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Thursday April 21, 01:08 AM
Auto stocks charge up on value buying
By Our Markets Bureau
Auto stocks shone on value buying. Frontline auto stocks witnessed renewed buying after the recent battering as the BSE Auto index gained 2.7 per cent in today's trading.
The Auto index was the second biggest gainer among the indices. Among the gainers were Tata Motors, up 4 per cent to Rs 433.70, Maruti Udyog, up 3.89 per cent to Rs 429.15, Hero Honda (HROH.BO, news) gained 5.17 per cent to Rs 515, while Bajaj Auto (BJAT.BO, news) scrip ended 1.8 per cent higher to close at Rs 1,081.
Market analysts said, these counter witnessed bargain hunting at lower levels. For example, the Hero Honda scrip had crashed over 17 per cent to yesterday's low of Rs 483.30 from a recent high of Rs 584.85 touched on March 14, 2005.
A equity sales head with a domestic broking firm said, with the sharp correction in the past few trading sessions, there are few value picks which might attract buying interest from both domestic as well as institutional investors.
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