New Delhi, July 23 -- Mumbai: India's auto and auto ancillary stocks are on a tear-even as sales sputter and supply chain clouds gather.

known auto component makers have posted triple-digit stock market gains in the past three months, eclipsing marquee vehicle manufacturers and defying a cautious outlook for the industry.

Shares of Frontier Springs have soared 151%, Lumax Auto Technologies is up 110%, and Kinetic Engineering has gained 90%, outpacing commercial vehicle makers Force Motors's 85% and SML Isuzu's 78% gains.

One of the key drivers behind the rally, analysts say, is liquidity. Flush markets and improved risk appetite have lifted not just autos, but other sectors as well. Hopes of a festive season demand rebound, coupled wit...