Bajaj Auto slips after weak December sales

Bajaj Auto slipped 0.67% to Rs 3125.80 after total auto sales fell 16.66% to 3.36 lakh units in December 2019 from 4.03 lakh units in November 2019.

Total auto sales, however, declined marginally by 3% compared with 3.46 lakh units in December 2018.

Total domestic auto sales fell 15% to 1.53 lakh units while total exports rose 10% to 1.82 lakh units in December 2019 over December 2018.

Total motorcycle sales slipped by 5% to 2.84 lakh units, while total commercial vehicle sales recorded 8% jump to 51,253 units in December 2019 over December 2018.

The stock has corrected 3.91% in three sessions from its recent closing high of Rs 3253.05 recorded on 30 December 2019.

On the technical front, the stock's RSI (relative strength index) stood 37.51. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 50-day placed at 3207.80 but was above its 200-day moving average (DMA) placed at 2955.93.

Bajaj Auto's consolidated net profit soared 21.2% to Rs 1,523.31 crore on 4.2% decline in net sales to Rs 7,499.21 crore in Q2 September 2019 over Q2 September 2018.

Bajaj Auto manufactures of motorcycles, three-wheelers and parts.

Powered by Capital Market - Live News