Bajaj Auto Ltd. Stock Faces Recent Dip, But Still a Strong Player in Indian Automobile Industry
Bajaj Auto Ltd., one of the leading players in the Indian automobile industry, has been facing a tough time in the stock market. On October 17, 2024, the company's stock price dropped by -7.47%, underperforming the sector by -2.11%. This decline was reflected in the stock's opening, as it started the day with a loss of -5.32%.
The stock's intraday low of Rs 10638.65 (-8.43%) further highlights the downward trend. However, despite this recent dip, Bajaj Auto Ltd.'s stock is still performing well in the long run. It is currently trading higher than its 100-day and 200-day moving averages, but lower than its 5-day, 20-day, and 50-day moving averages.
The overall action in the Automobile Two & Three Wheelers sector has also been negative, with a decline of -5.36%. However, despite the current market conditions, MarketsMOJO has given a 'Buy' call for Bajaj Auto Ltd.'s stock. This is a positive sign for investors, as MarketsMOJO has a track record of accurate stock predictions.
In comparison to the Sensex, Bajaj Auto Ltd.'s stock has underperformed in the past 1 day and 1 month, with a decline of -8.12% and -10.53% respectively. However, the Sensex has also seen a slight decline of -1.85% in the past month.
Overall, while Bajaj Auto Ltd.'s stock may have faced a recent dip, it is still a strong player in the Indian automobile industry and has the potential for long-term growth. Investors can take advantage of the current market conditions and consider buying this largecap stock for their portfolio.
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