Indian equities were trading range bound on Thursday as the benchmark Sensex shuttled between 31,937.51 – 31,714.1 points. Domestic markets fell in the mid-morning trade after a strong opening for the third consecutive session then again went higher in the afternoon trade. BSE Sensex which gained over 150 points in the opening bell was trading 114 points higher at 31,885.18.89 points in the afternoon. However, Asian stocks were mostly up after the geopolitical tensions between the United States and North Korea seemed to ease.
Here are 6 large-cap stocks which were trading strong since morning despite choppy trade in benchmark indices:
Shares of India’s second largest software services exporter Infosys, rose as much as 4% to Rs 1,014.8 after the company said on Wednesday its board would consider a proposal to buy back shares at a meeting later on 19 August. Infosys did not disclose details of the proposed share buyback in the intimation sent to the stock exchanges on Wednesday yet, however, previous news reports have pegged its size to be at around Rs 16,000-17,000 crore.
Shares of the backbone of Indian power sector gained 5.69% to Rs 125.3 on the prospective buying. The state run financial institution has recently reported a decline of 16.6% in the standalone net profit to Rs 1,428.59 for the April-June quarter of FY 2018. The decrease in the net profit was due to lower interest income, the company said. Its interest income came down to Rs 6,779.82 crore in the quarter ended 30 June as compared to Rs 7,072.05 crore in the same period in previous year.
Shares of the largest coal producer company in the world Coal India gained 4.64% to Rs 248.05; the stock gained traction after a series of two block deals were executed of 35.2 lakh shares on NSE. Maharatna company recently posted a 23% decline in the consolidated profit to Rs 2,351.2 crore for the April-June quarter for the FY 2018. However, Coal India’s consolidated income registered an increase of 4.5% at Rs 21,774.4 crore during April-June quarter.
Other large-cap stocks which advanced today are, Vedanta, one of the world’s largest diversified natural resource major rose 4.32% to a 52-week high of Rs 310; BPCL (Bharat Petroleum Corporation Ltd) gained 3.56% to Rs 501.25 while REC (Rural Electrification Corporation) advanced 3.54% to Rs 169.7.