Sensex gains 116 points; Infosys soars over 5% on buyback proposal
- Author: Kyle Peterson Aug 18, 2017,
Aug 18, 2017, 0:15
The BSE market breadth was bullish with 1,430 advances and 963 declines.
Mumbai: The benchmark Sensex pared early gains, quoting up 42.71 points at 31,491.74 in a choppy trade amid sustained capital outflows.
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. The Nifty PSU Bank index, which has lost almost 9% since India's central bank announced its decision to cut repo rate, gained as much as 1.08%.
Major Sensex gainers on Wednesday were: Tata Motors, up 3.57 per cent at Rs 389.05; Cipla, up 3.54 per cent at Rs 590.20; ITC, up 3.01 per cent at Rs 279.30; HUL, up 3 per cent at Rs 1,186.95; and Sun Pharma, up 2.69 per cent at Rs 485.20. Shares of two-wheeler market leader, Hero MotoCorp surged 0.28 per cent to Rs 3,717.20 after the company yesterday reported a 3.5 per cent increase in its profit after tax at Rs 914.04 crore for the first quarter ended June.
Indian shares ended lower in a volatile trading session on Friday, ahead of the expiry of futures and options contracts next week, with indexes posting.
■ 9.30am: BSE Sensex trades higher by 69 points, or 0.22%, to 31,840, while the Nifty 50 rises 26 points, or 0.26%, to 9,923. The S&P BSE mid-cap index rose by 1.26 per cent and the small-cap index by 1.31 per cent. While Hong Kong's Hang Seng rose by 0.14%, Shanghai Composite Index was up by 0.32%.
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.
■ 9.40am: Coal India Ltd rose 2.4% to Rs242.65 after a huge block deal.