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Indian shares hit near 3-month peak as metal, auto stocks surge

07/29/2022 | 12:21am EDT
A man wearing a protective mask walks past the Bombay Stock Exchange (BSE) building in Mumbai

BENGALURU (Reuters) - Indian shares climbed on Friday to their highest in nearly three months and were on track for a second straight weekly rise, boosted by gains in metals and auto stocks.

The NSE Nifty 50 index was up 1% at 17,108, as of 0351 GMT, while the S&P BSE Sensex rose 1.04% to 57,446.93. The Nifty hit its highest since early May, while the Sensex touched a peak last seen in late April.

The Nifty metals index rose 1.5% on hopes of strong demand in top consumer China, while the auto index gained 1.9%, with TVS Motor Co up 9% after reporting a higher June-quarter profit.

SBI Life Insurance rose 7.5% and was the top gainer in the Nifty 50 index after reporting a higher quarterly profit.

Meanwhile, the rupee strengthened to its highest in nearly three weeks, tracking broad losses in the dollar on easing concerns over the need for continued aggressive interest rate hikes by the Federal Reserve.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Subhranshu Sahu)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRITISH POUND / US DOLLAR (GBP/USD) 0.16% 1.07831 Delayed Quote.-20.22%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.44% 0.73187 Delayed Quote.-6.95%
EURO / US DOLLAR (EUR/USD) 0.25% 0.96438 Delayed Quote.-15.39%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.33% 0.012294 Delayed Quote.-8.35%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.81% 0.57084 Delayed Quote.-16.03%
NIFTY 50 0.18% 17034.7 Delayed Quote.-0.15%
SBI LIFE INSURANCE COMPANY LIMITED -1.07% 1259.25 End-of-day quote.5.27%
SENSEX BSE30 -1.64% 57145.22 Real-time Quote.-1.90%
TVS MOTOR COMPANY LIMITED -1.22% 1025.1 End-of-day quote.63.48%
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