BENGALURU, Aug 8 (Reuters) - Indian shares recovered from
early losses on Monday, as a fall in oil prices and
strengthening automobile stocks boosted investor sentiment.
The NSE Nifty 50 index rose 0.36% at 17,460.85, as
of 0513 GMT, and the S&P BSE Sensex climbed 0.44% to
58,645.12. The benchmark indexes on Friday had logged their
third straight weekly gain, advancing 1.4% each.
"The price of crude staying below 95 and foreign investors
buying Indian shares last week are mainly the two factors that
are keeping us positive," said Neeraj Dewan, director at Quantum
Foreign investors have poured $1.79 billion into Indian
equities so far this month, according to Refinitiv data.
Meanwhile, oil prices hovered near multi-month lows on
Monday, as data pointed to a slow recovery in China's crude
imports in July.
India, the world's third largest importer of oil, benefits
from fall in crude prices as it brings down imported inflation.
In Mumbai trading, Nifty's auto index advanced
more than 0.6%. Automaker Mahindra and Mahindra was
the top performer on the Nifty 50, gaining as much as 2.6%.
Among individual stock moves, State Bank of India
fell as much as 3.2% and was the top drag on Nifty 50 index. The
bank, on Saturday, missed estimates with a 6.7% fall in
first-quarter profit hit by investment losses.
FSN E-Commerce Ventures, parent of
cosmetics-to-fashion retailer Nykaa, rose as much as 4.4% after
it reported a rise in quarterly profit.
Indian markets will be closed on Tuesday for a holiday.
Investors are awaiting data from U.S. on consumer prices due
on Wednesday which will offer more clues on the pace of rate
hikes by the Federal Reserve.
A solid U.S. payrolls data, last week, pushed back against
talks of recession in the world's largest economy, but also
bolstered the case for more super-sized rate hikes.
(Reporting by Rama Venkat in Bengaluru;editing by Neha Arora
and Dhanya Ann Thoppil)