Mumbai, Mar 29: Indian shares ended higher for the third straight session on Monday, as investors bought automobile, metal and power stocks on expectations of robust quarterly earnings, brokers said.
But fresh gains by the rupee against the dollar spooked sentiment on export-driven technology stocks, they said.

The 30-issue Bombay share index -- Sensex closed up 42.43 points or 0.77 per cent at 5,571.37 points, after rising 1.6 per cent last week. Technical analysts said the close above 5,550 was a positive for the market but added trade was likely to be in a range over the next few weeks.
"The index should trade between 5,200 and 5,600 till election uncertainties are out of the way," said director at brokerage Kotak Securities, Falguni Nayar.

Leading Indian companies start reporting earnings for the January-March quarter from the middle of April but investors are likely to wait for the outcome of the forthcoming national elections before firming their views on market direction, she added.

National elections start on April 20.

Volume on the Bombay Stock Exchange was light at 90 million shares, compared with Friday's 133 million. Market breadth was positive, with gainers outpacing losers by about two to one.

Tata Motors Ltd, the nation's biggest truck and bus maker, gained 1.4 per cent to Rs 473.05 while Bajaj Auto Ltd, the second-biggest motorcyle maker, rose 2.4 per cent to Rs 892.55. Hindalco Industries Ltd, India's biggest aluminium maker, spurted 1.2 per cent to Rs 1,231.10.

Vehicle sales have surged in the past three months, riding a boom in the economy and low interest rates.

Shares in technology companies, which derive about 70 per cent of their revenues from the United States, dropped after the rupee struck a 46-month closing peak, gaining nearly one per cent on the day.

The rupee, which closed at 44.07/08 per dollar, has risen around 3.5 per cent against the dollar so far this year after gaining 5.2 per cent in 2003.
Infosys Technologies Ltd, India's second-biggest software services exporter, shed 1.6 per cent to Rs 5,216.40 and Wipro Ltd, the third-biggest exporter, dropped 1.2 per cent to Rs 1,140.60.


Larsen & Toubro Ltd (L&T), the second-biggest cement maker, fell 3.3 per cent to Rs 555.70 on talk some shareholders have filed a petition against the proposed merged of its cement business with Grasim Industries Ltd.


L&T officials could not be reached for comment immediately.

The broader National exchange index closed up 0.83 per cent at 1,762.05 points. Bureau Report