Mid-Day Movers: Auto and oil refinery stocks witness positive momentum on June 28

Mahindra and Mahindra made a fresh 52-week high today as market fall 0.2 per cent.

The market recovered from the lows set in the morning session but still trading slightly in red. At 1 pm, S&P BSE Sensex is 0.22 per cent down.

The shares of Mahindra & Mahindra, Bajaj Auto, Mangalore Refinery, and Chennai Petroleum are among the Top Gainers</span></a></strong> today. </p> <p> </p> <p><a data-cke-saved-href=" https:="" mahindra-mahindra-ltd-100520="" share-price="" www.dsij.in="">M&M is buzzing today as it made a fresh 52-week high, gaining 1.77 per cent. The stock rallied on the back of news regarding the company launching the all-new 'Scorpio-N' in the SUV segment. The stock has been in strong momentum for the last 3 months, appreciating more than 48 per cent.  

Bajaj Auto is trading 0.93 per cent up today as the company yesterday announced a share buyback at Rs 4600 a share. The stock is currently trading at Rs 3898. The company board also opened up about the buyback size not exceeding Rs 2500 crore. 

The famous oil refinery couple, MRPL and Chennai Petroleum are also up significantly today with 9.98 per cent and 8.94 per cent gains. They are rallying as the oil prices showed a strong bounce today. The market is expecting new sanctions on Russian Oil in the global market in the upcoming G7 meeting, which is scheduled to happen this week. 

Oil refineries are benefitting from a rise in oil price, while, Asian Paints suffers with a 3.37 per cent negative action today as a rise in oil price forces the raw material cost for the company to increase. However, the stock was performing well last week due to falling oil prices.