At 1100 hrs, auto majors like Tata Motors, Bajaj Auto, Hero MotoCorp and Mahindra & Mahindra were down 0.2-1.4%.
In February, four-wheeler majors such as Maruti Suzuki and Mahindra & Mahindra reported disappointing sales figures.
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On the back of fresh dispatches of its newest model Celerio Maruti Suzuki (MSIL), India's largest passenger vehicle company, managed to report a 1.8% rise in total domestic sales last month at 99,758 units as against 97,955 units sold in the same month last year.
Combined sales of the segment where MSIL sells M800, Alto, A-star and WagonR dropped 9.6% while the segment which saw the addition of Celerio and which also has Swift, Estilo and Ritz saw a growth of 19.4%. Eeco and Omni segment too witnessed a rise of 22% during the month.
The biggest disappointment came from utility vehicle major Mahindra & Mahindra, which was also pegged to be the biggest beneficiary of the excise duty cut. UV and car sales of the Mumbai-based company dropped to 19,308 units during the month, a fall of 17.5% compared to 23,421 units sold in the corresponding month previous year.
Sports utility vehicles saw the the biggest cut in excise duty at six% in the budget. M&M with a portfolio of six models benefiting from the cut has the largest line-up of UVs in India. The company also retails a hatchback (Verito Vibe) and a sedan Verito on which duties were slashed by four%.
So, should one use today's dip as an opportunity to buy or accumulate.
Read on to know, technical analyst, Ravi Nathani ’s take on auto, capital goods and markets.