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

Calvin Saunders
August 18, 2017

"Caution prevailed as a faster-than-expected rise in consumer price inflation in July reduced the chances of another interest rate cut by the Reserve Bank of India, which cut its main policy rate early this month by 25 basis points to 6 per cent, the lowest since November 2010", said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

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. The Nifty FMCG index was trading 0.3 per cent higher after rising 2.5 per cent in the previous session. Infosys rose 4.5% to close at 1,021.15 rupees.

The key Indian equity indices traded on a flat-to-positive note during the mid-afternoon trade session on Thursday, as healthy buying in metal, oil and gas, and IT stocks kept investors' sentiments buoyed.

The Nifty50 of the National Stock Exchange (NSE), which reclaimed the psychologically important 9,900-level intra-day by touching a high of 9,903.95 points, closed higher by 103.15 points or 1.05 per cent at 9,897.30 points. "Infosys buyback is a very good thing for other IT companies", said AK Prabhakar, head of research, IDBI Capital. Shares of two-wheeler market leader, Hero MotoCorp surged 0.28 per cent to Rs 3,717.20 after the company yesterday reported a 3.5 per cent increase in its profit after tax at Rs 914.04 crore for the first quarter ended June.

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Global leads were not too supportive as Asian shares remained indecisive and European stocks opened lower despite easing tensions involving North Korea.

The Sensex and Nifty 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 U.S. and North Korea eased. The Sensex was up 43.94 points at 31814.83.

The index was up by 77.82 points or 0.24% up at 31848.71.

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.

Other reports by MaliBehiribAe

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