HDFC Securities believes that auto sales for most companies in the sector were better than expected. ''Although few regional festivals have come in earlier this year, the major festival season encompassing Dusshera and Diwali falls later this year as compared to the previous year. Even so, several automakers may have started building up pipeline inventory levels in anticipation of a strong festival season,'' it said.

''While aggregate industry volume data is yet to be released, our analysis suggests that PV sales growth for the month would be in the range of 12-14% YoY. Companies with a strong new product cycle (Maruti Suzuki, Hyundai & Honda) have continued to outperform the PV industry growth,'' said HDFC Securities.

''Two wheeler segment continued to witness robust growth and as per our analysis, aggregate volumes would see an increase of 18-20% YoY during the month. The most prominent feature of the month has been the growth in MHCV volumes reported by all major CV makers after almost 29 successive months of YoY decline,'' it added.

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