Share market update: Auto shares in the red; M&M down 3%

NEW DELHI: Auto shares were trading in the red in Tuesday's morning session as domestic passenger vehicle (PV) sales dropped 30.98 per cent to 2,00,790 units in July, from 2,90,931 units in the same period a year ago.

Domestic car sales were down 35.95 per cent at 1,22,956 units as against 1,91,979 units in July 2018, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday.

Motorcycle sales last month declined 18.88 per cent to 9,33,996 units for the month as against 11,51,324 units in the year-ago period.

Siam also said that auto sector needs revival package from government to arrest the slowdown.

Shares of Motherson Sumi Systems (down 4.10 per cent), Mahindra & Mahindra (down 2.80 per cent), Bharat Forge (down 2.56 per cent) and Maruti Suzuki India (down 2.41 per cent) were the top losers in the index.

TVS Motor Company (down 1.69 per cent), Ashok Leyland (down 1.32 per cent), Eicher Motors (down 1.16 per cent) and MRF (down 0.64 per cent) too were trading lower.

The Nifty Auto index was trading 1.46 per cent down at 7033.30 around 09:46 am.

Benchmark NSE Nifty50 index was down 53.75 points at 11,055.90 while the BSE Sensex was down 214.22 points at 37,367.69.

Among the 50 stocks in the Nifty index, 17 were trading in the green, while 33 were in the red.

Shares of Vodafone Idea, YES Bank, RIL, Indiabulls Housing Finance, BHEL, NTPC, Dish TV India, SAIL, Tata Motors and JSPL were among the most traded shares on the NSE.