Indian shares rise on Tata Motors-led auto boost

FILE PHOTO: A man watches a large screen displaying India’s benchmark share index on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, September 29, 2016. REUTERS/Shailesh Andrade

BENGALURU (Reuters) – Indian shares rose on Tuesday, helped by automobile stocks after an upbeat outlook from Tata Motors, while investors also awaited results from other heavyweights including Sun Pharma and Bharti Airtel due later in the day.

The blue-chip NSE Nifty 50 index rose 0.27% to 17,978.05 and the benchmark S&P BSE Sensex rose 0.22% to 60,270.04 by 0357 GMT.

Last week, the Nifty and Sensex shed 3.3% each over the final three sessions on concerns of overvaluations and heavy selling by foreign investors, before recouping some of those losses on Monday.

In Mumbai trading, the Nifty Auto Index added 1.47%, helped by Tata Motors, which was also the top percentage gainer on the Nifty 50.

The automaker’s shares rose 2.8% after it projected pre-tax earnings margin and free cash flow at its British luxury unit Jaguar Land Rover to turn positive in the second half of fiscal 2022.

Among other individual stocks, agrochemical holding company PI Industries shed 7.1% after its deal with active pharmaceutical ingredient maker IND Swift Laboratories fell through.

Broader Asian markets were mixed as investors awaited several key central bank meetings that could set the tone for risk appetite heading into next year. [MKTS/GLOB]

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