Sensex jumps 154 points in early trade

Sensex jumps 154 points in early trade

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 Nifty was trading higher by 16.45 points or 0.17% at 9,913.75 with 26 components gaining.

Asian markets mostly ended higher after the U.S. Federal Reserve's meeting minutes hinted at slowing pace for future interest rate hikes in the world's largest economy.

Desai pointed out that consumer stocks gained as the Nifty FMCG index rose almost 2 per cent in its biggest intra-day percentage gain in over a month, recovering from recent losses sparked by worries about the impact from India's new goods and services tax.

■ 12.32pm: BSE Sensex trades higher by 54 points, or 0.17%, to 31,825, while the Nifty 50 rises 25 points, or 0.25%, to 9,922.

The Nifty PSU Bank index, which has lost almost 9 per cent since India's central bank announced its decision to cut repo rate, gained as much as 1.08 per cent.


Among sectoral indices, Nifty Metal surged the most, adding 1.53 per cent at 3,435.80 while Nifty Pharma (down 0.62 per cent) was the top sectoral loser on the NSE. Auto and healthcare shares too suffered.

Earlier in April, Infosys had announced that it would pay up to Rs 13,000 crore to shareholders during the current financial year through dividend and/or share buyback. A negative daily close would mark completion of the pullback, post which one can look to initiate fresh short position.

The Infosys stock on Thursday closed at a four-month high level on Thursday a day after the Bengaluru-based firm said it would consider a proposal for buyback of its equity shares at its meeting to be held on August 19. In Asian trade, Japan's Nikkei was up 0.47 per cent while Hong Kong's Hang Seng rose 0.04 per cent in their early trade.

Coal India was the second-biggest mover (4.22 percent).

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.

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