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

Ashley Carr
August 18, 2017

This movement led to erasing nearly all of its gains by the indices, which were trading with gains of over 100 points on the Sensex, and the Nifty placed comfortably above 9900-mark. 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%.

■ 9.05am: Infosys Ltd rose 3% to Rs1,002.75 after the company said its board will meet to consider buyback of shares on 19 August.

Indian shares rallied to close near the day's highs on Wednesday, with strong gains in Europe lending support.

India's bonds and forex markets are closed on Thursday for a holiday.

The pan-European Stoxx 600 started the day lower by 0.15 percent following a day of gains Wednesday.

USD Extends Gains on Retail Sales Data
The strong auto sales came despite industry reports which showed vehicle and truck sales fell six per cent from July 2016. However, cheap gasoline and falling sales of electronics and clothing items still weighed on sales last month.

Meantime, Indian rupee was trading at 64.005 down 0.010 paisa or 0.02% against the U.S. benchmark dollar. 519 shares advanced against a decline of 252 shares, while 25 shares were unchanged displaying a healthy market breadth. 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. The Nifty has gained by 193.35 points or 1.99 per cent in three trading days. India VIX closed higher by 1.53% at 11.

Coal India, one of the worst performing stocks this year, rebounded 4.2% to 247.05 rupees, helped by an attractive dividend yield.

Markets in Europe were lower Thursday as uncertainty surrounding internal US policy continued to weigh on investor sentiment despite lessening tensions from North Korea. Hang Seng and Nikkei slipped 0.24 per cent and 0.14 per cent, respectively.

HDFC Bank fell 0.7% after lowering interest rate on savings accounts by 50 basis points to 3.50% on balance of up to five million rupees. "Infosys buyback is a very good thing for other IT companies", said AK Prabhakar, head of research, IDBI Capital.

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

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