11:26 PM
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By RAGHAVENDRA UPADHYAYA
MUMBAI--Indian shares were sightly higher Monday, led by gains in HDFC Bank500180.BY +0.79% and Hero MotoCorp, 500182.BY +4.10% and dealers expecting good buying support in rate-sensitive shares ahead of a central bank meeting this week.
At 0440 GMT, the Bombay Stock Exchange S&P BSE Sensex index was up 0.4% at 19367.08 points.
On the National Stock Exchange, the Nifty index was 0.4% higher at 5894.30.
"The stocks aren't expected to see sharp moves as investors are waiting for direction from the Reserve Bank of India," Sushant Kumar, vice president at Mumbai-based brokerage Bonanza Portfolio, said.
Mr. Kumar said investors have already discounted a quarter percentage point cut from the central bank at its meeting Friday, and with a shortened trading week the Nifty is likely to range between 5850 to 5940.
The stock markets will be closed for a holiday on Wednesday.
Hero MotoCorp was the top gainer on the Sensex, rising 4.1% to 1,662.30 rupees after the company announced a hefty dividend of 60.00 rupees late Friday, along with its results.
Other auto stocks that gained on hopes of a rate cut were Maruti Suzuki India,532500.BY +1.17% up 1.3% at 1,694.70 rupees, and Bajaj Auto, up 1.9% at 1,929.00 rupees.
HDFC Bank was up 1.0% at 696.00 rupees on the back of bargain buying as it didn't gain much after announcing fourth-quarter results Tuesday.
Mortgage firm Housing Development Finance Corp. 500010.BY -0.36% fell 0.2% following profit-taking. The stock was up 6.6% last week, but dealers said it could see some more profit-taking if the government fails to implement reforms soon on easing limits on foreign direct investment in the industry.
Hindustan Unilever 500696.BY -0.86% was 0.7% lower at 462.30 rupees ahead of its January-March results later Monday. Parent Unilever's results disappointed investors last week.
Software shares were also higher on bargain buying as the sector had under-performed the stock markets over the last three weeks after poor guidance fromInfosys 500209.BY +0.52% on April 12.
Infosys was 1.3% higher at 2,240.0 rupees, Wipro 1.3% higher at 334.65 rupees, andTata Consultancy Services 532540.BY +0.44% 1.2% higher at 1,384.20 rupees.
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