Sensex extends gains, Tata Motors zooms on strong sales

MUMBAI (Reuters) - Indian shares headed for a second consecutive session of mild gains on Wednesday tracking higher global shares, while auto makers surged after Tata Motors reported strong October sales, but foreign sales capped broader gains.

U.S. shares climbed for a fifth consecutive day on Tuesday, boosted by energy shares, pushing up Asian shares.

Meanwhile, Tata Motors jumped 6.5 percent, hitting its highest intra-day level since July 13, driven by strong Jaguar Land Rover sales in North America in October.

But broader gains were capped, as foreign investors sold about 4.5 billion rupees ($68.73 million) worth of shares on Tuesday and have been net sellers, selling Indian shares in four out of the past seven sessions.

"Data from the U.S. was supporting market in the opening session and the market had already entered into the oversold region yesterday," Alex Mathews, head of research at Geojit BNP Paribas, said.

The benchmark BSE Sensex was trading up 0.48 percent after earlier gaining as much as 0.79 percent.

The broader Nifty was up 0.33 percent.

Shares in DLF gained as much as 4.77 percent after the Supreme Court rejected the market regulator's plea to prevent DLF from selling stake in its rental arm.

The ruling came a day after India's biggest listed property developer posted a 21 percent jump in quarterly profit on lower costs even as home sales are slow to pick up in a recovering economy.

Shares in Nestle India rose as much as 4 percent after the company said samples of its noodle snack Maggi have been cleared by three laboratories.

(Reporting by Karen Rebelo in Mumbai; Editing by Sunil Nair)