Muhurat Trading 2024: Nifty Auto index jumps over 1% amid strong October sales; M&M leads

In the special Muhurat trading session held on Friday, November 1, the Nifty Auto index closed over 1 percent higher, buoyed by a recovery in auto sales reported for October 2024. The festive momentum was reflected across the market, with Nifty Auto rising as much as 1.24 percent to 23,805.60, outperforming the broader Nifty benchmark, which gained just 0.4 percent.

Stocks Performances

Most of the stocks in the Nifty Auto index ended the Muhurat session in positive territory, with the only exceptions being Bosch and Apollo Tyres, which declined 0.06 percent and 0.7 percent, respectively. Mahindra & Mahindra (M&M) emerged as the top gainer in the Nifty Auto index and was also the leading performer on both Sensex and Nifty. M&M shares surged over 3 percent after the company reported record-breaking SUV sales for October 2024. M&M achieved its highest-ever domestic SUV sales of 54,504 units, marking a 25 percent year-on-year growth in this segment, with total sales volume, including exports, reaching a historic high of 96,648 units.

Following M&M, Tata Motors and Bharat Forge also posted notable gains, advancing over 1 percent each. However, Tata Motors reported a slight dip in total sales to 82,682 units in October 2024, compared to 82,954 units in the same month last year. According to the company’s regulatory filing, domestic sales witnessed a marginal rise, reaching 80,839 units from 80,825 units in October 2023.

In addition to M&M and Tata Motors, other notable gainers included Ashok Leyland, Eicher Motors, Samvardhana Motherson, MRF, Hero MotoCorp, and TVS Motor Company, each adding over half a percent in the Muhurat session.

Among the automakers, Eicher Motors’ Royal Enfield reported significant sales growth, with total units sold rising by 31 percent to 1.1 lakh in October 2024, up from 84,435 units in the same month last year. For the financial year to date, Eicher Motors has sold 5,65,353 units, representing a 4 percent increase compared to the same period last year.

TVS Motor Company also saw positive growth in October 2024, with total monthly sales reaching 489,015 units, a 13 percent increase over the 434,714 units sold in October 2023. Total two-wheeler sales grew 14 percent year-on-year to 478,159 units, with motorcycles and scooters each experiencing a solid increase. Motorcycle sales rose 14 percent to 230,822 units, while scooter sales grew 17 percent to 193,439 units.

Several other auto players, including Exide Industries, Balkrishna Industries, Bajaj Auto, and Maruti Suzuki, gained over 0.25 percent each during the session. Bajaj Auto achieved record monthly sales of its Chetak electric scooter, delivering 30,656 units in October 2024, a 211 percent surge compared to 9,070 units in the same month last year.

Maruti Suzuki India also celebrated a milestone, reporting its highest-ever monthly sales for October 2024, with a 4 percent increase year-on-year to 2,06,434 units, up from 1,99,217 units in October 2023. Despite this record, Maruti’s total domestic passenger vehicle sales declined by 5 percent year-on-year, with 1,59,591 units sold compared to 1,68,047 units in October 2023.

The Nifty Auto index’s robust performance during Muhurat trading highlighted the positive sentiment in the Indian automotive market as automakers reported strong sales growth across segments, particularly in SUVs, two-wheelers, and electric vehicles. This upbeat momentum, driven by the festive season and the recovery in demand, bodes well for the auto sector, positioning it for a strong end to the year and reinforcing investor confidence in India’s automotive industry.