Auto shares firm up after SIAM data

The Nifty Auto index gained 0.17% to 9,216.75 on bargain buying.

The index fell 1.18% in the past three sessions to end at 9,200.85 yesterday, from its recent closing high of 9,311.10 recorded on 7 December 2020.

Bharat Forge (up 2.61%), Tata Motors (up 1.63%) and Bajaj Auto (up 0.75%) advanced.

Eicher Motors (down 1.23%), TVS Motor Company (down 1.22%), Ashok Leyland (down 0.21%), Hero MotoCorp (down 0.21%), Mahindra & Mahindra (down 0.18%) and Maruti Suzuki (down 0.07%) declined.

According to the latest data released by Society of Indian Automobile Manufacturers (SIAM), passenger vehicle wholesale in India increased by 12.73% to 2,85,367 units in November as against 2,53,139 units in the same month last year riding on the back of festive demand, auto industry body SIAM said on Friday.

While the two-wheeler sales rose 13.43% to 16,00,379 units, three-wheeler sales, however, declined by 57.64% to 23,626 units in November 2020 as compared to November 2019.

SIAM Director General Rajesh Menon said that the retail sales of two-wheelers lag behind the wholesale sales numbers but would even out over a period, as original equipment manufacturers (OEMs) engage with their dealers, he added.

"While the festive season brought back some fervour in specific segments, the overall economic scenario would determine the industry's performance going forward," Menon noted.

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