Sensex Rises Over 100 Points, Nifty Crosses 11,500 Led By Auto Stocks

Domestic stock markets started Wednesday's session on a positive note, rising for a fourth straight session, amid cautious gains in Asian equities. The S&P BSE Sensex index climbed as much as 136.72 points - or 0.35 per cent - to touch 38,980.60 in the first few minutes of trade, having opened up 86.30 points at 38,930.18. The broader NSE Nifty 50 benchmark rose to as high as 11,517.55, up 45.3 points - or 0.39 per cent - from the previous close, having begun the day stronger at 11,512.85 compared to its previous close of 11,472.25. Gains across sectors, led by automobile and banking stocks, supported the markets.

At 9:36 am, the Sensex traded 83.33 points - or 0.21 per cent - higher at 38,927.21 while the Nifty was up 0.26 points - or 30.4 per cent - at 11,502.65.

Hero MotoCorp, Bajaj Auto, Bajaj Finserv, Mahindra & Mahindra and PowerGrid, trading between 1.98 per cent and 3.67 per cent higher, rose the most among the 33 gainers in the 50-scrip Nifty basket.

On the other hand, HDFC Life, Bharti Airtel, Asian Paints, JSW Steel and Grasim, down between 0.34 per cent and 1.80 per cent each, were the top Nifty losers.

Auto stocks rose after Finance Minister Nirmala Sitharaman said lowering taxes on some types of vehicles was a "good suggestion". The Nifty Auto index - comprising shares in 15 manufacturers of automobiles and auto ancillaries - was up 1.44 per cent at the time, having risen as much as 1.57 per cent earlier on Wednesday.

Speaking to industry executives at a virtual briefing, the finance minister said two-wheelers merited a rate revision, in response to a question about cutting goods and services tax rates on those vehicles, the Confederation of Indian Industry said on Tuesday.

Analysts awaited the release of official data on the country's gross domestic product (GDP) due next week for more clarity on the damage caused by the coronavirus pandemic.