BENGALURU, Aug 16 (Reuters) - Indian shares ended higher on
Tuesday, boosted by auto stocks, with the NSE Nifty 50 index
posting its highest level since April 5 at close.
The NSE Nifty 50 index gained 0.7% to end at
17,825.25. The S&P BSE Sensex closed up 0.6% at
The Nifty Auto index hit a record high with its
Mahindra and Mahindra Ltd gained, a day after the
automaker and Volkswagen AG announced the expansion
of their MEB alliance to accelerate electrification of the
Indian auto market.
Refinitiv Eikon data showed 22 of the 43 companies listed on
the Nifty 50 index beat analysts' expectations for results in
the June-quarter. Nearly all Indian companies had reported their
results by Friday.
Strong June-quarter results drove shares of Hero MotoCorp
and Life Insurance Corporation of India,
which ended up 2% and 2.3% respectively.
Adani Ports and Special Economic Zone was the top
percentage gainer on the Nifty 50, after its unit agreed to buy
inland container depot in western India from Navkar Corp Ltd
Cooling consumer inflation print lifted sentiment in
financial markets alongside expectations the central bank was
likely to rein in the pace of its policy rate hikes from next
Analysts expect the second half of the year to improve for
Indian firms, led by softening commodity prices that are
expected to ease the pressure on margins.
India's currency and debt markets remained closed on Tuesday
for a holiday.
(Reporting by Tanvi Mehta and Gaurav Dogra in Bengaluru;
Editing by Subhranshu Sahu and Neha Arora)