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Auto stocks came under selling pressure on Wednesday as investors booked profits after the recent rally, dragging the Nifty Auto index down by around 1 percent. The index had closed 0.6 percent higher in the previous session on expectations of improved margins during the festive season.

Auto shares had rallied in recent weeks after cuts in goods and services tax rates. Analysts also turned positive on the segment expecting higher sales volumes , as most automakers passed on the tax benefits to customers.

Bharat Forge in the Nifty auto index led the decline, slipping about 3 percent. Shares of Tata Motors , Hero MotoCorp and Bajaj Auto fell up to 2 percent.

Tata Motor

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