Sensex Gives Up Gains, But Stays Positive For 3rd Day

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Among sectoral indices, Nifty Metal surged the most, adding 1.53 per cent at 3,435.80 while Nifty Pharma (down 0.62 per cent) was the top sectoral loser on the NSE.

Indian equity markets edged higher on Thursday as tensions between the United States and North Korea eased and optimism flow on the back of Infosys share repurchase, as the IT company said it will consider a proposal for buyback of equity shares later this week.

"For Infosys, the buyback will lead to higher RoE and payout ratio".

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

Cigarette stocks gained. VST Industries jumped 3 percent, Godfrey Phillips India advanced 6 percent while ITC rose 1 percent. Nifty Bank index lost 150 points to come off intraday highs at 24,290.05.

The benchmark BSE Sensex ended the session up 322 points or 1.02 percent at 31,770 while the broader Nifty index climbed 103 points or 1.05 percent to 9,897. Information Technology (IT) stocks rise. The major gainers of BSE Sensex on Thursday during early morning trade were Infosys at 1008.50 up followed by Reliance, Tata Steel and Bharti Airtel with 1589.90, 635.35 and 409.70 points up.

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BSE Sensex was trading 27.01 points down at 31,743.88 while Nifty50 plunged from 9,940 level to 9,896 within 20 minutes at around 11.40 am. Zinc surgedabove $3,000 a metric ton for the first time in nearly a decade, while aluminum approached a three-year high.

Coal India gained about 4 percent after a huge block deal.

A total of 12,743.77 lakh shares changed hands in 88,70,208 trades. However, details of the buyers and sellers were not known.

Meantime, Indian rupee was trading at 64.005 down 0.010 paisa or 0.02% against the USA benchmark dollar. The stock has fallen for second sessions on news that it has moved to withdraw (and later resubmit) its European filings for two biosimilar products, trastuzumab and pegfilgrastim.

■ 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.

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