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Strategies for auto stocks as Centre proposes 'green tax' on old vehicles

After an outperformance over the past one month, auto stocks came under pressure during Wednesday's trading session as profit-booking gripped the market ahead of the presentation of the Union Budget of 2021. So far in the month of January, the Nifty Auto index has gained over 13 per cent till Monday, January 25 as against a 2 per cent gain in the Nifty50 index. That apart, Union Minister for Road Transport and Highways Nitin Gadkari's proposal to levy 'green tax' on old vehicles polluting the environment also nudged investors to off-load auto stocks from their portfolio. .....

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