India's auto stocks index eyes 10th weekly loss in 11 on festive demand worries, elevated oil

Hero Motocorp

Today 11:01

** India's auto stocks .NIFTYAUTO down 3.9% for the week, set for 10th week of losses in 11
** Analysts at JM Financial say investors are pessimistic after Oct. 11-20 retail sales data showed most auto companies saw double-digit sales decline amid Navratri and Dussehra
** Adds, data points not comparable as last year saw pent-up demand ahead of GST rate cuts coming to effect
** Higher crude prices also weighing on broader market
** Tata Motors Passenger vehicle TAMO.NS and Bharat Forge BFRG.NS top weekly pct losers in sub-index, down 8.3% and 7%, respectively
** Eicher Motors EICH.NS and Hero MotoCorp HROM.NS down 3.6% and 3.4%, respectively
** "While there are near-term concerns regarding rising input cost pressure, end demand momentum continues to be healthy," JM Financial adds
** YTD, auto index down 12%, while benchmark Nifty 50 index .NSEI down 13.8%

 

 (Reporting by Vivek Kumar M)
 ((VivekKumar.M@thomsonreuters.com;))