BSE, NSE open strong on rate cut hopes, auto stocks gain

BSE Sensex and NSE Nifty opened in green during opening trade on Monday. 

At 9.20 am, Nifty 50 was trading at 8660.10, above 48.95 points or 0.57%; while Sensex was trading over 28,000-level, up by 142.85 points or 0.51%. 

The 30-scrip market was positive with 23 advances and 7 declines, and that of 50-scrip index was with 43 advances and 8 declines. 

Auto stocks were top gainer in the early trading on BSE on the back of September sales announcement. Maruti Suzuki took the lead on BSE, by trading at Rs 5650 per share, up by 3.06%. 

Other noticeable auto stocks were Tata Motors trading at Rs 544.15 per share, surging 1.76%, Hero Motocorp at Rs 3460.95 per share, above 1.36% and Bajaj Auto at Rs 2863 per share, up by 1.09%. 

Among other major top gainers were Adani Ports at Rs 262.55 per share, rising 2.61%, State Bank of India at Rs 253.95 per share, above 1.28% and Sun Pharma at Rs 75.25 per share, up by 1.16%. 

While the top losers on BSE were - Infosys at Rs 1028.95 (0.88%), ONGC at Rs 254.70 (0.78%), ICICI Bank at Rs 2416.40 (0.44%) and HDFC Bank at Rs 1388.15 (0.35%). 

Urjit Patel, new Reserve Bank of India (RBI) Governor is scheduled to announce its first monetary policy on Tuesday afternoon. Markets hope for a rate cut but analysts expect status-quo.