Sensex pares early gains, up 43 points in late morning deals

18 August, 2017, 00:25 | Author: Celia Hoffman
  • BSE Sensex traded higher on Wednesday

On Thursday, the equity benchmarks ended on a flat note after the indices erased gains in the last hour of trading.

Mild bouts of buying was witnessed in FMCG, auto, realty, healthcare and consumer durable sectors.

Among stock-specific action, Infosys ended 5 percent higher as the company said it will consider buyback of shares.

Among the top index gainers: Coal India rose 4 percent, Infosys advanced 4.5 percent, Bharti Airtel gained 2.3 percent while NTPC was up 4.1 percent. It was followed by Jaiprakash Associates (1.48 million), Sintex Industries (1.07 million) and Spicejet (0.88 million). "Stocks across the globe traded with caution as uncertainty surrounding internal United States policy continued to weigh on investor sentiment despite receding North Korean tensions", Karthikraj Lakshmanan, Senior Fund Manager - Equities, BNP Paribas Mutual Fund said in a statement. Shares of Infosys, India's No. 2 software services exporter, rose as much as 3.6% after the company said on Wednesday its board would consider a proposal to buy back shares at a meeting later this month.

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

On the Nifty, the stock gained 4.70 percent or 45.85 points to 1021 level and was the top traded share on the exchange in terms of volume. BSE Small-cap index closed higher by 0.54% at 15,695.

The fact that Asian markets had picked up as US-North tensions ebbed over the weekend also influenced the markets.

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. "Infosys buyback is a very good thing for other IT companies", said AK Prabhakar, head of research, IDBI Capital. Hang Seng and Nikkei slipped 0.24 per cent and 0.14 per cent, respectively.

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