Hero MotoCorp rallies on robust sales growth, Bajaj Auto shares at 52 week high

Indian Markets:

• Following a volatile trading session, domestic equity benchmarks concluded on a positive note, demonstrating the resilience of the market.
• This upward trajectory was mirrored in global stock markets, with a notable catalyst being the approval of US debt ceiling legislation, a development that has imparted some stability to the financial landscape.
• Investor sentiment received a substantial boost due to the better-than-expected GDP data, rekindling faith in economic recovery.
• Despite morning trade lows of 18,478.40, Nifty rebounded and successfully closed above the significant 18,500 level, showcasing market dynamism.
• Amidst the fluctuating market trends, certain sectors stood out – Realty, metals, and PSU banks experienced a surge in demand, indicating potential areas for investor focus.
• In contrast, shares of private banks, oil & gas, and IT sectors encountered a downturn, highlighting the sector-specific risks in the market.

Global Markets:

• Shares in Europe and Asia advanced on Friday, tracking overnight gain in the US stock market after the US Senate approved the bill to raise the national debt limit through 2024, thereby fending off a first-ever default by the US on its debt obligations.
• The US Senate has passed a House-approved bill to raise the debt ceiling and cap government spending for two years, sending the legislation to President Joe Bidens desk.

Stocks in Spotlight:

• Hero MotoCorp Ltd, the world’s leading manufacturer of motorcycles and scooters, experienced a 3 percent surge in its share prices in early trading today. This boost came on the back of a robust performance report, showcasing a growth of 7 percent in sales for May 2023, compared to the same period the previous year. A total of 519,47 units were sold in May 2023, a significant leap from the 486,704 units sold in May 2022
• In an impressive display of robust financial health, Bajaj Auto’s shares surged by a percent, marking a new 52-week high. This bullish performance is largely attributed to the company’s stellar Q4 results, which spotlighted a significant 29 percent year-on-year escalation in total sales. 
• Maruti Suzuki’s share prices experienced an uplift of 1.68 percent, reflecting the company’s robust performance. May 2023 was a noteworthy month for the auto giant, as it reported a 9.3 percent upswing in production, amounting to a total of 1,80,221 units. Coupled with this, the company also enjoyed a 10.6 percent leap in sales, underlining a positive trend that bodes well for future growth.

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