Auto stocks rally as Trump considers pausing tariffs on sector
NEW DELHI, Apr 15: Auto stocks rallied on Tuesday after US President Donald Trump said that he might temporarily exempt the industry from tariffs he previously imposed on the sector.
Motherson jumped over 8 per cent, Bharat Forge surged nearly 6 per cent, Tata Motors rallied 4.70 per cent and Mahindra & Mahindra climbed 4 per cent on the BSE.
The stock of TVS Motor surged 2.93 per cent, Bajaj Auto (2.67 per cent), Hero MotoCorp (2.42 per cent), Ashok Leyland (2.35 per cent), Maruti (2 per cent) and Eicher Motors (1.84 per cent).
The BSE auto index surged 3.43 per cent to 47,634.47.
The 30-share BSE benchmark Sensex jumped 1,750.37 points to 76,907.63 in early trade. The NSE Nifty surged 539.8 points to 23,368.35.
“Adding to the positive outlook, US President Donald Trump announced on Monday that he is considering exemptions on tariffs for imported vehicles and auto parts,” Vikas Jain, Head of Research at Reliance Securities, said.
Trump on Monday hinted at temporarily exempting the auto industry from tariffs he previously imposed on the sector. (PTI)
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