Sensex, Nifty Modestly Higher; Auto Stocks Gain
(RTTNews) - Indian shares were a tad higher on Monday as in-line U.S. PCE price data for May reinforced investor expectations for at least one interest rate cut later this year.
The benchmark S&P/BSE Sensex was up 128 points, or 0.2 percent, at 79,160 in early trade while the broader NSE Nifty index was up 65 points, or 0.3 percent, at 24,076.
Automakers Maruti Suzuki India, Hero MotoCorp and Bajaj Auto all rose over 1 percent before announcing their monthly sales figures.
JSW Energy rose about 1 percent on securing a letter of award for wind-solar hybrid power projects of 300 MW from SJVN.
Orchid Pharma rallied 2.7 percent as it partnered with Cipla for pan-India distribution of antibiotic Cefepime-Enmetazobactam.
Signature Global soared 5.7 percent after an update that it has achieved sales of over Rs 2,700 crore to date for the residential project Titanium SPR in Gurugram.
Neogen Chemicals added 1.5 percent after its promoter Haridas Thakarshi Kanani divested a 5.67 percent stake in the specialty chemicals company.
Zomato fell nearly 2 percent on receiving a GST demand notice amounting to Rs 9.45 crore from Karnataka.
Vodafone Idea gave up 1 percent after announcing tariff hikes.
HDFC Life Insurance shed 0.7 percent on receiving a tax demand notice amounting to Rs. 1,495 crores.
SBI dropped half a percent after a government panel recommended Challa Srinivasulu Setty as new chairman of the bank.
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