Indian share prices rose 1.96 percent on Monday after global oil prices fell from recent record highs, dealers said. They also said bank stocks led the gains as investors saw value after last week's US Federal Reserve 75 basis point cut in its key lending rate.
The 30-share benchmark Mumbai stock exchange Sensex index rose 294.57 points to 15,289.4, its third straight day of gains. Losers led gainers 2,147 to 536 on volume of 46.63 billion rupees (1.15 billion dollars).
The rupee strengthened against the dollar to 40.34 from 40.45 and also rose against the euro to 62.01 from 63.48. "This is a relief rally after a corrective phase," said Bhaskar Kapadia, a partner with brokerage Pyramid Securities.
India's leading vehicle maker Tata Motors rose 11.9 rupees or 1.83 percent to 662.35 after the company said it would expand capacity at a joint venture plant with Italy's Fiat in western India. India's second largest lender ICICI Bank rose 38.2 rupees or 4.98 percent to 804.55 and housing finance firm HDFC rose 171.1 rupees or 7.73 percent to 2,384.05. Engineering multinational Larsen and Toubro rose 98.2 rupees or 3.46 percent to 2,937.2.
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