Indian auto stocks set for fifth straight daily drop

BOSCH

06/09/2024 08:33

** Nifty Auto index  .NIFTYAUTO  falls 1% to 25,587.6, set
for fifth straight session of decline
    ** Index fell 0.4% on Monday as cos, including Eicher Motors
 EICH.NS , Ashok Leyland  ASOK.NS  and Tata Motors  TAMO.NS ,
dropped on lower monthly vehicle sales in Aug.
    ** Auto dealers in India are worried about having to
discount more to boost demand amid record inventory levels
    ** Bosch  BOSH.NS , down 2.8%, top pct loser on NIFTYAUTO
    ** Balkrishna Industries  BLKI.NS  and Hero MotoCorp
 HROM.NS  up 0.7% and 0.2%, repectively - only stocks on the
index to gain
    ** Auto index, down 2.2% this week, set to end 3-week
winning streak 
    ** NIFTYAUTO up ~37% YTD vs Nifty 50's 14.4% climb

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))