Sensex hits 1-month high; auto makers gain
MUMBAI (Reuters) - The BSE Sensex rose on Thursday to its highest close since May 7, as improving global risk environment continued to spark a broad rally, while auto makers gained on hopes the country would not increase excise duties on diesel car sales.
The 30-share index rose 1.18 percent to end at a provisional 16,649.05 points, marking its fourth consecutive daily gain.
The broader 50-share NSE index rose 1.05 percent, to a provisional close of 5,049.65 points.
Banking shares, as measured by the NSE banking index, rose 2.1 percent, gaining for a fourth consecutive day, on continued hopes the Reserve Bank of India would cut interest rates on June 18.
Axis bank (AXBK.NS), ICICI Bank (ICBK.NS) and HDFC Bank (HDBK.NS) each ended more than 3 percent each.
Auto makers, which had also benefitted this week from rate cut expectations, continued gains on Thursday, with Maruti Suzuki India (MRTI.NS) ending up 3.2 percent.
(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)
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The recent market correction was overdue. A further correction would be an opportunity for those who missed the rally in the past few months. The markets could get a reality check next year and consolidate before the next big movement. I still believe PM Modi will not fritter away his mandate and deliver on his promise, albeit with a delay, writes Ambareesh Baliga. Article