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

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

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

India's second-biggest software services exporter Infosys received approval from SEBI on share buyback proposal to be considered in meeting to be held on August 19.

The Asian markets on Thursday rose as tensions between the USA and North Korea.

At 9.28 a.m, the Sensex was trading up 69.71 points or 0.22% at 31,840.60 with 14 components gaining.

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The Nifty IT also gained by 1.30 per cent and Nifty Media by 1.00 per cent.

Desai pointed out that consumer stocks gained as the Nifty FMCG index rose almost 2 per cent in its biggest intra-day percentage gain in over a month, recovering from recent losses sparked by worries about the impact from India's new goods and services tax.

Currency markets and banks are shut today on the account of Parsi New Year. Banks continued to be under pressure at the opening bell. Along with this, value buying on the back of decline on Wednesday could have boosted investors' interest in the stock. Trading will resume on Friday.

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On Thursday, the equity benchmarks ended on a flat note after the indices erased gains in the last hour of trading.

On the other hand, the broader 51-scrip Nifty at the National Stock Exchange (NSE) opened at 9,825.85 points after closing at 9,794.15 points. Besides, broadly positive global cues, coupled with intense buying activities in automobile, banking and FMCG stocks, lifted investors' sentiments. Similarly, the major losers in BSE Sensex were PowerGrid with 219 points down followed by Tata Motors, Kotak Bank and Hindustan Lever at 387, 994 and 1176 points low during early morning trade. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 31,805.99 points and a low of 31,399.35 points. This movement led to erasing nearly all of its gains by the indices, which were trading with gains of over 100 points on the Sensex, and the Nifty placed comfortably above 9900-mark.

Nifty too was leading in the green by 0.25% to 9921.80. Coal India shares rise over 4%, Infosys shares rise over 3%, Bharti Airtel shares rise 1.98%.

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