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Analysts are bearish on auto stocks despite robust fiscal fourth quarter results due to weak outlook on volumes growth, intensifying competition, margin pressures in electric segment and rich valuations.
The Nifty Auto index was trading 0.65 per cent up at 23622.85.
The broader market saw selling pressure, with the BSE Midcap and BSE Smallcap indices falling 0.6 percent and 0.3 percent, respectively.
The Nifty Auto index closed 0.22 per cent down at 23419.6.
Nifty Auto and Nifty Metal have shown strong performance in 2024 YTD, outperforming the benchmark. Experts favor auto over metals for long-term investment due to growth potential, innovation, and less impact from global factors.