The expected roll back in excise duty rates from January 2015 onwards seem to have led to volumes being pulled ahead to December 2014, said HDFC Securities. The impact of the above was more visible in the PV and CV segments. 2W demand appears to have moderated quite significantly post the festival season.

"In view of the fragile nature of volume recovery across the auto sector, a hike in excise duty could adversely impact demand in the short term," HDFC Securities added.

 "We continue to prefer Hero Motocorp and Tata Motors as our top picks," it opined.

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