Indian shares open higher on auto, bank stock gains

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People stand outside the Bombay Stock Exchange (BSE), after Sensex surpassed the 60,000 level for the first time, in Mumbai, India, September 24, 2021. REUTERS/Francis Mascarenhas

BENGALURU (Reuters) – Indian shares opened higher on Monday, hovering near record highs and advancing for the third straight session, helped by gains in auto and bank stocks.

The blue-chip NSE Nifty 50 index rose 0.41% to 17,926.85 by 0345 GMT, and the benchmark S&P BSE Sensex was up 0.45% at 60,321.52.

Indian shares have outperformed peers in emerging markets, helped by flush liquidity and as progress in the countryโ€™s vaccination campaign has bolstered sentiment ahead of the festive season.

Auto stocks were up 0.8%, helped by a more than 1% rise in Tata Motors, the top Nifty gainer, while public sector banks advanced 0.7%.

Asian shares were cautious, on concerns that a jump in oil prices could aggravate inflation and quicken hawkish action from the U.S. Federal Reserve. [MKTS/GLOB]

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