Auto stocks skid 1% on profit booking despite softer crude, firm markets

MUMBAI The Nifty Auto index fell over 1% on Thursday despite easing crude oil prices and a broadly positive trend in the domestic equity market, as investors booked profits following the previous session’s rally. The sectoral index shed 292 points, or 1.02%, to close at 28,231.

In contrast, the benchmark Nifty 50 and Sensex gained 44 points and 32 points, respectively, to settle at 25,299.35 and 81,911.01. Among auto constituents, Hyundai Motor India was the biggest loser, declining nearly 2.5%, followed by Mahindra & Mahindra, which fell 1.9%, and Tata Motors, down 1.3%.

The index had rallied on Wednesday, supported by a decline in crude oil prices. Analysts attributed Thursday’s reversal largely to profit booking.