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  1. Sensex gains over 100 points in opening trade; Infosys stock soars on share repurchase

Sensex gains over 100 points in opening trade; Infosys stock soars on share repurchase

Indian equity markets edged higher on Thursday as tensions between the United States and North Korea eased and optimism flow on the back of Infosys share repurchase.

By: | Published: August 17, 2017 9:45 AM
BSE Sensex gained 148 points and NSE advanced 48 points to open at 31,919.17 points and 9,945.55 points respectively. (Image: BSE)

Indian equity markets edged higher on Thursday as tensions between the United States and North Korea eased and optimism flow on the back of Infosys share repurchase, as the IT company said it will consider a proposal for buyback of equity shares later this week. BSE Sensex gained 148 points and NSE advanced 48 points to open at 31,919.17 points and 9,945.55 points respectively.

However, within minutes of trading, the benchmark indices lost the pace and pared the opening gains as the 30-share barometer was trading up 0.11% at 31,806.94 points while the broader Nifty 50 was trading 0.09% higher at 9,906.25 points. Infosys shares were the top gainers, rose as much as 3.6% to the day’s high of Rs 1,010.35 on NSE after the India’s second largest information technology services have said it will consider a proposal for buyback of equity shares of the company later this week at its board meeting on Saturday, 19 August.

Other gainers on BSE Sensex includes Reliance Industries (up 1.5%), Bharti Airtel (up 1.49%), Dr Reddy’s Laboratories (up 1.04%), Tata Steel (up 0.71%) and ICICI Bank (up 0.48%). Seven out of eleven sectoral indices of NSE were trading in green including Nifty IT, Media, Metal, Pharma, PSU Bank, Realty with gains up to 1.56% while Nifty bank, Auto, Fin Service, FMCG and Pvt Bank were trading in red with losses up to 0.27%.

Shares of heavyweights Infosys, Reliance Industries, ICICI Bank, Bharti Airtel, Tata Steel were the major uplifters which contributed the most in the upsurge of benchmark indices. Collectively these stocks added 40 points in the Sensex rise.

Forex and money markets are closed today on account of ‘Parsi New Year’.

US stocks ended slightly firmer on Wednesday but off the day’s highs as worries mounted over President Donald Trump’s agenda and minutes from the latest Federal Reserve meeting suggested policymakers are worried about weak inflation. The Dow Jones Industrial Average rose 0.12% to end at 22,024.87 points, the S&P 500 gained 0.14% to 2,468.11 points and the Nasdaq Composite added 0.19%, to 6,345.11 points.

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