Nifty Auto under pressure; TI India, Tata Motors, Eicher Motors weigh on the performance

19 Jan 2023 , 10:41 AM

Nifty Auto was trading in the red amid weak markets on Thursday. TVS Motor, MRF, Bharat Forge lend support to the sector amid gloom. Sona Comstar and TI India emerged the top laggards as quarterly earnings remains the focus.

Corporate earnings season and price hikes in the sector has influenced sentiments.

Indian equity benchmarks Sensex and Nifty50 started Thursday’s session on a negative note amid weak global cues. At home, Consumer Durables stocks were the worst hit with IT and metals pushing the benchmarks off the cliff as well. Heavyweight stocks also dragged the performance in broader markets.

At around 10:45 AM, BSE Sensex was trading at 60,878.14 down 167.6 points or 0.27% and Nifty50 at 18,105.70 down 59.65 points or 0.33%.

Nifty Auto was trading at 12,762.40 down 55.20 points or 0.43%, after touching a high of 12,803.50 and low of 12,746.20 during intraday trade. The index had 3 scrips advancing and rest all 12 scrips declining.

Sona Comstar slipped over 1.9% at Rs412.30 per share. TI India was also 1.5% lower at Rs2,599 per share. Tata Motors (down 1.18%), Eicher Motors and Ashok Leyland down 0.85% each also dragged the sector. Balkrishna Industries, Bosch and Motherson Sumi also dragged over 0.5% each.

Hero MotoCorp and Maruti Suzuki were down 0.3% each followed by Bajaj Auto and M&M trading flat but in the red.

However, TVS Motor was 1% higher at Rs1,012.40 per share. MRF gained 0.2% at Rs90,380 per share. Bharat Forge gained 0.17%.