Auto Sector Companies Aid Sensex Supported by Higher Gains

Mumbai: The Sensex closed higher on Wednesday, supported by gains in the auto sector which got a boost after better than expected results by Bajaj Auto. The benchmark Sensex closed 94.99 points higher at 39,058.83 after logging an intra-day high of 39,196.67 and a low of 38,866.08. The broader Nifty ended at 11,604.10, gaining 15.75 points.

“Markets largely remained positive throughout the day led by selective buying in large caps, namely banking and IT stocks. Auto and consumer stocks witnessed some resurgence on the expectation that the worst-case scenario is factored in the stock prices,” said Vinod Nair, Head of Research, Geojit Financial Services. He added that due to corporate tax cut, Q2 earnings growth is better, “however the market will review the outlook for revenue growth to assess any potential for re-rating.” Infosys on Wednesday gained 2.33 percent after heavy selling on Tuesday following a number of clarifications by the company. HCL Tech, Eicher Motors and Maruti Suzuki were the top gainers and Adani Ports, Bharti Airtel, and Zee lost the most on the bourses among the Nifty50 stocks. (IANS)

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