Indian shares rose on Monday, taking cues from global markets after Friday's data showed U.S. consumer sentiment rebounded to its highest level in nearly six years in early May.
The benchmark BSE Sensex is currently up 126 points or 0.62 percent at 20,412, while the broader Nifty index is at 6,220, up 33 points or 0.53 percent from its previous close. Auto, metal and FMCG stocks are rallying, but healthcare and consumer durable stocks are subdued.
Elsewhere across the Asia-Pacific region, benchmark indexes in Australia, China, Hong Kong and Japan are up between 0.9 percent and 1.7 percent. South Korea's Kospi average is little changed due to renewed tensions on the Korean peninsula after North Korea fired missiles over the weekend.
Back home, Tata Motors is leading the gainers in the Nifty pack with a 4 percent rally, while Reliance Infrastructure, Bajaj Auto, ITC, UltraTech and Maruti Suzuki are up 1-2 percent.
Tata Teleservices is rallying 7.5 percent after cancelling a share sale to meet the minimum public shareholding norms. Coal India is gaining 1.7 percent ahead of a board meet today to consider its standalone results for FY13.
SBI, PNB and Bank of Baroda are rising about 2 percent each after global investment bank CLSA put out a buy rating on public sector banks. Dhanlaxmi Bank is climbing 2.4 percent on posting turnaround results for the fourth quarter.
Infosys is rising half a percent despite reports that the Income Tax department has slapped a Rs 582 crore ($106 million) tax demand notice on the company for 2009-10 assessment year. Rival TCS is moving down 0.4 percent and Wipro is losing over 2 percent.
ABB is declining 1.7 percent after denying market reports that it plans to delist from stock exchanges. PTC India Financial Services is losing 2.3 percent on disappointing Q4 results.
Benchmark indexes Sensex and the Nifty rose modestly to end at their highest levels since November on Friday, extending gains for the fifth straight week, after the Reserve Bank of India said it will take note of falling headline inflation while deciding on rate cuts in its review next month.
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