India's Nifty reclaims 9900; Infosys climbs on buyback plan

Reuters

Mumbai: The NSE 50-share Nifty snapped its three-day winning streak by tumbling 67 points to end at 9,837.40 following a sharp fall in Infosys shares as also sluggish global markets. It fell by almost Rs 31,400 crore as per the Friday's intraday low of Rs 884.4 per share on BSE.

Intra-day, it had even hit a 52-week low, but then recovered somewhat. Meanwhile, this figure came down to Rs 2,11,100.75 crore during Friday's trade.

U.S. stocks ended slightly firmer on Wednesday but off the day's highs as worries mounted over President Donald Trump's agenda and minutes from the latest Federal Reserve meeting suggested policymakers are anxious about weak inflation.

Finally, the NSE Nifty closed 0.07 per cent or 6.85 points higher at 9,904.15, while the benchmark BSE Sensex settled 0.07 per cent or 24.57 points higher at 31,795.46. 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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During the session, it shuttled between 9,783.65 and 9,865.95. The IT sub-index of NSE closed 1.29 per cent higher. This is markets' sixth weekly rise in seven. Besides, broadly positive global cues, coupled with intense buying activities in automobile, banking and FMCG stocks, lifted investors' sentiments.

Consumer stocks gained as the Nifty FMCG index rose almost 2 percent in its biggest intraday percentage gain in over a month, recovering from recent losses sparked by worries about the impact from India's new goods and services tax. The weakness in technology, healthcare and realty indices only made things worse. TCS has completed a Rs 16000 crore buyback.

Other Asian markets finished lower. Lenders such as Yes Bank Ltd and Axis Bank Ltd among others have also cut interest rates on certain savings accounts.

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