Maruti Suzuki India, Hero MotoCorp and TVS Motor Company slipped 2 per cent each, while M&M, Eicher Motors, Bajaj Auto and Ashok Leyland were each down 1 per cent today.
Gains from the corporate tax cut last month, they believe, are likely to be offset by lower sales volume and revenue contraction in key sectors such as automobiles, energy, metals, and mining.
At close, the Nifty Auto index stood at 7,020.75 levels, down 3.83 per cent, as compared to 1.69 per cent decline in Nifty 50 index.
Here's how the scrips of leading two-and four-wheeler manufacturers look on the technical charts.
Thus far in the calendar year 2019, auto index slipped 21 per cent, against 5 per cent rise in the benchmark index
Lack of demand due to illiquid market and weak consumption appetite led to steep fall in auto-sales
8000 seems to be a point that can witness buying momentum, as it hold the two lows of the double-bottom formation. The index did manage to cross the 8800 mark three days ago, but failed to sustain it
Nifty Auto index gained over 3 per cent in intra-day trade on Wednesday, outperforming the benchmark Nifty50 that moved up around 1.3 per cent to 10,685 in intra-day trade.