Sensex Up By 90 Points at 31861, Nifty Reclaims 9900 Mark

Aug 18, 2017, 00:27
Sensex Up By 90 Points at 31861, Nifty Reclaims 9900 Mark

Indian shares ended almost flat on Thursday paring early gains due to a decline in banking shares, while a surge in market heavyweight Infosys Ltd after the announcement of a probable share buyback propped up the indexes.

Among stock-specific action, Infosys ended 5 percent higher as the company said it will consider buyback of shares. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 31,805.99 points and a low of 31,399.35 points.

Indian shares ended little changed on Thursday as gains in software makers following share buyback proposal by Infosys were tempered by selling in autos and bank stocks. The meeting of board of directors of the company will consider a proposal for buyback of equity shares of the company at its meeting to be held on August 19. 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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Markets in Europe were lower Thursday as uncertainty surrounding internal USA policy continued to weigh on investor sentiment despite lessening tensions from North Korea.

However, it succumbed to profit-booking before closing up by 24.57 points, or 0.08 per cent, at 31,795.46. The flagship BSE Sensex too climbed 128.43 points, or 0.39 per cent, to trade at new record high of 32,374.30, breaking its previous record high of 32,320.86 reached in yesterday's trade.

Mid- and small-cap indices closed mixed.

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GMR Infrastructure jumped 13.4% after India's Supreme Court on Thursday upheld a ruling of the Delhi high court that allowed Delhi International Airport Ltd, a unit of GMR Group, to put airport land to commercial use for non-aeronautical purposes.

Coal India was the second-biggest mover (4.22 per cent). While Hong Kong's Hang Seng rose by 0.14%, Shanghai Composite Index was up by 0.32%.

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

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