Nifty Auto index under pressure; TVS Motor, Bajaj Auto, M&M major laggards

16 Jan 2023 , 10:53 AM

Auto stocks were trading lower on Monday despite positive market sentiments. As the markets witnessing volatility, auto segment getting weak demand from the investors.

At around 10:50 AM, BSE Sensex was trading at 60,384.63 up 123.45 points or 0.20% and Nifty50 at 17,970.75 up 14.15 points or 0.08%.

Nifty Auto was trading at 12,735.55 down 96.85 points or 0.75%, after touching a high of 12,892.25 and low of 12,726.70 during intraday trade.

TVS Motor was the top laggard tumbling over 1.7% at Rs985 per share.

Motherson Sumi and Bajaj Auto dragged 1.2% each. M&M (-1.16%), Eicher Motors (-1.13%) and Bosch (-1.11%) underperformed. Maruti Suzuki was 0.8% down at Rs8,385.90. Meanwhile, Maruti Suzuki stocks is in focus today as the automaker announced the price increase by 1.1% across models from today.

Sona Comstar, Hero MotoCorp, Bharat Forge, Tata Motors, TI India and MRF were under pressure and plunging between 0.7% to 0.03% to drag the overall index.

However, BalKrishna Industries and Ashok Leyland were marginally up to support the index.

The Index had 13 scrips declining and 2 scrips advancing.

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