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Shares of automobiles companies have gained ground after the state-run oil marketing companies cut petrol price by Rs 2.46 per litre. This is the second time that fuel retailers reduced petrol price since they raised it by Rs 7.50 a litre on May 24. The fuel price had been cut by Rs 2 a litre on June 3.
At the Bombay Stock Exchange, the BSE Auto index has rallied almost 2% or 152 points in opening trades, as against the 1.5% rise in the benchmark Sensex.
Tata Motors, Maruti Suzuki and Mahindra and Mahindra are opened higher by 2% each, while Ashok Leyland, Bajaj Auto and Hero MotoCorp are up 1-2% on the BSE.
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