January 2023 auto sales preview: Double-digit growth seen in passenger & commercial vehicles; 7% YoY in 2-wheelers, says Emkay report
CVs are likely to maintain their double-digit growth momentum on better freight availability; a positive growth in 2-wheelers sales supported by festive season (Uttarayan) and marriage season demand is also seen by
January 2023 auto sales preview: Passenger Vehicle (PV) volumes are likely to remain higher in January on healthy order book and ramp-up in production, an Emkay Global Financial Services report said. The research house remains positive on the auto sector and places its bets on Maruti Suzuki, Eicher Motor, Ashok Leyland, and Escorts.
The Commercial Vehicles (CVs) are likely to maintain their double-digit growth momentum on better freight availability, it noted, estimating a positive growth in 2-wheelers’ sales supported by festive season (Uttarayan) and marriage season demand.
Better customer sentiments and finance availability will likely improve tractor volumes as well, the Emkay Global report said.
Closing Bell: Indian frontline indices S&P BSE Sensex and NSE Nifty50 not just ended their 2-day losing streak but also rebounded from 3 month lows on on Monday. While the Sensex closed at 59,500.41, up 169.51 points or 0.29 per cent, the broader market Nifty50 closed at 17,648.95, higher by 44.60 points or 0.25 per cent. The banking gauge Nifty Bank also managed a green closing at 40,387.45 finishing 42.15 points or 0.1 per cent higher.
In the 50-stock Nifty50, 29 stocks advanced with Bajaj Finance, Adani Enterprises, UltraTech Cement Company, Bajaj Finserv and Asian Paints ending as top gainers. The top losers were Power Grid, Bajaj Auto, IndusInd Bank, Larsen & Toubro and JSW Steel.
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