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Business News » India News

Auto stocks worst hit today on Sensex; Maruti Suzuki, Mahindra emerge as top losers, but should you invest?

The S&P BSE Auto index plunged by nearly 724.67 points or 3.11% by touching intraday low of 22,550.17 in early trade. 

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Auto stocks worst hit today on Sensex; Maruti Suzuki, Mahindra emerge as top losers, but should you invest?
Representational Image: Photo: Pixabay
Written By: ZeeBiz WebTeam
Updated: Mon, Sep 24, 2018
11:54 am
Mumbai, ZeeBiz WebDesk
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The Indian markets kicked off this week on a negative note with both Sensex and Nifty 50 extending their losses. Last week, Sensex tumbled by nearly 1900 points, while Nifty 50 is still trying to breathe near 11,000-mark. Today, was no different than last week, as at around 11:19 hours, the Sensex was trading at 36,617.83 down by 223.77 points or 0.61%, while Nifty 50 was below 74.55 points or 0.67% trading at 11,068.55. Interestingly on Sensex, it was auto index that turned out to be the least-liked by investors today. The S&P BSE Auto index plunged by nearly 724.67 points or 3.11% by touching intraday low of 22,550.17 in early openings. 

At present, the index is trading at 22,567.74 below 707.10 points or 3.04%. Almost every stock is in negative on this index with large caps like Maruti Suzuki, Mahindra & Mahindra, Eicher Motors and Tata Motors witnessing heavy selling pressure. 

The losers list was led by Motherson Sumi which tumbled by 6.26% trading at Rs 258.95 per piece, followed by M&M at Rs 910.95 per piece down 4.83%, Maruti at Rs 7703.30 per piece lower by 4.01%, Eicher at Rs 26,982.20 down 3.32%, Bharat Forge at Rs 606.35 per piece below 3.04% and Ashok Leyland at Rs 119.15 per piece lower by 2.77%. 

Other stocks that tumbled were - Apollo Tyre at Rs 226.55 per piece (2.24%), Bosch at Rs 19,670.95 (1.88%), MRF at Rs 65,537.90 per piece (1.88%), Tata Motors at Rs 245.90 per piece (1.72%), TVS Motors at Rs 584.55 per piece (1.46%), Exide Industries at Rs 265.15 per piece (1.28%), Hero Motocorp at Rs 3,132.40 per piece (1.05%) and Bajaj Auto at Rs 2,779.70 per piece (0.57%). 

It was only Balkrishna Industries and Cummins India that surged on auto index, however, it was just gradually by 0.09% and 0.61% trading at Rs 1086.80 per piece and Rs 692.85 per piece. 

The reason behind auto stocks bloodbath is still unknown, however, analysts are not suggesting buying on the firms. 

Analysts at Arihant Capital Markets Ltd, has kept accumulate call on share price of Maruti and Hero Motocorp. While they have kept hold on Mahindra and Tata Motors. Meanwhile, Baja Auto’s target is kept at neutral and reduce call is given for TVS Motors. 

Even new launches could not help Maruti and Mahindra to vow investors ahead of festive season. 
Maruti launched first special edition version in its popular Swift model as the festive season offering. The Maruti Suzuki Swift Limited Edition was unveiled at a starting price of Rs  4.99 lakh in ex-showroom, Delhi. However, it will be offered exclusively on the base LXi and LDi variants. 

According to AutoCar India, Mahindra has recently launched the Marazzo MPV and will be bringing the Y400 SUV, its version of the SsangYong Rexton, in the run up to the festive season.

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TAGS:
auto stocksSensexNiftyMaruti SuzukiHero MotoCorpMahindra & Mahindra
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