MUMBAI (Commodity Online): Auto stocks traded weak on the Bombay Stock Exchange (BSE) today despite posting optimistic financial results for the second quarter of the current fiscal.

Key benchmark index, Sensex was trading with loss in the morning trades at 16751 points down by 0.35% from its previous close.

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Sectoral index, BSE Auto traded weak owing to heavy selling pressure at higher valuations. The index was trading at 6421 down by 0.75%. Major losers on in auto sector included Hero Honda and Escorts Ltd.

However, Maruti Suzuki India Ltd too traded at marginal gains even as the company posted robust profits for the second quarter. Company’s net profits jumped by 92.5% to Rs.570 crore, while sales rose by 46.6% to Rs.7080.67 crore for the second quarter ending 30th September. Company stocks traded with marginal gains on BSE in the later trading hours today.

The entire growth in bottomline was driven by lower excise duty payment, which fell by 28% per unit and helped the company to save Rs.10,741 per car sold during Q2 September 2009 period. Reports suggested that if it had not been for the duty cut earlier this year, the company would have reported a 16.5% fall in Q2 September 2009 over Q2 September 2008.

While, TVS Motor Company Ltd fell by close to 1.5% to Rs.61.65 on BSE today. The stock had risen more than 11% in the preceding nine trading sessions.