Indian Shares Up in Early Trade; Energy Plays Shine, Auto Stocks Lag - Wall Street Journal

By Ashutosh Joshi MUMBAI--Indian shares were higher in early Asian trade Monday, with energy explorers Reliance Industries and Oil & Natural Gas Corp. extending their gains after the government's decision last week to double natural gas prices. At 0435 GMT, the Bombay Stock Exchange's S&P BSE Sensex was 47.33 points, or 0.2%, higher at 19443.14, while the National Stock Exchange's Nifty index rose 12.75 points, or 0.2%, to 5854.95. A recovery in the rupee against the U.S. dollar on talks of capital inflows lifted sentiment, dealers said. The greenback traded INR59.25 against the rupee, compared to INR59.65 late Friday in Asia. Energy conglomerate Reliance Industries was up 1.0% at INR870.00 ($14.6), while state-run Oil & Natural Gas Corp gained 1.4% to INR334.85. Automobile stocks were mixed ahead of the release of vehicle sales numbers for June. Vehicle sales in India have been slowing down over the last few months amid weak economic growth. India's gross domestic product growth dropped to a decade low of 5% in the financial year ended March 2013. Analysts expect June sales to remain weaker but the numbers will give some indication if good start to monsoon rains is leading to a pick-up in demand. Tata Motors was 1.0% higher at INR284.30, while Mahindra & Mahindra dropped 0.2% to INR964.70. Bajaj Auto was down 1.0% at INR1,899.30. Write to Ashutosh Joshi at ashutosh.joshi@dowjones.com via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFFSp0RMyvfVvOF0mY-91_KvBN04w&url=http://online.wsj.com/article/BT-CO-20130701-700129.html

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