Sensex, Nifty Log Gains Aided By Auto, Power Stocks

India's stock benchmarks advanced, aided by gains in auto, power, utility and realty stocks. The NSE Nifty 50 closed above 18,300 for the first time in three months.

This is the sixth session out of the previous seven sessions in which the Sensex and Nifty have risen.

The Sensex rose 0.14% to 61,308.91. The Nifty advanced by 0.29% to 18,308.10.

Hero MotoCorp Ltd. had the largest increase, rising 5.1%. Today, 34 of 50 shares rose, while 16 fell.

The S&P BSE MidCap almost mirrored its larger peers while S&P BSE SmallCap outperformed Sensex and Nifty, rising 0.61%. Sixteen of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Auto adding nearly 2%.

The market breadth was skewed in the favour of bulls. About 2,297 stocks advanced, 1,305 declined and 137 remained unchanged.

"Markets are currently witnessing time-wise correction and likely to resume the trend soon. Meanwhile, participants should focus more on risk management citing a rise in volatility due to the earnings", Ajit Mishra, VP - Research, Religare Broking Ltd. wrote in a note and reiterated preference for IT, metal, realty and pharma pack while pegging the banking sector to see further consolidation.