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

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

Extending the rally for a third straight session, benchmark NSE Nifty index settled the volatile trading session 6.85 points, or 0.07 per cent, higher at 9,904.15. The closing session saw auto, FMCG, bank and pharma sectors losing heavily.

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

Infosys drove gains in the Nifty IT index, which climbed as much as 1.4% in its biggest intraday percentage gain in almost a month.

Foreign portfolio investors (FPIs) sold shares worth net Rs 1,638.83 crore on Monday, as per provisional data released, while the Domestic institutional investors (DIIs) bought shares worth Rs 1,619.17 crores. Indias 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.

The BSE market breadth was bullish with 1,430 advances and 963 declines.

The benchmark BSE Sensex closed up 0.08 percent at 31,795.46, after earlier gaining as much as 0.52 percent.

Additionally, Investors in GMR Infra had a field day as the stock gained closed 13 percent higher after a Supreme Court ruled a case in its favour. Coal India closed higher by 4.11% at Rs 246.80 per share, Hindustan Zinc closed higher by 1.34% at Rs 294.50 per share and Hindalco Industries closed lower by 1.48% at Rs 230.15 per share.

Sentiment was also upbeat across global markets with Asian shares advancing as tensions between the U.S. and North Korea came off the boil, although the Federal Reserve's concerns about weak United States inflation weighed on the dollar.

The index was up by 77.82 points or 0.24% up at 31848.71. Lenders such as Yes Bank Ltd and Axis Bank Ltd among others have also cut interest rates on certain savings accounts. While Hong Kong's Hang Seng rose by 0.14%, Shanghai Composite Index was up by 0.32%.

"The last couple of weeks showed that there are risks and you can lose money....there is nothing in the market which you can say is an event that could drag the market down, but one must keep an eye on what is happening in the USA right now", Andrew Holland, CEO, Avendus Capital Alternate Strategies told CNBC-TV18 in an interview.



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