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Indian shares ended higher on Monday, buoyed by auto and real estate stocks, as investors awaited headline inflation data due later in the evening. The broader NSE index closed 0.32% higher at 11,341.15 and the benchmark BSE index ended up 0.23% at 38,214.47. Indian retail inflation probably reached a 12-month high in September, but still leaving room for further interest rate cuts because it's expected to remain below the Reserve Bank of India's target, according to a Reuters poll.

Meanwhile, auto stocks led gains, with the index rising 1.67% at close. Tata Motors closed up 5.03%. DLF Ltd rose 6% and lifted the Nifty real estate index to end 1.92% higher. Infosys Ltd was the top loser of the day, dropping 3.5%. Indian retail inflation probably reached a 12-month high in September, but still leaving room for further interest rate cuts because it's expected to remain below the Reserve Bank of India's target, according to a Reuters poll.

However, India's industrial output shrank at its fastest rate in more than six years in August, reflecting the impact of an economic slowdown. India's growth has been plagued by a drop in demand and flooding due to above-normal monsoon, Barclays analyst Rahul Bajoria said, but indicated that there could be a bounce back in the second half of the year. "The case remains strong for further support to aggregate demand, and the household sector in particular," Bajoria wrote in a note.

Metal stocks led gains as the Nifty metals rose about 1.1% as commodity prices rose due to the progress in the Sino-US trade talks. Meanwhile, IT shares fell as India's No. 2 software exporter Infosys Ltd reported a September-quarter profit that could only meet expectations on Friday, signalling a tricky macroeconomic environment for the sector.

Copyright Reuters, 2019

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