Indian shares open higher on auto, bank stock gains

BENGALURU: Indian shares opened higher on Monday, hovering near record highs and advancing for the third straight session, helped by gains in auto and bank stocks.

The blue-chip NSE Nifty 50 index rose 0.41% to 17,926.85 by 0345 GMT, and the benchmark S&P BSE Sensex was up 0.45% at 60,321.52.

Indian shares have outperformed peers in emerging markets, helped by flush liquidity and as progress in the country's vaccination campaign has bolstered sentiment ahead of the festive season.

Auto stocks were up 0.8%, helped by a more than 1% rise in Tata Motors, the top Nifty gainer, while public sector banks advanced 0.7%.

Asian shares were cautious, on concerns that a jump in oil prices could aggravate inflation and quicken hawkish action from the US Federal Reserve.