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NSE ends at 4-month high

August 17, 2022 00:00:00

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 per cent to end at 17,825.25. The S&P BSE Sensex closed up 0.6 per cent at 59,842.21. The Nifty Auto index hit a record high with its 2.6 per cent gain.

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 per cent and 2.3 per cent 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.

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