Religare Institutional Research believes that four wheeler players reported a strong performance in Nov'14 (off a low base), partially reflecting differences in timing of the festive season vis-a-vis last year. For the top 8 players, domestic volumes increased up10% YoY in November and up 3% YoY over October-November.

''While Maruti/Honda lead the pack with up17%/up 64% growth, Hyundai volumes increased just up 6%. Toyota/TTMT also surprised on the positive side, up 16%/ up 19%. Most other players reported declines with MM/ Ford/GM volumes down by up 18%/ up 28%/ up 33%,'' it said.

''We continue to expect a structural recovery in auto volumes over the next one year and recommend using any weakness in auto stock prices as an opportunity to buy. Top picks: Hero Motocorp, Maruti Suzuki, Tata Motors,'' the broking firm added.

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