Tyre stocks gain as rubber prices fall

India's tyre stocks gain on hopes of higher margins as the key Tokyo Commodity Exchange rubber contract hit a five-week low on Tuesday, weighed down in part by weak Chinese service sector data.

Ceat gains 2.8 percent, JK Tyre & Industries is up 2.1 percent and Goodyear India advances 1.3 percent.

Apollo Tyres surges 3 percent, helped as well after Credit Suisse upgrades the tyre maker to "outperform" from "underperform," citing the end of talks over its proposed $2.5 billion takeover of Cooper Tire & Rubber Co.

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