Indian shares opened higher on Monday, aided by auto and realty stocks following strong quarterly business updates, but rising odds of a U.S. Federal Reserve rate hike in May capped gains.
The Nifty 50 rose 0.12% at 17,622.70, as of 9:38 a.m. IST, while the S&P BSE Sensex rose 0.10% to 59,893.25.
The Nifty and the Sensex have risen nearly 4% over the past five sessions. Investors now await the corporate earnings for the quarter that ended March, scheduled to begin this week.
Eleven of the 13 major sectoral indexes advanced, with auto stocks rising 0.8%.
Tata Motors surged over 5% and was the top gainer in the Nifty after several brokerages reiterated a “buy” rating and maintained a positive view of the company after its business update for the March quarter. Tata Motors said JLR sales rose in Q4 as chip supply recovered.
Realty stocks jumped over 1.5%. Sobha climbed nearly 4% after its Q4 business update showed that quarterly sales rose to a record high of 14.63 billion rupees ($178.8 million).
