Domestic passenger vehicle wholesales in October are estimated at 5.25-5.3 lakh units, compared with 4.6 lakh units in October 2025, translating to year-on-year growth of around 13%-15% despite a high base a year ago. The NIFTY Auto index surged as much as 1.6% or 410.35 points to hit an intraday high of 25,833.05 during Monday's trading session on November 2, marking a 277.30-point or 1.09% jump to 25,700. The index has given investors 3% returns in the past week and risen more than 1% over the month, though it has fallen over 10% on a year-to-date basis according to National Stock Exchange data. The index touched its 52-week high of 29,865.50 on August 10, 2026, and its year's low of 23,560.10 on April 2, 2026.

Buoyed by robust festive demand, domestic passenger vehicle dispatches crossed the record 5-lakh mark in October, with leading automakers such as Maruti Suzuki, Hyundai and Mahindra & Mahindra reporting their highest-ever monthly sales. Market leader Maruti Suzuki reported domestic passenger vehicle dispatches of 2.12 lakh units in October 2026, representing growth of 20% YoY, while Tata Motors recorded a 21% YoY growth to 73,894 units. Mahindra & Mahindra posted a 2% YoY rise to record 73,338 units, and Hyundai reported a 16.7% increase in its domestic wholesales to 62,799 units. With Dhanteras and Diwali in the first half of November, October wholesales largely reflect original equipment manufacturers stocking up dealers ahead of peak festive deliveries, as registrations are expected to decline against last year's high festive base.

October's growth comes on a high base, as sales from mid-August to mid-September in 2025 were subdued as buyers held off purchases expecting a GST cut. After lower rates took effect in the last week of September, demand rebounded, driving strong sales through the festive season and into October. Strong festive demand, coupled with healthy momentum in both domestic and export markets, helped Hyundai Motor India set a new sales record, with its MD and CEO Tarun Garg stating the company reported its highest-ever total monthly sales including exports of 82,299 units in October, marking a 17.7% YoY rise driven by record domestic sales of 62,799 units. Mahindra & Mahindra's Automotive business President Velusamy R noted October was a landmark month for the company, with the festival season together with a refreshed portfolio keeping demand strong.

Analysts at Jefferies stated that festive two-wheeler registrations rose 11% YoY, while passenger vehicle registrations surged 6%, with October wholesale growth being the strongest for TVS, Maruti and Hero MotoCorp compared with estimates. They added that while truck demand remained strong, tractor wholesalers declined amid a high base and weakening demand. In the first half of the current financial year, domestic passenger vehicle sales grew 28.3% to 20.55 lakh units, supported by lower borrowing costs improving affordability and recent income tax reforms leaving consumers with more money to spend. October registrations, by contrast, are expected to decline against last year's high festive base as a significant share of festive deliveries shifts into November.

On Monday, November 2, Hyundai Motor India shares gained as much as 4.34% to hit an intraday high of 1,994 per unit on the NSE, after reporting its highest-ever total monthly sales including exports of 82,299 units in October, marking a 17.7% YoY rise driven by record domestic sales of 62,799 units. Its exports surged 21.1% to 19,500 units. Ashok Leyland shares jumped as much as 4.13% to reach the session's peak of 150.80 per equity share on the NSE, as the company posted a 23% YoY growth in its total sales during the month under review. Its total sales including exports stood at 21,888 units, up from 17,820 units a year ago, with Medium and Heavy Commercial Vehicle segment sales growing 28% to 13,927 units and Light Commercial Vehicle segment registering a 14% increase to 7,961 units.

Tata Motors Passenger Vehicles shares climbed as much as 3.2% to hit an intraday high of 274 apiece on November 2, after the company recorded a 23% YoY surge in its total sales to 75,426 units across domestic and international markets in October. Its domestic passenger vehicle sales increased 21% to 73,894 units last month from 61,134 units in October 2025, while international business passenger vehicle sales jumped manifold to 1,532 units compared to 161 units a year ago. Maruti Suzuki India shares rose as much as 3.3% to touch the session's peak of 11,769 per equity share, after posting its highest-ever monthly sales in October with 25% YoY growth in total dispatches to 2.76 lakh units, despite a high base in the year-ago period. Its domestic passenger vehicle dispatches rose over 20% to 2.12 lakh units, while total domestic dispatches including Super Carry and sales to other OEMs grew around 19% to 2.26 lakh units.