Shares of Maruti Suzuki India traded higher in opening deals on Monday, despite reporting a 9 per cent decline in total wholesales in December last year. The carmaker's total wholesales stood at 1,39,347 units in December 2022 over a total sales of 1,53,149 units in the same period a year ago.
Maruti started the calendar year 2023 on a positive note and climbed 0.56 per cent to hit a day high of Rs 8,450 against a previous close of Rs 8,402.65.
A total of 2,426 shares changed hands today with a turnover of Rs 2.03 crore. At this value, the company's market capitalisation stood at Rs 2,55,091.51 crore.
On BSE, there were 8,594 sell orders in comparison with buy orders of 7,973 shares. On NSE, 86,764 shares changed hands with a turnover of Rs 72.93 crore.
The stock has moved 1.89 per cent higher in the last five sessions. On a year-to-date (YTD) basis, it has gained 12.16 per cent last year.
At today's high level of Rs 8,450, Maruti's stock traded 13.50 per cent lower from its 52-week high of Rs 9,768.65, hit on October 31, 2022.
"Maruti has massive resistance at Rs 8,585 on the daily charts. A close above this level could lead to Rs 8,890-9,100 in the near term. Strong support will be at Rs 8,287," said A R Ramachandran from Tips2trades
On the technical front, the stock traded higher than 5-day and 200-day moving averages but lower than 20-day, 50-day and 100-day moving averages.
Maruti's 14-day relative strength index (RSI) came at 41.83. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 42.84.
According to BSE data, sales of mini Maruti cars comprising Alto and S-Presso were lower at 9,765 units as compared to 16,320 units in the year-ago month.
In addition, sales of compact cars consisting of models such as Baleno, Celerio, Dzire, Ignis, Swift, Tour S and WagonR were lower at 57,502 units as against 69,345 units in December 2021, it said.
"The shortage of electronic components had some impact on the production of vehicles, mainly in domestic models," the carmaker said.
Meanwhile, Indian equity benchmarks rose in early trade, led by gains in metals and state-owned lenders.
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