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Indian shares see best day in over two weeks as Reliance, autos climb

04/21/2022 | 06:47am EDT
FILE PHOTO: Gardeners work outside the National Stock Exchange building in Mumbai

BENGALURU, April 21 (Reuters) - Indian shares marked their best session since April 4 on Thursday, buoyed by sharp gains in conglomerate Reliance Industries and beaten-down information technology stocks, while automakers climbed to two-month highs.

The NSE Nifty 50 index jumped 1.49% to 17,392.6, while the S&P BSE Sensex rose 1.53% to 57,911.68.

The indexes are still down marginally for the month on worries around the Ukraine crisis, surging inflation and a rout in technology stocks following weak earnings from Tata Consultancy Services and Infosys.

The Nifty Auto index was the best performing sub-index, climbing 2.2%. Top carmaker Maruti Suzuki advanced 2.8%, while truckmaker Eicher Motors surged 4.5%.

Heavyweight Reliance rose for a third session and settled at a record high. Morgan Stanley raised its target price on the conglomerate's stock earlier this week and said it expects up to a 10% boost to the company's net asset value in anticipation of quicker hydrogen monetization.

Three-wheeler maker Atul Auto surged 11.7% after saying its unit will partner with Valeo and Honda Power Pack Energy India for electric vehicles with battery swapping solution.

IT services provider HCL Technologies was up 0.9% ahead of its quarterly results.

The Nifty IT index, which plunged to eight-month lows earlier this week, closed 1.4% higher.

Steelmaker Jindal Steel and Power slid 2.9% after reports that India's federal financial crime fighting agency had raided its offices over suspected violation of foreign exchange regulations. ($1 = 76.3520 Indian rupees) (Reporting by Chandini Monnappa and Chris Thomas in Bengaluru; editing by Uttaresh.V)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ATUL AUTO LIMITED -0.68% 176.5 End-of-day quote.-7.57%
EICHER MOTORS LIMITED 0.31% 3408.8 End-of-day quote.31.62%
HCL TECHNOLOGIES LIMITED -0.72% 973.5 Delayed Quote.-25.66%
INFOSYS LIMITED -1.45% 1582.95 Delayed Quote.-14.91%
JINDAL STEEL & POWER LIMITED 1.80% 417.55 Delayed Quote.8.72%
MARUTI SUZUKI INDIA LTD 0.04% 8947.7 Delayed Quote.20.44%
MORGAN STANLEY 0.42% 91.73 Delayed Quote.-6.94%
NIFTY 50 0.07% 17956.5 Delayed Quote.3.40%
NIFTY IT 1.16% 30018.9 Delayed Quote.-21.82%
RELIANCE INDUSTRIES LTD -0.14% 2661.3 Delayed Quote.12.54%
SENSEX BSE30 0.06% 60298 Real-time Quote.3.44%
TATA CONSULTANCY SERVICES LTD. -0.58% 3381.25 Delayed Quote.-9.02%
VALEO 2.23% 20.62 Real-time Quote.-24.12%
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