teknolojiarsivi.com July 20, 2018

India's Nifty reclaims 9900; Infosys climbs on buyback plan

18 August 2017, 12:30 | Vickie Mathis

BSE Sensex traded higher on Wednesday

BSE Sensex traded higher on Wednesday

Traders said volatility crept in due to emergence of sudden selling in the last half an hour of the session, which took away much of the day's gains. The 30-share BSE Sensex gained 24.57 points to close on 31,795.46 while the broader 50-share NSE Nifty gained a marginal 6.85 points to finish trading on 9,904.15, thereby managing to close above the psychological mark of 9,900.

The fall was led by sectors such as banks, auto, pharmaceuticals and FMCG stocks, while the sectors that ended in the green included was information technology. The flagship BSE Sensex too climbed 128.43 points, or 0.39 per cent, to trade at new record high of 32,374.30, breaking its previous record high of 32,320.86 reached in yesterday's trade.

Stocks consolidated their gains on Thursday after US Fed minutes signalled uncertainties over near-term rate hikes.

The Sensex is trading at 31,513.07 points up by 64.04 points or 0.20 percent.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declining.

Mid- and small-cap indices closed mixed.

■ 9.05am: Infosys Ltd rose 3% to Rs1,002.75 after the company said its board will meet to consider buyback of shares on 19 August.

Additionally, Investors in GMR Infra had a field day as the stock gained closed 13 percent higher after a Supreme Court ruled a case in its favour.

Hong Kong's Hang Seng Index slipped 0.30 percent by 3:09 p.m. HK/SIN as earnings reporting season continued.

The fact that Asian markets had picked up as US-North tensions ebbed over the weekend also influenced the markets. The apex court upheld an order by the Delhi High Court which allowed the company to use land at Delhi airport for non-aviation or commercial purposes. "Infosys buyback is a very good thing for other IT companies", said AK Prabhakar, head of research, IDBI Capital.

Shares of Coal India ended over 4 percent higher.

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