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Sensex, Nifty trade in green; Infosys gains 3% on share buyback proposal

18 August 2017

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.

Mild bouts of buying was witnessed in FMCG, auto, realty, healthcare and consumer durable sectors. "Infosys buyback is a very good thing for other IT companies", said AK Prabhakar, head of research, IDBI Capital.

Among the top index gainers: Coal India rose 4 percent, Infosys advanced 4.5 percent, Bharti Airtel gained 2.3 percent while NTPC was up 4.1 percent.

United States 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 anxious about weak inflation.

Mumbai: Indian shares rose for a third consecutive session on Thursday, with Infosys Ltd leading the gains after announcing a likely share buyback, while Asian markets rose as tensions between the USA and North Korea eased.

Infosys, the country's second largest IT exporter, zoomed most by 4.54 per cent, after the company said the board will take up a proposal for buyback of shares on Saturday, helping the key indices post gains for the third day in a row. The market breadth was narrow as 1,399 shares advanced against a decline of 1,161 shares, while 138 shares were unchanged.

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The broader NSE Nifty ended 0.07 percent higher at 9,904.15, after earlier advancing as much as 0.51 percent.

HDFC Bank fell 0.7% after lowering interest rate on savings accounts by 50 basis points to 3.50% on balance of up to five million rupees. It was quoting 31,491.74 at 1100 hours, up 42.71 points or 0.14 per cent. India VIX closed higher by 1.53% at 11. The apex court upheld an order by the Delhi High Court which allowed the company to use land at Delhi airport for non-aviation or commercial purposes.

Hong Kong's Hang Seng Index slipped 0.30 percent by 3:09 p.m. HK/SIN as earnings reporting season continued. A government policy in 2016 had barred airports from using such land for non-aeronautical purposes.

■ 9.40am: Coal India Ltd rose 2.4% to Rs242.65 after a huge block deal.

Going forward, experts are placing their bet on the market to perform sideways for a while.

Sensex, Nifty trade in green; Infosys gains 3% on share buyback proposal