INSUBCONTINENT EXCLUSIVE:
NEW DELHI: A majority of auto stocks settled in the negative territory on Wednesday, after the monetary policy committee (MPC) of the
Reserve Bank on Wednesday hiked repo rate by 25 basis points to 6.50 per cent in its third bi-monthly monetary policy review of 2018-19.
The
Nifty Auto index settled 0.76 per cent down at 10,890.
Exide Industries (down 3.45 per cent), Motherson Sumi Systems (down 2.31 per cent),
Maruti Suzuki India (down 2.03 per cent), Eicher Motors (down 1.43 per cent) and Bajaj Auto (down 1.23 per cent) settled as the top losers
in the index.
TVS Motor Company (down 1.17 per cent), Apollo Tyres (down 1.13 per cent), Mahindra Mahindra (down 0.74 per cent), Amara Raja
Batteries (down 0.63 per cent), Hero MotoCorp (down 0.44 per cent) and Tata Motors (DVR) (down 0.28 per cent) also suffered
losses.
Meanwhile, shares of Ashok Leyland (up 5.10 per cent), Bosch (up 1.20 per cent), Bharat Forge (up 0.80 per cent), MRF (up 0.27 per
cent) and Tata Motors (up 0.11 per cent) settled in the green in the index.
Many auto companies on Wednesday announced their sales number
for the month of July.
Royal Enfield, the two-wheeler division of Eicher Motors, today reported an 18 per cent growth in total sales at
74,477 units in June, whereas Bajaj Auto reported a 30 per cent increase in sales at 4,00,343 units in July.
But, The country's largest
car maker Maruti Suzuki India today reported a marginal decline in sales at 1,64,369 units in July
The company had sold 1,65,346 units in July last year, Maruti Suzuki India (MSI) said in a statement
Ashok Leyland today reported 27 per cent jump in total sales at 15,199 units in July.
Mahindra and Mahindra (MM) today reported a 13 per
cent increase in total sales at 47,199 units in July.
The market barometer Sensex fell about 85 points, or 0.23 per cent, on Wednesday,
snapping eight straight sessions of record-setting gains.
Bank, financial, metal and auto stocks, including HDFC twins, ICICI Bank, Maruti
and Vedanta proved to be major drags on the benchmark index today
The index settled at 37,522, with 13 stocks in the green and 18 in the red.
The NSE Nifty slipped 10 points, or 0.09 per cent, settling at
11,346, with 26 stocks in the green and 24 stocks in the red.
