Indian markets trade higher, driven by auto stocks

India’s benchmark indices – NIFTY50 (+0.3%) and SENSEX (+0.3%) – trade higher, registering gains for the fourth consecutive day. Out of the NIFTY50 space, 43 stocks are advancing.

The upward movement has been supported by a rally in auto stocks today. Shares of Bajaj Auto, Tata Motors and Maruti Suzuki are up in the range of 1% to 4%. The NIFTY Auto Index is up around 2%.

The broader markets are also on an upward trend. NIFTY Midcap 100 and NIFTY Smallcap rose 0.4% and 0.7%, respectively.

Besides auto stocks, oil marketing company BPCL is also among the top gainers. Experts state that range bound oil prices and the government’s decision to not intervene in fuel prices are supporting the rally in OMC stocks.