New Delhi, Oct 10 (PTI) Auto stocks gained on Tuesday following a 20 per cent growth in retail sales in September with the onset of the festive season.

Driven by gains in leading automakers Maruti Suzuki, Tata Motors and M&M, the sectoral BSE Auto index rose by 1.23 per cent or 441.07 points to close at 36,331.42.

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Automobile retail sales in the country surged over 20 per cent in September as demand soared across vehicle segments with the onset of festival season, dealers' body FADA said on Monday.

Shares of Tata Motors climbed 2.14 per cent to close at Rs 630.60, Mahindra and Mahindra rose 1.50 per cent to settle at Rs 1,538.15, Maruti Suzuki India gained 1.32 per cent to end at Rs 10,373.75 per scrip on the BSE.

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Similarly, Ashok Leyland's stock jumped 1.22 per cent, Hero MotoCorp climbed 0.66 per cent, Bajaj Auto rose 0.64 per cent, Eicher Motors went up by 0.42 per cent and TVS Motor Company gained 0.36 per cent on the bourse.

During the day, TVS Motor Company's shares hit an all-time high of Rs 1,558.35 apiece on the BSE. The stock closed 0.36 per cent higher at Rs 1,527.80.

In a statement, the Federation of Automobile Dealers Associations (FADA) said that overall automobile registrations rose to 18,82,071 units last month from 15,63,735 units in September 2022.

The year-on-year (YoY) analysis reveals broad-based growth across segments as two-wheeler sales grew 22 per cent, three-wheeler retail sales soared 49 per cent, passenger vehicle sales grew 19 per cent, while commercial vehicles saw a sales growth of 5 per cent, FADA President Manish Raj Singhania said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)