Suspense crime, Digital Desk : On Monday, while the rest of the market showed weaknesses, auto stocks stood out as hot performers. During intraday trading, the Nifty Auto index increased by 0.92%, marking its 4th consecutive increase. Within the last four trading sessions, the index gained 3.78% due to high expectation of demand and favorable margin outlooks for automakers.

Bajaj Auto Surges Over 4%, Led Auto Pack

With a staggering growth of over 4 percent Bajaj Auto emerged as the winner for the day in the auto sector. The stock surged by 4.10% to ₹8,830 at the NSE, after reaching an intraday peak of ₹8,861.50, which is a 4.47% jump. During the last six sessions, Bajaj Auto saw an increase of nearly 15 percent, which marks the sixth straight session of gains.

Other major contributors are as follows:

Tube Investments of India: rose by 2.71%.

Ashok Leyland: rose by 2.30%.

Hero MotoCorp and Eicher Motors: went up by as much as 0.89%.

Benchmark Indices Decline Amid IT Sell Off and Global Weakness

While automobile stocks recorded gains, benchmark indices declined on account of ongoing profit booking and a bearish global sentiment. The Sensex shed 271.17 points to settle at 82,059.42, while the Nifty retreated by 74.35 points to close at 24,945.45. This represents the second session of losses in a row as IT stocks have been under selling pressure with concerns after Moody’s downgraded the US’s credit rating.

During intraday trades, the Sensex decreased by 366.02 points to record a new low of 81,964.57.

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