Indian shares rise as IT and automobile stocks boost, crude prices fall

BENGALURU (Reuters) -Indian shares climbed in early trades on Monday, after rising for two consecutive weeks, boosted by IT and automobile stocks and tracking gains in Asian equities and a fall in oil prices.

The NSE Nifty 50 index rose 0.97% to 17,959.30 as of 0402 GMT, and the S&P BSE Sensex was 0.99% higher at 60,555.83.

For the month as of last close, the indexes have added more than 4% each on the back of corporate earnings reports and hopes of a less-hawkish stance from major central banks.

Oil prices fell on Monday on concerns that widening COVID-19 curbs in China will curtail demand, while India, the world’s third-biggest importer of oil, benefits from a slide in prices as it brings down imported inflation.