Meanwhile, the S&P BSE Sensex was up 87 points or 0.23% to 37437.53.

For the month of July and on YoY basis, overall sales continued to be negative at -6% with 2-wheeler at a de-growth of -5%, personal vehicles (PV) by -11% and commercial vehicles (CV) at -14%.

Mahindra & Mahindra (down 1.38%), Eicher Motors (down 1.1%), TVS Motor Company (down 1.05%), Bajaj Auto (down 0.75%), Hero MotoCorp (down 0.65%), Tata Motors (down 0.5%), Escorts (down 0.29%) and Maruti Suzuki India (down 0.04%) declined. Ashok Leyland was up 0.94%

Positive growth seen on a month-on-month (MoM) basis, with overall sales up by 5% as June 2019 had the 2nd lowest volume base this calendar year after February. Postponement of demand seen in June due to deficient rainfall concluded in July, after onset and even spread of monsoon, and slight liquidity improvement seen towards July end in banking system contributed also, towards this MoM uptick in sales, FADA added in a statement.

FADA, the apex national body of automobile retail industry in India, categorised the near-term outlook as cautiously optimistic.