Sensex gains 116 points; Infosys soars over 5% on buyback proposal

Sensex jumps 154 points in early trade
Markets open on a positive note on Wednesday
Author

18 August, 2017

The Nifty PSU Bank index, which has lost almost 9 percent since India's central bank announced its decision to cut repo rate, gained as much as 1.08 percent.

The Sensex touched a high of 31,805.99 points and a low of 31,399.35 points during the intra-day trade.

The Nifty has gained by 193.35 points or 1.99 per cent in three trading days.

Indian shares ended lower on Friday, after jumping to record highs twice this week, as investors turned cautious ahead of inflation data and booked profits.

Benchmark indices opened on a positive note on Thursday amid firm trading in other Asian markets after recent minutes from US Fed policy meet suggests policymakers there were wary of weak inflation, with some calling for a halt interest rate hikes until a clear trend emerges. The 31-scrip index was trading at 31,837.21 up 67 points or 0.21%, while the 51-scrip index surged by almost 28 points or 0.28% trading at 9,924.80.

Shares of Infosys, the country's second largest software services exporter, zoomed 4.54 per cent to Rs 1,021.15, after the company said the board will take up a proposal for buyback of shares on Saturday, helping the key indices maintain rising streak for the third day in a row.

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"For Infosys, the buyback will lead to higher RoE and payout ratio. Metals, Pharma and banking stocks saw a recovery".

Indian equity markets edged higher on Thursday as tensions between the United States and North Korea eased and optimism flow on the back of Infosys share repurchase, as the IT company said it will consider a proposal for buyback of equity shares later this week. At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 9,897.30 points, was quoting at 9,924.60 points, up by 27.30 points or 0.28 per cent. Collectively these stocks added 40 points in the Sensex rise.

BSE Sensex gained 148 points and NSE advanced 48 points to open at 31,919.17 points and 9,945.55 points respectively.

The index was up by 77.82 points or 0.24% up at 31848.71.

Top five Sensex gainers were Infosys (+4.9%), Coal India (+4.62%), NTPC (+2.41%), Bharti Airtel (+2.11%) and Reliance (+0.75%), while the major losers were Cipla (-1.29%), Adani Ports (-1.06%), Maruti (-0.93%), Kotak Bank (-0.85%) and HUL (-0.77%).


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