Analysts believe that exports are likely to remain under pressure in \near term, owing to weak macros, adverse currency movements and dollar availability issues in Africa, South Asia and Latin America
According to the technical analyst, charts suggest range-bound pattern for Nifty FMCG, Nifty Metal, and Nifty Auto indices in the near-term
According to technical analyst, since the MACD has turned negative, and Parabolic Stop and Reversal has turned bearish, it is advised for traders to adopt sell-on-rise strategy for Nifty Auto index
On the bourses, shares of M&M declined 1.4 per cent in Q3FY23, whereas peers like Maruti Suzuki, and Tata Motors slipped up to 4 per cent
According to the technical analyst, he recommends traders to adopt sell side position for Nifty Metal index or wait for bearish correction to culminate before commencing accumulation at support levels
The best trading strategy Nifty Auto index would be to sell near resistance levels until we get close above new high
Implementation of airbags in other vehicle segments over the medium term will offer further revenue upside for airbag manufacturers, as per rating agency ICRA
Passenger vehicles in India are witnessing strong demand as consumers hit the roads leaving behind lockdown blues. So, amid the easing supply issues, is it time to buy four-wheeler stocks?
Analysts, on average, expect the revenue to fall up to 7 per cent quarter-on-quarter (QoQ) to Rs 7,416 crore in Q1FY23.
The latest gain comes on the back of easing commodity prices and supply chain issues
The Nifty Auto index is slowly inching towards 200-DMA; above which the index can gain up to 4 per cent.
Despite the correction, our valuations relative to other emerging markets (EMs) haven't yet come off. Thus, FIIs are a bit cautious
Going ahead, analysts at Motilal Oswal Financial Services see easing semiconductor supplies supporting PV wholesales, but the two-wheeler segment will take time to recover
The last four months of 2020 include various auspicious occasions such as Navratri, Dussehra, Diwali, etc, hence, consumer's discretionary purchases rise in such months
In May, the S&P BSE Auto index gained 5.6 per cent as compared to 3.8 per cent decline in the S&P BSE Sensex.
M&M, Maruti Suzuki India, Bajaj Auto, Hero MotoCorp, Tata Motors and Motherson Sumi Systems from the Nifty Auto index were up in the range of 8 per cent to 11 per cent.
Nifty Metal index tumbled 6.6 per cent to 2,134, while Nifty Media index slipped 5.5 per cent to 1,518, and Nifty Auto was down 4 per cent to 6,662, as against a 3.9 per cent decline in the Nifty50
Maruti Suzuki India, Hero MotoCorp and TVS Motor Company slipped 2 per cent each, while M&M, Eicher Motors, Bajaj Auto and Ashok Leyland were each down 1 per cent today.
Gains from the corporate tax cut last month, they believe, are likely to be offset by lower sales volume and revenue contraction in key sectors such as automobiles, energy, metals, and mining.
At close, the Nifty Auto index stood at 7,020.75 levels, down 3.83 per cent, as compared to 1.69 per cent decline in Nifty 50 index.