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Auto stocks struggled in trade on Friday, as stocks like Exide Industries, M&M and Maruti Suzuki fell, pushing the sectoral index down 2 percent.
Exide Industries ended down 4.6 percent as the top loser in the auto index, followed by M&M which dropped 3.3 percent.
Maruti Suzuki shares fell nearly 1 percent while Tata Motors dropped more than 2 percent. The situation in Japan has been weighing on Maruti’s stock for some days now.
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The BSE Auto Index fell 1.4 percent and was the top sectoral loser, with stocks like Hero Honda and Tata Motors slipping.
Hero Honda shed nearly 3 percent after it posted a 1.6-percent drop in quarterly net profit. JPMorgan cut its share price target for the stock.
The BSE Auto Index gained 1.27 percent on Friday, as a top industry body official said he expected Indian vehicles sales to reach a record high for the second year in a row in 2010/11.
Shares in Tata Motors rose 4.5 percent to 808 rupees and ended as the top gainer among the Sensex and auto index components.
Shares in Hero Honda gained more than 4 percent on Thursday as markets ended firm with the Sensex rising by 107 points.
BSE Auto index rose 0.46 percent.
Amtek Auto climbed 1.4 percent whereas Ashok Leyland gained nearly 1 percent.
Among losers, Tata Motors’ stock had a weak trading session and ended down 1.87 percent. Maruti Suzuki slipped 1.47 percent.
Shares in Maruti Suzuki dropped 3.5 percent on Wednesday after the Reserve Bank said foreign institutional holdings had reached a trigger limit and fresh purchases would need its prior approval.
Its shares closed at 1462.6 rupees and ended as the top loser among Sensex components. It was also among the top losers in the BSE Auto Index.
Hero Honda and Maruti Suzuki rose 4 percent each in trade, ending as the top gainers among the Sensex components. Exide Industries surged 8.6 percent.
The company reported its quarterly numbers on Wednesday and said net profit nearly trebled, helped by cost cuts and strong sales.
The stocks declined 7.4 percent on the NSE.
Tata Motors was the top Sensex loser and also pulled the BSE Auto Index down 1.72 percent, making it the worst sectoral performer of the day.