Sensex, Nifty extend gain for 3rd day; GMR Infra, Infosys jump

Small mid-cap stocks clock better returns outshine bluechips
Markets open on a positive note on Wednesday
Author

18 August, 2017

Seven out of eleven sectoral indices of NSE were trading in green including Nifty IT, Media, Metal, Pharma, PSU Bank, Realty with gains up to 1.56% while Nifty bank, Auto, Fin Service, FMCG and Pvt Bank were trading in red with losses up to 0.27%. Infosys closed higher by 4.83% at Rs 1,022.30 per share.

Major gainers in the 30-share index were Infosys (3.21%), Reliance Industries (1.58%), Dr Reddy'S Laboratories (0.84%), Tata Steel (0.83%), GAIL (India) (0.77%), and Bharti Airtel (0.75%).

Meanwhile, the Sensex and Nifty closed 0.08 percent and 0.07 percent higher, respectively.

Meantime, Indian rupee was trading at 64.005 down 0.010 paisa or 0.02% against the United States benchmark dollar.

Infosys took the lead in gainers category by rising over 3.25 or Rs 32 trading at Rs 1008.50 on BSE after the company said it will consider a proposal for buyback of its equity shares at its meeting to be held on August 19. 519 shares advanced against a decline of 252 shares, while 25 shares were unchanged displaying a healthy market breadth.

On similar lines, the NSE Nifty was up by 91.75 points, or 0.94 percent, at 9,885.90.

Bank of England cuts its growth forecasts for the UK
But warned that they had invested less aggressively than they would have usually done to an otherwise favorable environment. The MPC says it expects inflation to rise in the next few months, peaking at around 3% in October.

The benchmark BSE Sensex closed up 0.08 percent at 31,795.46, after earlier gaining as much as 0.52 percent.

In Asia, most of the indices gained after investors took heart from the minutes of a U.S. Federal Reserve meeting that showed policymakers wary about weak inflation, indicating that the Fed may slow the pace of rate increases. Hang Seng and Nikkei slipped 0.24 per cent and 0.14 per cent, respectively.

■ 9.40am: Coal India Ltd rose 2.4% to Rs242.65 after a huge block deal.

Infosys buyback also boosted sentiment for other IT stocks.

"Andrew Holland, CEO, Avendus Capital Alternate Strategies believes the market could continue to consolidate in a narrow range of 9,800-10,000".


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