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

Sensex gains 322 points Nifty up by 103 points

Mumbai: The NSE 50-share Nifty continued to rule firm for the third trading day by moving up by another 7 points to close at 9,904.15 on fresh buying mainly in IT and media counters. Experts attribute this fall to the implied volatility due to weekly expiry of Nifty Bank futures.

The Sensex and Nifty 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 United States and North Korea eased. All major bourses fell into the red while sectors traded in mixed territory.

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. It had breached the historic 10,000-mark for the first time in intra-day trade yesterday. Shares of Telstra contributed to the steep losses in the telco space.

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BSE Sensex and NSE Nifty traded higher.

India's second-biggest software services exporter Infosys received approval from SEBI on share buyback proposal to be considered in meeting to be held on August 19.

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. The apex court upheld an order by the Delhi High Court which allowed the company to use land at Delhi airport for non-aviation or commercial purposes.

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

Besides, broadly positive global cues, coupled with intense buying activities in automobile, banking and FMCG stocks, lifted investors' sentiments.

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

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