Stock market today: Ashok Leyland share price hits new high as Sensex climbs to a new peak

  • Ashok Leyland share price is rising on resilience in the Indian economy and better-than-expected monsoon this year, say experts

Asit Manohar
Updated12 Jun 2024, 12:42 PM IST
Ashok Leyland share price may touch  <span class='webrupee'>₹</span>270 apiece in the near term, say experts.
Ashok Leyland share price may touch ₹270 apiece in the near term, say experts.

Stock market today: Following a strong bias in the Indian stock market, Ashok Leyland share price witnessed bulls' attention in the early morning session on Wednesday. Ashok Leyland share price today opened with an upside gap and touched an intraday high of 241.50 per share within a few minutes of the stock market's opening bell. While climbing to this intraday high, Ashok Leyland shares also touched a new lifetime high.

According to stock market experts, the market is expecting resilience in the Indian economy after the record GST collection and better-than-expected GDP numbers. They said that in Modi 3.0, these economic indicators of the national economy are expected to improve, which has sparked buying in auto stocks. They went on to add that the better-than-expected monsoon prediction has also sparked better sales for commercial vehicles, especially tractors. That's why Ashok Leyland shares touched a new peak after the buying buzz in early morning deals on Wednesday.

Also Read: Modi 3.0: Can Anil Ambani emerge as next market leader like Gautam Adani?

Triggers for Ashok Leyland share price rally?

Speaking on the reasons fueling Ashok Leyland shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Auto stocks are expected to outperform other segments in the near term. Resilience in the Indian economy and better-than-expected GDP numbers could explain this rise in Ashok Leyland share price. In the wake of Modi 3.0, the Indian economy is expected to improve its economic indicators like GDP growth, GST collection, etc. The market is discounting on the better-than-expected monsoon this year, which is expected to fuel commercial vehicles, especially tractors. As Ashok Leyland is in the commercial vehicle segment, bulls are betting high on this scrip.”

Explaining the positive correlation between a robust economy and Ashok Leyland shares, Gorakshkar said, "In a thriving economy, the purchasing power of buyers escalates. With increased income, people tend to invest in homes, vehicles, and other lifestyle luxuries. A bike owner might upgrade to a four-wheeler, while a basic four-wheeler owner might opt for high-end vehicles. This symbiotic relationship between a strong economy and Ashok Leyland shares is a reassuring sign for investors."

Ashok Leyland share price target

Anticipating a promising future for Ashok Leyland shares, Sumeet Bagadia, Executive Director at Choice Broking, expressed, "Ashok Leyland share price has established a robust foundation at 225, while the auto major is encountering resistance at 250. Upon overcoming this obstacle decisively, Ashok Leyland share price could potentially reach 270 per share in the near term, offering a significant opportunity for profit."

With a strong vote of confidence, the Choice Broking expert advised Ashok Leyland shareholders to hold the scrip, maintaining a stop loss at 225, for the near-term target of 270. He also recommended new investors to consider buying Ashok Leyland shares at the current market price for the short-term target of 270, maintaining a stop loss at 225 per share.

Stock market today

On Dalal Street, frontline indices witnessed strong upside movement on Wednesday. The Nifty 50 index opened upside and touched a new lifetime high of 23,441, whereas the BSE Sensex hit a new peak of 77,079. The Nifty Bank index also regained the 50,000 level and touched an intraday high of 50,233.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess

News in Numbers

Numbers that help you understand news better
1.4%

₹773 Cr

₹2,705 Cr

₹1 Cr

₹14,370 Cr

₹5.74 T

First Published:12 Jun 2024, 12:42 PM IST
HomeMarketsStock MarketsStock market today: Ashok Leyland share price hits new high as Sensex climbs to a new peak

Most Active Stocks

NTPC

387.45
12:11 PM | 15 JUL 2024
10.2 (2.7%)

Tata Steel

167.65
12:11 PM | 15 JUL 2024
-1.05 (-0.62%)

Bharat Electronics

332.95
12:11 PM | 15 JUL 2024
-0.35 (-0.11%)

Indian Oil Corporation

169.05
12:11 PM | 15 JUL 2024
2.15 (1.29%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

HBL Power Systems

620.65
12:03 PM | 15 JUL 2024
48.45 (8.47%)

M M T C

95.19
12:03 PM | 15 JUL 2024
6.58 (7.43%)

Vardhaman Textiles

557.90
12:03 PM | 15 JUL 2024
36.2 (6.94%)

Zensar Technologies

821.20
12:03 PM | 15 JUL 2024
51.35 (6.67%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,771.00290.00
    Chennai
    73,827.00-145.00
    Delhi
    73,972.00-799.00
    Kolkata
    74,045.0073.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L-0.01
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanMint Shorts