Nifty Auto index remains under pressure; Heavyweights TVS Motor, Maruti, Hero MotoCorp, Bajaj Auto drag

On the flip side, Ashok Leyland (up 0.56%) and Eicher Motors (up 0.43%) led the modest gains.

Sep 21, 2021 12:09 IST India Infoline News Service

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The Nifty Auto index remained under pressure amid volatile markets on Tuesday. Many auto companies like Maruti, Hero Motocorp have announced price hikes this month and Tata Motors was latest to join the auto companies which plans price hike.

Heavyweights TVS Motor Company, Maruti, Hero MotoCorp and Bajaj Auto were under pressure.

Amid volatility, Indian benchmark gave up opening gains made on Tuesday. At around 1.00 pm, BSE Sensex was trading at 58,420.04 down 70.89 points or 0.12% and Nifty50 at 17,434.15 down 37.25 points or 0.21%.

The Nifty Auto was trading at 10,086.75 down 115.90 points or 1.14% after touching a high of 10,226.40 and low of 10,021.35 during intraday trade.

TVS Motor company led the laggards at Rs526.50 per piece, down 3.5%. Maruti also shed 2.5% at Rs6,779.85 per piece. Hero Motocorp and Bajaj Auto also were around 1.75% down at Rs2,838.00per piece and Rs3,709.85 per piece respectively.

Exide India, Tube Investments of India and Amara Raja Batteries were also over 1% on the downside. Bharat Forge was nearly 1% down while MRF and M&M also traded lower. 

Tata Motors was also under pressure. The company announced on Tuesday that it will increase the price of its commercial vehicle range in effect from 1st October 2021. The effective price hike, in the range of 2%, will be implemented basis the model and the variant of the vehicle.e Nifty has moved between 17,326.10 and 17,481.10.

Ashok Leyland (up 0.56%) and Eicher Motors (up 0.43%) led the modest gains. Bosch and Balkrishna Industries were also marginally higher.

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