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

The 30-share Sensex surged by 166.62 points, or 0.52 per cent, to 31,937.51 points in early trade after gaining 557.30 points in the previous two sessions. The market breadth was narrow as 1,399 shares advanced against a decline of 1,161 shares, while 138 shares were unchanged.

At 1 PM: Rising for the third consecutive session on Thursday, BSE Sensex was up by 90 points or 0.28% at 31,861.03 while the wider Nifty was up by 33 points 9,931.05.

The fact that Asian markets had picked up as US-North tensions ebbed over the weekend also influenced the markets. 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.

Shares of heavyweights Infosys, Reliance Industries, ICICI Bank, Bharti Airtel, Tata Steel were the major uplifters which contributed the most in the upsurge of benchmark indices. Around 3.5 million shares of the company changed hands in a block deal, Bloomberg reported. Infosys drove gains in the Nifty IT index, which climbed as much as 1.4 percent in its biggest intraday percentage gain in almost a month.

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On the Nifty, the stock gained 4.70 percent or 45.85 points to 1021 level and was the top traded share on the exchange in terms of volume. It had breached the historic 10,000-mark for the first time in intra-day trade yesterday.

The Dow Jones Industrial Average rose 25.88 points or 0.12 per cent to end at 22,024.87, the S&P 500 gained 3.5 points or 0.14 per cent, to 2,468.11 and the Nasdaq Composite added 12.10 points or 0.19 per cent to 6,345.11. The meeting of board of directors of the company will consider a proposal for buyback of equity shares of the company at its 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.

Coal India was the second-biggest mover (4.22 percent).

  • Carlos Nash