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Sensex, Nifty Pare Early Gains; Auto Stocks Surge
(RTTNews) - Indian shares opened higher on Monday, tracking firm global cues after an inflation gauge the Fed follows closely rose slightly less than anticipated in February, helping spur optimism the Federal Reserve will hold off on raising interest rates at its next meeting in early May.
March auto sales data reflecting improvement in domestic demand also boosted sentiment.
The benchmark S&P BSE Sensex was marginally higher at 58,993, paring early gains. The broader NSE Nifty index was up 10 points at 17,369.
ONGC soared 4 percent while BPCL slumped more than 4 percent after oil prices jumped more than 5 percent after major producers led by Saudi Arabia announced a surprise cut of more than one million barrels per day.
Maruti Suzuki India rallied 3.1 percent after reporting its highest-ever dispatches to dealers last fiscal.
Eicher Motors climbed 2.1 percent on reporting robust domestic sales for March.
Hero MotoCorp advanced 2.8 percent after its March sales volume jumped 15.3 percent in March.
The RBI meets over three days, from April 3 to April 6, and economists remain divided over its likely rate action.
Stock exchanges BSE and NSE will remain closed on April 4 for 'Mahavir Jayanti' and on April 7 on account of 'Good Friday'.
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