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With the RBI not obliging the markets with a cut in interest rates, auto stocks came under selling pressure today.
Surprisingly it was the two-wheeler major Hero MotoCorp which saw intense selling pressure rather than four-wheeler stocks or its own competitors in the two-wheeler space. But even these stocks recovered from their early losses.
Hero MotoCorp was down by Rs 56.45 or 2.96 per cent to Rs 1,848.25, making it the second biggest loser among the CNX auto pack. Bajaj Auto was down by just Rs 8.45 at Rs 1,801.40 and TVS Motor shed Rs 1.40 to Rs 39.70.
Among the four-wheeler/CV manufacturers, Maruti was down by Rs 5.25 at Rs 1,356.95. Tata Motors shed Rs 9.95 at Rs 246.80.
M&M, which had rallied after a robust Q2 results, shrugged off the policy disappointment with a loss of only Rs 5 at Rs 883.85, Eicher Motors was down by Rs 10.50 at Rs 2,305 and Ashok Leyland lost a mere 5 paise at Rs 23.05.
Among the auto component manufacturers, Bharat Forge was down by Rs 9.05 at Rs 274.75 and MRF lost Rs 66.85 to Rs 9,900.05. But for others like Exide, Motherson Sumi, Apollo Tyres and Amtek Auto, the loss was minimal. The one stock in the green was Bosch Ltd that gained Rs 17.20 to Rs 8,867.95.
Even the big losers like Hero MotoCorp, Maruti and Eicher were able to pare their losses after the initial shock.
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