Sensex, Nifty trade in green; Infosys gains 3% on share buyback proposal

Sensex jumps 154 points in early trade

The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.

The fall was led by sectors such as banks, auto, pharmaceuticals and FMCG stocks, while the sectors that ended in the green included was information technology.

Among stock-specific action, Infosys ended 5 percent higher as the company said it will consider buyback of shares. Similarly, Nifty IT index was up by 1.57%, keeping it above the 9800 mark. It was followed by Jaiprakash Associates (1.48 million), Sintex Industries (1.07 million) and Spicejet (0.88 million).

Mumbai: Indian shares 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.

Shares of Infosys rallied after India's second-biggest software services exporter said it will consider a proposal for buyback of its equity shares at its meeting to be held on August 19.

The Asian market was more or less upbeat.

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At 1 PM: Rising for the third consecutive session on Thursday, BSE Sensex was up by 90 points or 0.28% at 31,861.03 while the wider Nifty was up by 33 points 9,931.05.

At 12.45 p.m., it rose by 26.55 points or 0.27 per cent to trade at 9,923.85 points.

Hong Kong's Hang Seng Index slipped 0.30 percent by 3:09 p.m. HK/SIN as earnings reporting season continued.

Implementation of a higher house rent allowance, as recommended by a panel for federal government employees, and farm loan waivers by some states will spike inflation in coming months, Reserve Bank of India Governor and head of India's Monetary Policy Committee Urjit Patel said, according to the MPC meeting minutes released Wednesday.

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

"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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