Sensex rises; Infosys buyback proposal lifts mood

Markets open on a positive note on Wednesday

Mumbai: The benchmark Sensex pared early gains, quoting up 42.71 points at 31,491.74 in a choppy trade amid sustained capital outflows.

Coal India, Infosys, Bharti Airtel, NTPC and Reliance were the top gainers on the Sensex, while HUL, Cipla, Maruti, Bajaj Auto and Hero MotoCorp were the top losers.

At 2.15 PM: Benchmark BSE Sensex was up by 62 points or 0.20% to trade at 31,833.23 whereas the wider NSE Nifty was up by 28 points at 9,925.80. Information Technology (IT) stocks rise.

The Infosys stock closed 4.54 percent or 44.35 points higher at 1,021.15 level on the BSE.

Among stock-specific action, Infosys ended 5 percent higher as the company said it will consider buyback of shares. The IT major- Infosys shares were up over 3% in afternoon trade.

Asian stocks edged higher on Thursday, as tensions between the United States and North Korea came off the boil, while the Federal Reserve's concerns about weak US inflation weighed on the dollar, reported in Reuters. Nifty opened above the 9,900 mark. The Nifty FMCG index was trading 0.3 percent higher after rising 2.5 percent in the previous session.

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 United States and North Korea eased. 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. The Sensex was up 43.94 points at 31814.83. As per reports by PTI, a softening of military posturing between the USA and North Korea on Wednesday came as music to the ears of investors, with the Sensex rallying 322 points, as domestic players pressed on with more buying. 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. This is also the second straight day when both markets closed in the green, supported by an across the board rally, reports said.

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