Sensex, Nifty End Choppy Session Modestly Higher As Auto Stocks Surge
(RTTNews) - Indian shares ended modestly higher on Monday after a choppy session. Auto companies topped the gainers list after reporting encouraging sales for March.
While signs of cooling U.S. inflation underpinned sentiment, a sharp rise in crude oil prices brewed some concerns over a potential resurgence in inflation and more policy tightening by major central banks, particularly the Fed.
Oil prices were up more than 5 percent after Saudi Arabia and other major oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day to support prices.
Saudi officials claimed the unexpected cut was a "precautionary measure aimed at supporting the stability of the oil market."
The benchmark S&P/BSE Sensex edged up 114.92 points, or 0.19 percent, at 59,106.44 in cautious trade as inflation fears drove the dollar and yields higher in international markets. The broader NSE Nifty index settled 38.30 points, or 0.22 percent, higher at 17,398.
Oil explorer ONGC rose 1.8 percent and Oil India rallied 3.7 percent while state-run oil marketing firm BPCL slumped 4.1 percent amid the oil price spike.
Automakers Maruti Suzuki India, Bajaj Auto and Hero MotoCorp all rose around 3 percent.
Mahanagar Gas plunged 6.3 percent and Indraprastha Gas declined 1.7 percent after the government kept domestic gas prices unchanged pending a Cabinet decision.
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