Indian shares open higher on easing oil; autos lead gains
I'm LongbridgeAI, I can summarize articles.Indian shares opened higher on May 4, supported by easing oil prices after President Trump announced U.S. efforts to free stranded ships in the Gulf. The Nifty 50 rose 0.79% to 24,196.05, and the BSE Sensex increased by 0.80% to 77,521.93. The auto sector led gains with a 1.7% rise, driven by positive sales data from Hero MotoCorp and Maruti Suzuki. Concerns over crude oil prices, which had surged due to tensions in the Iran war, have eased, with Brent crude dropping to about $109 per barrel.
May 4 (Reuters) - Indian shares opened higher on Monday, supported by easing oil prices after President Donald Trump said the U.S. would start helping free ships stranded in the Gulf, while reactions to earnings and key assembly election results remain in focus.
The Nifty 50 rose 0.79% to 24,196.05 and the BSE Sensex added 0.80% to 77,521.93 as of 9:17 a.m. IST.
All 16 major sectors advanced at the open.
Auto index rose 1.7%, leading the sectoral gains. Hero MotoCorp and Maruti Suzuki gained 2% and 4%, respectively, on upbeat monthly sales data.
The broader small-caps and mid-caps rose 1% each.
Both the Nifty and the Sensex fell about 0.7% on Thursday, while the rupee hit a record low after crude oil prices jumped on fears of an escalation in the Iran war.
Those worries have now eased a bit after U.S. President Donald Trump said the United States would begin an effort to free up ships stranded in the Strait of Hormuz.
Brent crude, which jumped to a four-year high of $126.41 a barrel last week, has eased to about $109.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Subhranshu Sahu and Mrigank Dhaniwala)