Auto sectors pull markets up

Auto sectors pull markets upHigh performance by the auto sectors shares due to higher than expected auto sales in the country has resulted in a rise in the stock markets this afternoon.

The shares of country's largest auto maker, Maruti Suzuki rose about 1 percent after the company reported an impressive 86 per cent increase in sales in the month of October 2012. Mahindra & Mahindra increased 1.33 percent after the company said that sales in passenger vehicle segment rose 29 percent in the month of October.

Meanwhile, in other sectors, Bharti Airtel and Wipro also helped pull the market indicators above. Bharti Airtel recorded an increase of 3.8 per cent in the markets. Many believe that the telecom service provider will benefit from the expected increase in prices as well as lower level of competition due to high spectrum prices in the country. The shares of Wipro rose 3.6 per cent after expectations that the company's revenues will rise after the separation of its IT and non-It businesses.

The benchmark, Sensex of the Bombay Stock Exchange (BSE) increased 0.18 percent while the Nifty indicator of the National Stock Exchange (NSE) increased 0.22 percent today.