Indian shares rise for fourth session as autos, banks gain

Credit: REUTERS/FRANCIS MASCARENHAS

Indian shares rose for a fourth straight session on Wednesday, led by banking and automotive stocks after the country's finance minister said lowering taxes on some types of vehicles was a "good suggestion".

BENGALURU, Aug 26 (Reuters) - Indian shares rose for a fourth straight session on Wednesday, led by banking and automotive stocks after the country's finance minister said lowering taxes on some types of vehicles was a "good suggestion".

The NSE Nifty 50 index .NSEI was up 0.27% at 11,503.15 by 0400 GMT, while the S&P BSE Sensex .BSESN was 0.25% higher at 38,937.13.

All 12 major sectoral indexes were higher and the Nifty autos index .NIFTYAUTO rose the most with a 1.6% climb. Hero Moto Corp HROM.NS rose 3.6%, while Bajaj Auto BAJA.NS climbed 2.9%.

Indian Finance Minister Nirmala Sitharaman, speaking to industry executives at a virtual briefing, said so-called two-wheeler vehicles 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.

(Reporting by Sachin Ravikumar; Editing by Subhranshu Sahu)

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