Auto Stocks Outlook
To track May wholesale sales Mon, growth seen robust
This story was originally published at 21:52 IST on 29 May 2026
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MUMBAI – Shares of automobile companies will react to the monthly wholesale sales data for May, due Monday, with broking firms expecting vehicle demand to remain stable during the month, analysts said. The two-wheeler industry is expected to post double-digit growth, supported by sustained rural demand and a low base.
While demand for commercial vehicles is expected to remain relatively stable in May, driven by ongoing infrastructure activity, freight movement, and replacement purchases, demand for tractors is expected to remain steady, supported by farm cash flows. While outlook remains constructive on account of improving demand across emerging markets, fuel and freight costs, supply chain disruptions, and commodity inflation are some key factors to monitor, according to Nirmal Bang Institutional Equities.
Overall, passenger vehicle industry volumes are likely to log double-digit growth in May, led by a 20% on-year rise in the domestic market, supported by improved affordability, new products, and adequate financing availability, Nuvama Institutional Equities said. While the brokerage expects two-wheeler volumes to rise in the double digits on a low base in May and grow 20% on-year in India, it sees 15% growth in the domestic tractor industry.
Commercial vehicle volumes are seen rising in the single digit in May, and sales to dealerships in the domestic market are seen rising 10% from the year ago. This moderation in growth, compared to Oct-Mar, is, in Nuvama's opinion, due to an impact on transporter sentiment stemming from uncertainties about freight availability and higher fuel prices.
For the week, shares of six companies that are part of the 15-stock Nifty Auto index closed higher. Exide Industries, Tata Motors Passenger Vehicles, and Samvardhana Motherson International, which gained 7-14%, were the biggest gainers for the week. Bajaj Auto, TVS Motor Co., and Ashok Leyland were the underperformers.
The Nifty Auto Friday closed at 26338.45 points, down 525.75 points or 2%. For the next week, the index is expected to find support at 25300 points and face resistance at 27000 points, an analyst said.
TOP HEADLINES
* Analyst Concall: Ashok Leyland sees no hit on demand due to West Asia crisis
* Ashok Leyland reappoints Dheeraj Hinduja as executive chairman for 3 years
* Escorts Kubota launches new variant of Kubota NeoStar tractors
* Ashok Leyland sets eyes on ASEAN countries to boost exports
* Earnings Review: Ashok Leyland Jan-Mar PAT growth highest in 3 qtrs
* Eicher Motors launches Royal Enfield Bullet 650 priced at INR 364,856
* Surging costs prompt Hyundai Motor to hike car prices third time in 2026
* Hero MotoCorp launches 125cc Super Splendor XTEC 2.0 at INR 86,500
* Popular Vehicles consol net loss narrows YoY to INR 49.56 million in Jan-Mar
* Maruti Suzuki announces austerity measures for staff to conserve forex
* Ashok Leyland bags order to sell 715 CVs to VRL Logistics, 300 already sold
* Jupiter Wagons arm inks pacts with Chalukya Power, Pickrenew Energy
* Belrise Ind Q4 consol PAT up 18%, sales rise 12%; board OKs INR-20-bln QIP
* TVS Motor Co to replace Adani Enterprises in Sensex 50 index from Jun 22
* Minda Corp signs agreement with Vehicle Access Systems for control over JV
* India Ratings ups Olectra Greentech's long-term bk loan facilities rtg to A
* Maruti Suzuki to recall 26 Super Carry cargo vehicles made in Feb
* Popular Vehicles CEO Narayan steps down to pursue new opportunity
* Analyst Concall: Eicher Motors eyes Brazil as the next big mkt after India
* Earnings Review: Eicher Motors Q4 PAT, revenue YoY growth hits 3-quarter low
* Minda Corp Jan-Mar consol PAT up over twofold on year at INR 1.25 bln
The following are the resistance and support levels for key automotive stocks for next week, as per calculations based on their prices on the National Stock Exchange:
| Company | Price | Week-on-week change in % | Resistance | Support |
| APOLLO TYRES LTD | 394.50 | 6.10 | 411.50 | 383.50 |
| ASHOK LEYLAND LTD | 155.44 | (-)1.80 | 169.50 | 147.80 |
| BAJAJ AUTO LTD | 10,460.00 | (-)0.90 | 10,894.30 | 10,171.30 |
| BALKRISHNA INDUSTRIES LTD | 2,205.50 | (-)0.10 | 2,426.50 | 2,055.50 |
| BHARAT FORGE LTD | 1,957.20 | 3.10 | 1,996.10 | 1,900.50 |
| BOSCH LTD | 36,625.00 | 1.60 | 38,615.00 | 35,295.00 |
| EICHER MOTORS LTD | 7,177.00 | 2.80 | 7,558.70 | 6,940.70 |
| EXIDE INDUSTRIES LTD | 386.50 | 13.80 | 402.40 | 376.80 |
| HERO MOTOCORP LTD | 4,903.00 | (-)1.30 | 5,237.30 | 4,708.30 |
| MAHINDRA & MAHINDRA LTD | 3,045.60 | (-)1.20 | 3,212.90 | 2,921.50 |
| MARUTI SUZUKI INDIA LTD | 13,127.00 | 1.10 | 13,686.30 | 12,770.30 |
| MRF LTD | 1,23,420.00 | (-)2.70 | 1,29,926.70 | 1,18,746.70 |
| SAMVARDHANA MOTHERSON INTERNATIONAL LTD | 145.74 | 7.00 | 157.60 | 134.20 |
| TATA MOTORS LTD | 379.50 | (-)0.90 | 397.30 | 368.10 |
| TATA MOTORS PASSENGER VEHICLES LTD | 393.90 | 8.40 | 414.80 | 380.20 |
| TVS MOTOR COMPANY LTD | 3,355.70 | (-)1.80 | 3,528.40 | 3,228.80 |
| Index | Levels | |||
| NIFTY AUTO | 26338.45 | 1.20 | 27350.80 | 25704.00 |
| NIFTY 50 | 23547.75 | (-)0.70 | 24196.50 | 23160.40 |
| BSE SENSEX | 74775.74 | (-)0.90 | 76825.90 | 73564.00 |
End
Reported by Gopika Balasubramanium
Edited by Saji George Titus
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