Sensex jumps 154 points in early trade

The benchmark National Stock Exchange Nifty reclaimed the 9,900-level and the Bombay Stock Exchange Sensex gained 167 points during morning trading session on Thursday. It was followed by Jaiprakash Associates (1.48 million), Sintex Industries (1.07 million) and Spicejet (0.88 million).

Indian shares ended little changed on Thursday as gains in software makers following share buyback proposal by Infosys were tempered by selling in autos and bank stocks. The market breadth was narrow as 1,399 shares advanced against a decline of 1,161 shares, while 138 shares were unchanged.

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.

At 12.45 p.m., it rose by 26.55 points or 0.27 per cent to trade at 9,923.85 points. The flagship BSE Sensex too climbed 128.43 points, or 0.39 per cent, to trade at new record high of 32,374.30, breaking its previous record high of 32,320.86 reached in yesterday's trade.

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BSE Mid-cap index closed lower by 0.35% at 15,228. India VIX closed higher by 1.53% at 11. The Nikkei Asia300 Index that tracks significant companies in Asia rose 0.2%.

Coal India, one of the worst performing stocks this year, rebounded 4.2% to 247.05 rupees, helped by an attractive dividend yield.

Shares of GMR Infrastructure hogged limelight after the Supreme Court of India allowed Delhi International Airport (DIAL) to use airport land for commercial purposes. "Infosys buyback is a very good thing for other IT companies", said AK Prabhakar, head of research, IDBI Capital.

"The last couple of weeks showed that there are risks and you can lose money....there is nothing in the market which you can say is an event that could drag the market down, but one must keep an eye on what is happening in the United States right now", Andrew Holland, CEO, Avendus Capital Alternate Strategies told CNBC-TV18 in an interview.

  • Ronnie Bowen