INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of Tata Motors, Mahindra Mahindra, Ashok Leyland, Motherson Sumi Systems and Maruti Suzuki were trading with gains in
early trade on Tuesday amid reports that China was considering cutting vehicle sales tax to boost demand.
China is considering a tax cut to
The move is expected to bolster the automobile market which has taken a hit as the consumer spending declined in the wake of a trade war
between world's two largest economies- the US and China.
Shares of Motherson Sumi Systems (up 5.97 per cent), Tata Motors (up 1.91 per
cent), Mahindra Mahindra (up 1.88 per cent) and Balkrishna Industries (up 1.80 per cent) witnessed decent traction.
Bharat Forge (up 1.36
per cent), Exide Industries (up 0.93 per cent), Apollo Tyres (up 0.70 per cent), Bajaj Auto (up 0.68 per cent) and Ashok Leyland (up 0.48
per cent), too, were in the green.
The BSE Auto index was trading 0.8 per cent up at 19784.67 around 09:35 am
Benchmark NSE Nifty50 index was down 21 points at 10,230, while the BSE Sensex was 70 points down at 33,997
Among the 50 stocks in the Nifty index, 23 were trading in the green, while 27 were in the red
In the Sensex basket of stocks, 19 stocks were declining and 12 were advancing
IndusInd Bank, Reliance Industries, Coal India and Tata Steel were among the top losers in the Sensex kitty
YES Bank, State Bank of India, along with auto heavyweights, were among the top gainers in the Sensex index at that time
