Markets end flat as Nifty manages to hold on to 9900-mark

Emmett Rice
August 18, 2017

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

At 2.15 PM: Benchmark BSE Sensex was up by 62 points or 0.20% to trade at 31,833.23 whereas the wider NSE Nifty was up by 28 points at 9,925.80.

Both indexes marked their highest close in over a week.

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.

The Nifty50 of the National Stock Exchange (NSE), which reclaimed the psychologically important 9,900-level intra-day by touching a high of 9,903.95 points, closed higher by 103.15 points or 1.05 per cent at 9,897.30 points.

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

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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. "Metals, Pharma and banking stocks saw a recovery".

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.

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. Similarly, the major losers in BSE Sensex were PowerGrid with 219 points down followed by Tata Motors, Kotak Bank and Hindustan Lever at 387, 994 and 1176 points low during early morning trade.

The 30-scrip Sensitive Index (Sensex) of the BSE, closed at 31,770.89 points - up 321.86 points, or 1.02 per cent, from its previous close at 31,449.03 points.

The index was up by 77.82 points or 0.24% up at 31848.71.

Among the top index gainers: Coal India rose 3.5 percent, Infosys advanced 2.4 percent, Bharti Airtel gained 2 percent while NTPC was up 1.7 percent.

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