India's auto index hits record high on media reports of strong bookings after GST cut
India's Nifty Auto .NIFTYAUTO rises 2.1% to hit a record high, outperforms as 15 of 16 major sub-indexes trade in red
Auto firms saw strong bookings for passenger vehicles on the first day of GST cut rollout on Monday, local media reports show
Reuters could not immediately verify the reports
Sales were led by Maruti Suzuki MRTI.NS and Hyundai Motor India HYUN.NS, according to the reports
Shares of MRTI up 2.3% and HYUN jumps 1.2% on the day
The GST cut is likely to trigger a volume-driven upcycle in the passenger vehicle industry in India, aiding sustained momentum in FY26, analysts at ICICI Direct said
The analysts' top picks are MRTI and Mahindra MAHM.NS, which are up 1%; added that the boost in volumes "reflects pent-up demand and strategic consumer response to pricing advantages"
Gains in the index led by MRTI, among top gainers on the Nifty 50 index .NSEI, which is down 0.3% .BO
Most stocks on the 15-member index were trading in the green
Year-to-date, Nifty auto was up ~20% vs a 6% rise in Nifty 50
India's tax cuts propel Nifty Auto index to an all-time high
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