October 27, 2019 / 3:36 PM / 25 days ago

CORRECTED-Indian shares rise in special 'muhurat' session on Diwali

(Corrects second paragraph to say regular trading resumes on Tuesday, not Monday)

NEW DELHI, Oct 27 (Reuters) - Indian shares made modest gains in a special “muhurat” one-hour trading session for Diwali on Sunday, underpinned by banks and automobile stocks.

“Muhurat” means auspicious in Hindi, and many traders believe gains made during this session bring prosperity and wealth in the year ahead. Regular trading resumes on Tuesday.

The benchmark BSE index rose 0.49% to 39,250.20, while the broader NSE index climbed 0.37% to 11,627.15.

The Nifty PSU Bank index, which tracks the country’s state-owned lenders, settled 0.29% higher.

Shares in the State Bank of India settled 0.09% higher. The State Bank of India, the country’s biggest lender by assets, reported a three-fold rise in profit for the quarter ending in September.

Private lender ICICI Bank Ltd ended 0.1% higher.

Tata Motors Ltd finished the session 16.44% higher.

On Friday, Jaguar Land Rover owner Tata Motors posted a smaller-than-expected loss in the second quarter as a pick up in sales of its luxury car in China helped it ride out weak vehicles sales in India, its home market.

Improved sales for JLR is an indication of recovery for the iconic British brand which had been hit by a trend to move away from diesel cars towards cleaner fuels in markets such as China and Britain.

Reporting by Mayank Bhardwaj, editing by Deepa Babington

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