0.16 per cent.
The BSE auto index was up 150.50 points at 9,304.23 at mid-session, the maximum among the 13 sectoral indices.
The Sensex gained 131.98 points to 19,340.31 in the first half of trade today.
Tata Motors yesterday said it is in the process of setting up subsidiaries in key overseas markets to enhance its presence and operations abroad.
