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Sensex rises; Infosys buyback proposal lifts mood

Sensex rises; Infosys buyback proposal lifts mood”

The 50-issue Nifty breached the historic 10,000 level by gaining 44.90 points, or 0.45 per cent, to trade at all-time high of 10,011.30, surpassing its previous intra-day high of 9,982.05 touched yesterday. The closing session saw auto, FMCG, bank and pharma sectors losing heavily. Key benchmark indices oscillated around the flat line today to finally close the day with marginal gains. Midcaps continued to gain and metals were trading in the green on Thursday. Infosys gained more than 4 per cent on both the indices after the IT major's board said it will consider a proposal to buy back shares at its meeting that will be held on Saturday.

There were 907 advances, 725 declines and 328 unchanged stocks on NSE reflecting a mild positive undertone floating in the market.

Sentiment was also upbeat across global markets with Asian shares advancing as tensions between the US and North Korea came off the boil, although the Federal Reserve's concerns about weak USA inflation weighed on the dollar.

The Sensex is trading at 31,513.07 points up by 64.04 points or 0.20 percent.

More news: India and China troops clash along Himalayan border
More news: Netanyahu Aide Says Israeli Leader Calm in Face of Charges
More news: Chinese Tourists Arrested for Nazi Salutes in Berlin

BSE Mid-cap index closed lower by 0.35% at 15,228.

Implementation of a higher house rent allowance, as recommended by a panel for federal government employees, and farm loan waivers by some states will spike inflation in coming months, Reserve Bank of India Governor and head of India's Monetary Policy Committee Urjit Patel said, according to the MPC meeting minutes released Wednesday. Among other Asian markets, Hong Kong's Hang Seng index was up 0.09 per cent while Japan's Nikkei shed 0.13 per cent. Shanghai Composite Index down 0.32 per cent. 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.

Shares of Coal India ended over 4 percent higher.

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



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