Sensex up over 150 pts, Nifty50 above 24,800 on Infosys buyback plans, banks rally
[hfe_template id='11223']
[ad_1]
Indian benchmark indices Sensex and Nifty opened higher on Tuesday, powered by gains in Infosys after the nation’s No. 2 IT services firm said it would weigh a share buyback proposal. Banks and consumer discretionary stocks also advanced on optimism over sweeping cuts to goods and services taxes and rising expectations of a U.S. rate cut this month. The S&P BSE Sensex added 336 points, or 0.4%, to open at 81,123.32, while the NSE Nifty 50 rose 99.80 points, or 0.4%, to 24,872.95. At 10:15 AM, BSE traded 184 or 0.23% higher at 80,972, whereas Nifty50 rose 48 points to 24,821. On the 30-stock Sensex, Infosys, Tech Mahindra, Adani Ports, HDFC Bank and L&T led the advance, rising between 0.7% and 4%. On a sectoral basis, IT shares gained up to 2%, led by a nearly 4% rise in Infosys after the company said it would consider a share buyback. Investor wagers on a Federal Reserve rate cut at its September 16-17 meeting strengthened after U...