Share market update: Auto shares mixed; Tata Motors down 1%

NEW DELHI: Auto shares were trading on a mixed note in Wednesday's morning session.

Meanwhile, Jefferies has cut the target share prices of some leading automakers as the downcycle in the sector continues and retail demand remains weak, ET reported.

The brokerage downgraded Eicher Motors to ‘hold’ from ‘buy’ and reduced the target price to Rs 19,300 from Rs 23,400. It maintained a ‘hold’ rating on Hero MotoCorp and raised the target price to Rs 2,610 from Rs 2,550.


Jefferies maintained a ‘buy’ on Maruti Suzuki India and cut the target price to Rs 7,100 from Rs 8,000.

On TVS Motor, Jefferies has a ‘hold’ but cut the target price to Rs 460 from Rs 540.

Jefferies kept its ‘underperform’ rating on Bajaj Auto and cut the target price to Rs 2,430 from Rs 2,620.

It upgraded Mahindra & Mahindra to a ‘buy,’ citing inexpensive valuations but trimmed the target price to Rs 720 from Rs 780.

Shares of Bharat Forge (up 0.97 per cent), Motherson Sumi Systems (up 0.64 per cent), Exide Industries (up 0.51 per cent) and TVS Motor Company (up 0.46 per cent) were the top gainers in the index.

Tata Motors (down 1.15 per cent), Ashok Leyland (down 0.75 per cent), MRF (down 0.64 per cent) and Maruti Suzuki India (down 0.64 per cent) were trading lower.

The Nifty Auto index was trading 0.15 per cent down at 7715.30 around 09:45 am.

Benchmark NSE Nifty50 index was up 10.75 points at 11,673.35 while the BSE Sensex was up 32.93 points at 39,163.97.

Among the 50 stocks in the Nifty index, 25 were trading in the green, while 25 were in the red.

Shares of YES Bank, Vodafone Idea, Federal Bank, Dish TV India, DCB Bank, PNB, SAIL, Tata Motors, Strides Shasun and Petronet LNG were among the most traded shares on the NSE.