Shares of Infosys, India's No. 2 software services exporter, rose as much as 3.6% after the company said on Wednesday its board would consider a proposal to buy back shares at a meeting later this month.
Markets in Europe were lower Thursday as uncertainty surrounding internal USA policy continued to weigh on investor sentiment despite lessening tensions from North Korea.
Among stock-specific action, Infosys ended 5 percent higher as the company said it will consider buyback of shares.
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.
The Nifty is trading at 9,819.25 points in the morning. During the afternoon trade, Information Technology (IT) stocks increased helping the BSE to jumps by 2.08%. Nifty IT index rises by 1.57%.
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The Nifty resumed higher at 9,945.55 and hovered in a range of 9,947.80 and 9,883.75 before ending at 9,904.15, showing a gain of 6.85 points or 0.07 per cent.
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%).
On Monday the Sensex closed at 31,449.03 points. As per reports by PTI, sectoral indices, led by metal, IT, realty, teck, consumer durables and oil & gas were trading in the positive zone, with gains up to 1.62 per cent. Zinc surgedabove $3,000 a metric ton for the first time in nearly a decade, while aluminum approached a three-year high. The numbers on Wednesday have been the single-biggest gain in more than a month.
Coal India gained about 4 percent after a huge block deal. The IT major- Infosys shares were up over 3% in afternoon trade. However, details of the buyers and sellers were not known.
However, it succumbed to profit-booking before closing up by 24.57 points, or 0.08 per cent, at 31,795.46. 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.