Sensex up; auto stocks up on tax cut

Reuters Market Eye - The BSE Sensex gains 0.3 percent while the broader Nifty is up 0.2 percent.

Auto shares gain after the finance minister proposes excise duty reductions on small cars, two-wheelers, commercial and larger vehicles in the interim budget for 2014/15.

Shares in DLF Ltd down 1.4 percent after its December-quarter net profit lagged estimates when adjusted for 1.92 billion rupees of tax credit.

Jet Airways shares gain more than 6 percent as traders expect Etihad may be forced to make an open offer to retail shareholders after a source tells Reuters that market regulator has served notice to the Abu Dhabi-based airline.

 

(Reporting by Indulal PM)