Sensex, Nifty trade in green; Infosys gains 3% on share buyback proposal

Key Highlights: 

• Sensex, Nifty open above 0.28% each
• Infosys top gainer on BSE after its share buyback proposal
• Rupee trades mostly flat against US dollar

Sensex and Nifty opened on a positive note supported by positive global cues. The 31-scrip index was trading at 31,837.21 up 67 points or 0.21%, while the 51-scrip index surged by nearly 28 points or 0.28% trading at 9,924.80.

In pre-open market, Sensex touched 31,927.51 higher by 157 points, while Nifty was up 49 points at 9,945.55.

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Analysts at Motilal Oswal said, "Upmove in Indian markets continued helped by positive global cues. Metals, Pharma and banking stocks saw a recovery."

Infosys took the lead in gainers category by rising over 3.25 or Rs 32 trading at Rs 1008.50 on BSE after the company said it will consider a proposal for buyback of its equity shares at its meeting to be held on August 19.

In regards to Infosys, Motilal said, "This should bring some upsides from a short term perspective but is broadly in line with the plans indicated earlier by the management.''

Other gainers were Reliance Industries at Rs 1,589.90 per piece up 1.46%, followed by Tata Steel at Rs 635.10 (0.85%), Bharti Airtel at Rs 409.70 per piece (0.75%), Dr Reddy's Laboratories at Rs 2,011.60 per piece (0.64%) and Lupin at Rs 966.15 per piece (0.41%).

Among losers were Hindustan Unilever (Rs 1,176.85 per piece), Kotak Mahindra Bank (Rs 994.45 per piece), Tata Motors (Rs 386.95 per piece), Larsen & Toubro (Rs 1,137 per piece) and HDFC Bank (Rs 1,174.60 per piece) trading negative in the range of 0.30% - 0.95%.

Meantime, Indian rupee was trading at 64.005 down 0.010 paisa or 0.02% against the US benchmark dollar.

India`s bonds and forex markets are closed on Thursday for a holiday. Trading will resume on Friday.

Asian stocks edged higher on Thursday, as tensions between the United States and North Korea came off the boil, while the Federal Reserve`s concerns about weak U.S. inflation weighed on the dollar, reported in Reuters.