Share market update: Tyre stocks up after govt raises import tariffs

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The rollover of positions on the last day of September futures and options contracts, too, made market wobbly.

NEW DELHI: Shares of JK Tyre, Ceat and Apollo Tyres jumped between 3.40 per cent and 12 per cent in Thursday’s session.

Tyre stocks jumped after the government raised import tariffs on 19 “non-essential items”, including radial car tyres.

The move is aimed at reducing country’s widening current account deficit and tackle slide in the rupee.

JK Tyre posted its biggest intra-day per cent gain since August 24, 2016.

More than 1.4 million JK Tyre shares changed hands against the 30-day average of about 512,000.

JK Tyre declined 31.3 per cent this year as of last close, Apollo Tyres lost 14.9 per cent, while Ceat fell 36.7 per cent in the same period.

Market was on a volatile pitch amid weak global cues after the US Fed hiked rate by 25 basis points while hinting at the possibility of further hikes.

The US central bank still foresees another rate hike in December, three more next year, and one increase in 2020, Reuters reported.

The rollover of positions on the last day of September futures and options contracts, too, made market wobbly.

The NSE Nifty index was trading 23 points down at 11,031, while the BSE Sensex was down 49 points at 36,493 around 11 am.

Titan Company, Asian Paints, Bajaj Auto, Infosys and Tata Consultancy Services were among the top gainers in the Nifty index.

Indiabulls Housing Finance, YES Bank, Bajaj Finance, Dr. Reddy’s Laboratories and HDFC were among the top losers in the Nifty index.

[“Source-economictimes”]