A man wearing a protective mask walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 13, 2020. REUTERS/Francis Mascarenhas
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BENGALURU, Aug 16 (Reuters) – Indian stocks closed higher on Tuesday, buoyed by auto shares, with the NSE Nifty 50 index at the close to its highest level since April 5.
The NSE Nifty 50 Index (.NSEI) gained 0.7% to close at 17,825.25. The S&P BSE Sensex (.BSESN) closed up 0.6% at 59,842.21.
The Nifty Auto Index (.NIFTYAUTO) hit a record high, up 2.6%.
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Mahindra and Mahindra Ltd (MAHM.NS) gained a day after the automaker and Volkswagen AG (VOWG_p.DE) announced the expansion of their MEB alliance to accelerate the electrification of the Indian auto market.
Refinitiv Eikon data showed that 22 of the 43 companies included in the Nifty 50 Index beat analysts’ expectations for June quarter results. As of Friday, almost all Indian companies had reported their results.
Strong June quarter results boosted shares in Hero MotoCorp (HROM.NS) and Life Insurance Corporation of India (LIFI.NS), which ended up 2% and 2.3%, respectively.
Adani Ports and Special Economic Zone (APSE.NS) was the largest percentage gainer on the Nifty 50 after its unit agreed to buy an inland container depot in the West Indies from Navkar Corp Ltd (NAVR.NS).
Cooling consumer inflation data lifted sentiment in financial markets along with expectations that the central bank would likely slow the pace of interest rate hikes from next month. Continue reading
Analysts expect the second half of the year to improve for Indian companies, led by falling commodity prices which should ease pressure on margins.
India’s currency and debt markets remained closed on Tuesday for a public holiday.
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Reporting by Tanvi Mehta and Gaurav Dogra in Bengaluru; Edited by Subhranshu Sahu and Neha Arora
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