Stock market today: Maruti Suzuki India Limited shares have been in uptrend after ushering in 2023. In YTD time, this Indian auto major has delivered over 25 per cent reeturn to positional investors. However, it seems that there is still some steam left in Maruti shares. In early morning deals, Maruti share price today witnessed strong buying interest among Dalal Street bulls which enabled the auto stock to hit new life-time high of ₹10,669.25 apiece on NSE.
According to stock market experts, Maruti shares are in uptrend due to strong financials and management’s announcement about increase in market shares during teh confeerence call after announcement of Q1 results 2023. They said that Maruti Suzuki’s new launches are in sync with Government of India’s (GoI’s) step to discourage diesel variants. They have been focussing on petrol of CNG variants for the last few years while launching new variants in the market. This has also gone down well among the long term investors. Maruti shares available at attractive valuations is also a reason for bull favouring this stock in current market scenarion.
Triggers for Maruti Suzuki shares
On why Maruti Suzuki share price is in uptrend, Saurabh Jain, Vice President — Research at SMC Global Securities said, “Maruti Suzuki shares are still available at attractive valuations and the auto major announced about increase in market share during its conference call after the Q1FY24 results. This triggered fresh buying interest in this auto major. The company’s financials are in sound position as well because it has been focusing upon the petrol and CNG variants for last few years while announcing its new launches. So, its sales are not expected to get affected due to GoI’s move to promote eco-friendly vehicles.”
Saurabh Jain said that market bulls are taking all these reasons as positive for the Maruti Suzuki shares.
On Indian economy helping Maruti shares to scale new highs, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Auto segment is an ideal indicator of the national economy. As Indian economy has done comparatively well in recent quarters with robust GSTY collection, better-than-expected GDP numbers, etc., sales in auto segment is expected to go upside due to rise in public expenditure. This is also supporting Maruti Suzuki shares.”
Expecting bull trend in Maruti shares to further continue, Sumeet Bagadia, Executive Director at Choice Broking said, “Maruti Suzuki shares are looking positive on chart pattern. Those who have this stock in portfolio, can hold the stock for near term target of ₹11,000 apiece.” However, he advised strict stop loss at ₹10,200 apiece levels.
Maruti share price target
On suggestion to fresh investors in regard to Maruti shares, Sumeet Bagadia said, “Fresh investors can buy MAruti shares at current levels for immediate target of ₹11,000 maintaining stop loss at ₹10,200 apiece levels.”
Source Link: 'Disease X' could be 20 times deadlier than COVID-19, says expert. Top 10 updates | Mint