Published: Fri, August 18, 2017
Entertaiment | By Simon Arnold

Sensex, Nifty open in the green, currency markets closed

Sensex, Nifty open in the green, currency markets closed

The IT sub-index of NSE closed 1.29 per cent higher.

"Markets rallied sharply higher on Wednesday after a weak opening to close with gains for the second consecutive session".

Among stock-specific action, Infosys ended 5 percent higher as the company said it will consider buyback of shares.

Coming to sectors, FMCG hit it off with a gain of 2.43 percent. KPIT Technologies gained 3 per cent and Tech Mahindra 1.6 per cent. The 30-share Sensex surged by 166.62 points, or 0.52 per cent, to 31,937.51 points in early trade after gaining 557.30 points in the previous two sessions. Nifty IT index rises by 1.57%.

The broader NSE Nifty was up 0.35 percent at 9,932.40 as of 0530 GMT, while the benchmark BSE Sensex was 0.30 percent higher at 31,867.08.

Top five Sensex gainers were Infosys (+4.9%), Coal India (+4.62%), NTPC (+2.41%), Bharti Airtel (+2.11%) and Reliance (+0.75%), while the major losers were Cipla (-1.29%), Adani Ports (-1.06%), Maruti (-0.93%), Kotak Bank (-0.85%) and HUL (-0.77%).

The Nifty50 closed higher by 103.15 points or 1.05 per cent at 9,897.30 points, while the Sensex closed at 31,770.89 points - up 321.86 points, or 1.02 per cent. Midcaps continued to gain and metals were trading in the green on Thursday. Zinc surgedabove $3,000 a metric ton for the first time in nearly a decade, while aluminum approached a three-year high. The panel-a so-called alternative mechanism approved by the CCEA at a meeting on Wednesday-may also help the government raise more revenue from asset sales.

Infosys' buyback decision has come in the back of massive investors' pressure who wanted the company to utilise its cash reserves of $6 billion either through share buyback or generous dividend. However, details of the buyers and sellers were not known.

Desai pointed out that consumer stocks gained as the Nifty FMCG index rose almost 2 per cent in its biggest intra-day percentage gain in over a month, recovering from recent losses sparked by worries about the impact from India's new goods and services tax.

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