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    Nifty Auto index stocks: Time for some cool down before the next leg is led by EV launches?

    Synopsis

    It is the sector which has led the rally which the market has seen in the last one year. However today when newspaper headlines are talking about India witnessing sales of 4 million cars in 2023, all these major auto stocks are trading with a cut. This is a very simple example of the market discounting the news much before it comes out. The question is whether this correction is just a minor phase of cooling down and the next phase of up move will depend on their EV products.

    In the last three months, more EV vehicles were launched as compared to what were launched in the last three years. Most of these have come from old large established auto companies which have been keeping them under wraps rather than hogging limelight due to their desire to get valuations like many of the start up did. Given the amount of cash they are sitting with in their balance sheet, there is high probability that they will be able to
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