1. Sensex bounces 100 points in opening trade; Infosys, Sun Pharma, Tata Motors lead the index

Sensex bounces 100 points in opening trade; Infosys, Sun Pharma, Tata Motors lead the index

Indian stock market opened higher on Wednesday tracking Asian stocks which edged up in the early trade today.

By: | Published: August 24, 2017 9:48 AM
BSE Sensex rose over 100 points to open at 31,673.44 points and NSE Nifty gained 29 points to open at 9,881.2 points. (Image: BSE)

Indian stock market opened higher on Wednesday tracking Asian stocks which edged up in the early trade today. BSE Sensex rose over 100 points to open at 31,673.44 points and NSE Nifty gained 29 points to open at 9,881.2 points. The buying in the shares of heavyweight companies Infosys, ITC, TCS, Sun Pharmaceuticals and Reliance Industries led the benchmark indices to trade in green.

Within minutes of trading both the benchmark indices pared early morning gains with the Sensex trading up 0.11% at 31,602.64 points and the broader Nifty 50 trading 0.15% higher at 9,867.45 points. Shares of Infosys (up 1.47%), Sun Pharma (up 1.13%), Lupin (up 0.76%), Hero MotoCorp (up 0.64%), Tata Motors (up 0.93%) and Power Grid (up 0.66%) were the lead gainers on the benchmark Sensex today while Bajaj Auto (down 0.68%), Maruti Suzuki (down 0.68%), Dr Reddy’s (down 0.59%), Adani Ports (down 0.79%), HUL (down 0.55%) drag the index.

The stock of India’s second-largest information technology firm Infosys was the top gainer on Sensex after a group of 12 major institutional investors in Infosys has asked the Indian IT services company to bring former CEO Nandan Nilekani back on to its board to try to resolve a feud with the company’s founders. The differences prompted its Chief Executive Vishal Sikka to resign on Friday, sparking a sell-off that has wiped over $4.5 billion from Infosys’ market capitalization over the last four trading sessions.

Shares of the blue-chip companies Infosys, ITC, Reliance Industries, Sun Pharma and Tata Motors were the top contributors in uplifting the 30-share barometer Sensex while HDFC, HDFC Bank, Maruti Suzuki, Kotak Mahindra Bank and HUL capped the gains. The sectoral indices of NSE were trading mixed with five out of 11 of them hovering in red.

US stocks closed lower on Wednesday as investors grappled with a threat from President Donald Trump to shut down the government if Congress fails to fund a Mexico border wall. The Dow Jones Industrial Average fell 0.4% to 21,812.09 points, the S&P 500 lost 0.34% to 2,444.07 points and the Nasdaq Composite dropped 0.3% to 6,278.41 points.

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