Indian markets close higher, driven by auto stocks

India’s benchmark indices – NIFTY50 (+0.5%) and SENSEX (+0.5%) – closed higher today, gaining for the fourth consecutive day. The NIFTY50 index reclaimed the 22,000 mark, while SENSEX closed above 72,400 levels.

Out of the NIFTY50 space, 38 stocks advanced with Wipro, SBI Life and M&M being the top gainers. Experts state that the Indian markets are taking cues from global markets and will closely monitor interest rate movements in the US.

Gains in Larsen & Toubro, Infosys, Mahindra & Mahindra and ICICI Bank helped to propel the markets higher. The upward movement was also aided by a rally in auto stocks today. Shares of Tata Motors, Maruti Suzuki and Bajaj Auto were up in the range of 1% to 3%.

On the sectoral front, the NIFTY Auto Index was the top gainer, rising 2%. In fact, all NIFTY sectoral indices closed in the green except Oil & Gas (-0.6%) and PSU Bank (-0.3%).

The broader markets also closed higher today. NIFTY Midcap 100 and NIFTY Smallcap rose 0.6% and 0.5%, respectively.