Mumbai (PTI): Shares of car maker Tata Motors seems to have remained immune to the recent developments at Singur in West Bengal as it witnessed a surge of 2.04 per cent on the Bombay Stock Exchange and analysts feel the scrip will not be hard-hit in the near term.

The scrip settled at 2.04 per cent up to Rs 434.30 on the BSE. Earlier in the morning the scrip had opened on a firm note at Rs 422 and had touched an intra-day high of Rs 443.75, a 4.26 per cent jump from Friday's close of Rs 425.60.

"The scrip is already oversold. It might witness a knee-jerk reaction for 1-2 days if Tata Motors pulls out of the Singur plant. There is still a lot of support for the scrip," SMC Global Vice President Rajesh Jain said.

Shares of Tata Motors have surged nearly 8 per cent on the BSE in the current month from Rs 403.25 on July 31.

Similar movements were witnessed on the National Stock Exchange where the scrip settled at Rs 433.70, up 1.49 per cent from Friday's close. Over 13.20 lakh shares changed hands on both the bourses.

Ratan Tata on last Friday had said that he plans to exit Singur dogged by political opposition and violence, but would not alter plans for the Nano car project.

"I made a major investment here. To move is going to be a great cost to the company and great cost to Tata Motors' shareholders. And I think it's going to be a great cost to West Bengal," he had said.

The scrip has witnessed a surge of nearly four per cent to Rs 434.30, from Thursday's close of Rs 417.95.