Indian markets closed marginally higher on Thursday, with the Bombay Stock Exchange gaining 84.97 points to end at 28,226.61 and the National Stock Exchange Nifty rising by 17.85 points to close the day at 8,734.25. Investor sentiment remained cautious as markets wait for the Reserve Bank of India’s February 8 policy statement, as well as the results of the Bank of England’s policy meeting on Thursday.

Shares of automobile companies faced selling pressure by investors on the back of lower January sales, with companies such as Bajaj Auto Limited and Tata Motors Limited ending between 1.72%-1.80%. The BSE Auto Index also closing a little over 1% lower. Meanwhile, pharmaceutical companies such as Sun Pharmaceuticals Industries Limited and Dr. Reddy’s Laboratories Limited gained between 2.47%-3.20%.

Information technology and oil and gas stocks were among the top gainers of the day, with Infosys, Tata Consultancy Services, Hindustan Petroleum Corporation Limited and Oil & Natural Corporation ending in the green. The BSE Oil & Gas and IT index also closed 0.67% and 1.78% higher. The BSE Midcap and Smallcap indices gained 0.92% and 0.95%.

Geojit BNP Paribas Vice President Gaurang Shah said investors were consolidating their holdings after Wednesday’s sharp gains, Mint reported. “In the longer term, the market remains extremely positive,” he said. Indian markets closed on a high note following the presentation of the Union Budget, with the Sensex and Nifty closing 485.68 and 155.10 points higher. Investor sentiment was boosted by measures such as a tax cut for small businesses and the allocation of Rs 3.96 lakh crore for infrastructure development.