Indian stock markets closed higher on Tuesday, with the Bombay Stock Exchange Sensex rising 445.91 points to end trading at 28,978.02 and the National Stock Exchange Nifty breaching the 8,900-point mark for the first time in 18 months to close 133.35 points higher at 8,943, NDTV reported. The rupee also closed at a four-month high of 66.51 against the dollar.

Stocks rallied as global markets saw an upswing after fears subsided about an impending policy rate hike by the United States Federal Reserve. The speculation among traders and investors was put to rest after the country posted weak job numbers for August. Major gainers for the day included Tata Motors, Axis Bank, ICICI Bank and Tata Steel. Head of research for ICICI Securities Pankaj Pandey said he expected the rally to “continue for the time being”.

During morning trade, the Sensex hit a 52-week high of 28,785.71, with banking and auto stocks leading gains, according to Economic Times. Meanwhile, the Nifty rose during intra-day trading on the back of share gains by oil and gas companies as well as realty stocks. Major losers during the morning included Bharti Airtel, Coal India and Wipro. The appointment of new Reserve Bank of India Governor Urjit Patel on Monday may have also contributed to a firm market. Foreign investors have pumped nearly $6 billion (approximately Rs 39,885 crore) into Indian markets, this year.