MUMBAI: India’s equity benchmarks closed higher on Monday following three straight sessions of losses, as higher monthly sales lifted automobile stocks while better-than-expected economic growth data boosted overall sentiment.
The Nifty 50 rose 0.81 percent to 24,625.05 and the BSE Sensex added 0.70 percent to 80,364.49. Both the benchmark indexes had fallen around 2.2 percent in the last three sessions.
Auto stocks soared 2.8 percent and the index was the top sectoral gainer. The top five Nifty gainers were also auto companies. Bajaj Auto rose 3.9 percent and topped the charts, while TVS Motor Company hit a record high.
The broader consumption-driven stocks also surged, ahead of a Goods and Services Tax (GST) council meeting later this week to discuss tax cuts.
Consumer durables and consumption gained 2.1 percent and 1.2 percent, respectively. Also helping sentiment was a US court ruling that most of President Donald Trump’s tariffs were illegal.
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