Auto stocks slip 3% on muted Oct sales figures
Shares of auto companies on Monday fell nearly 3 per cent after these companies reported muted sales numbers.
Tata Motors fell as much as 1.69 per cent to touch an intra-day low of Rs 526.55. At the end of Monday’s trading session the stock was quoted at Rs 531.15 (down 0.84 per cent).
Similar movement was seen on the Maruti Suzuki counter as well, where the stock fell 1.88 per cent to touch an intra-day low of Rs 3,275. It ended the day at Rs 3,285.60, down 1.56 per cent. Mahindra & Mahindra ended the day 2.67 per cent down. During the day it had slumped 3.44 per cent to an intra-day low of Rs 1,258.45, while Bajaj Auto was quoted at Rs 2,574.05, down 1.34 per cent over its previous closing price.
Market analysts attributed the fall in the counter to muted October sales numbers posted by these companies.
Mahindra & Mahindra reported 15.39 per cent decline in total sales at 42,776 units in October.
Country's largest car-maker Maruti Suzuki India (MSI) posted a 1.1 per cent decline in total sales in October at 1,03,973 units as against 1,05,087 units in the same month last year and Bajaj Auto reported 3.27 per cent decline in motorcycle sales at 3,36,923 units in October 2014. Meanwhile, in a range bound trade, the benchmark S&P BSE Sensex ended almost flat at 27,860.38 after scaling historic high on buying mainly in realty and banking sectors amidst mixed global cues.
Trading sentiment was by and large tapid as traders perferred to stay sidelines ahead of trading holidays during the week.
The Sensex resumed higher at 27,943.04 and firmed up further to an all-time high of 27,969.82 on initial strong buying in view of good foreign capital inflows. However, it declined afterwards to 27,785.40 before ending at 27,860.38, showing a marginal loss of 5.45 points or 0.02 per cent.