Markets regain momentum; Sensex zooms over 300 points; Nifty reclaims 9900-mark

by Dwayne Torres August 18, 2017, 0:18
Markets regain momentum; Sensex zooms over 300 points; Nifty reclaims 9900-mark

The Nifty PSU Bank index, which has lost almost 9 percent since India's central bank announced its decision to cut repo rate, gained as much as 1.08 percent.

The Sensex is trading at 31,513.07 points up by 64.04 points or 0.20 percent. Consumer Price Index surged to 2.36 per cent, rising for the first time in three months on increased foods prices.

Indian shares ended lower on Friday, after jumping to record highs twice this week, as investors turned cautious ahead of inflation data and booked profits.

Traders said volatility crept in due to emergence of sudden selling in the last half an hour of the session, which took away much of the day's gains.

Mumbai: The benchmark BSE Sensex advanced about 50 points in early trade today on fresh buying by investors amid better-than-expected earnings.

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. All major bourses fell into the red while sectors traded in mixed territory. The Dow Jones Industrial Average rose 0.12% to end at 22,024.87 points, the S&P 500 gained 0.14% to 2,468.11 points and the Nasdaq Composite added 0.19%, to 6,345.11 points.

Indian, Chinese troops briefly skirmish at Ladakh's Pangong Lake
But Beijing has said India had no role to play in the area and diplomatic efforts to defuse the crisis have not made much headway. Apparently stealing a leaf from Srinagar streets, the Indian and Chinese armies have resorted to stone pelting on each other.

India's bonds and forex markets are closed on Thursday for a holiday. Infosys shares were the top gainers, rose as much as 3.6% to the day's high of Rs 1,010.35 on NSE after the India's second largest information technology services have said it will consider a proposal for buyback of equity shares of the company later this week at its board meeting on Saturday, 19 August.

"For Infosys, the buyback will lead to higher RoE and payout ratio". A government policy in 2016 had barred airports from using such land for non-aeronautical purposes.

Coal India, one of the worst performing stocks this year, rebounded 4.2% to 247.05 rupees, helped by an attractive dividend yield. Lenders such as Yes Bank Ltd and Axis Bank Ltd among others have also cut interest rates on certain savings accounts.

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

"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 United States right now", Andrew Holland, CEO, Avendus Capital Alternate Strategies told CNBC-TV18 in an interview.


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