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  1. Sensex clinches up 100 points; Infosys shines on fixture of buyback record date

Sensex clinches up 100 points; Infosys shines on fixture of buyback record date

Sensex and Nifty opened marginally higher on Tuesday as optimism about the better-than-expected second quarter earnings for the financial year 2018 and macroeconomic data grew.

By: | Updated: October 10, 2017 9:46 AM
The benchmark Sensex rose as much as 111 points to hit the day’s high of 31,957.61 after opening 64 points higher at 31,910.82. (Image: Wikimedia Commons)

Sensex and Nifty opened marginally higher on Tuesday as optimism about the better-than-expected second quarter earnings for the financial year 2018 and macroeconomic data grew. The benchmark Sensex rose as much as 111 points to hit the day’s high of 31,957.61 after opening 64 points higher at 31,910.82. The broader Nifty 50 jumped 30 points to mark the day’s high of 10,019.3 points after starting 25 points higher at 10,013.7. Investors are keenly awaiting for the second-quarter earnings starting with TCS on 12 October and Reliance Industries on 13 October. The macroeconomic data such as Index of Industrial production (IIP) for August and inflation numbers for September are also due on Thursday.

Shares of Lupin (up 2.5%), L&T (up 0.88%), Infosys (up 0.96%), Sun Pharma (up 0.79% ), and Cipla (up 1.1%) were the biggest gainers on Sensex while Adani Ports, Tata Motors, and Bajaj Auto fell up to 0.66%. The stock of heavyweight companies such as RIL, Infosys, L&T, and HDFC Bank contributed the most to the Sensex upsurge. Collectively these four stocks alone added about 70 points out of the 98-point gain in the index while HDFC and ITC capped the rise.

Nifty Pharma was the biggest gainer among the sectoral indices of NSE, gained almost 1%. Infosys stock also shined after the company’s buyback committee approved and fixed Wednesday, 1 November 2017 as the record date for determining the names of the equity shareholders for the proposed share repurchase.

Wall Street fell from record levels on Monday as gains in Microsoft and other technology stocks failed to offset a drop in General Electric and a slide in healthcare stocks. The S&P healthcare index moved 0.67 percent lower, weighed by a 3.61-percent slide in Medtronic after the medical device maker warned that its quarterly profit would be impacted after Hurricane Maria hit its operations in Puerto Rico, Reuters reported. The Dow Jones Industrial Average declined 0.06% to end at 22,761.07, while the S&P 500 lost 0.18% to 2,544.73. The Nasdaq Composite dropped 0.16% to 6,579.73.

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