Share Market Today: Sensex Rises, Nifty Tops 24,850 as Infosys Jumps on Buyback Buzz
A summary of the day's performance on the Indian stock market, highlighting how the Sensex and Nifty closed with significant gains. The rally was primarily fueled by a surge in IT stocks following news of an Infosys buyback and optimistic sentiment surrounding a potential U.S. Federal Reserve interest rate cut.
Indian stock markets concluded the day with gains, led by the IT sector and positive global cues.
With significant gains reported by benchmark indices Sensex and Nifty, Indian equity markets ended Tuesday's trading session on a positive note. A surge in IT stocks and fresh expectations of a rate cut by the US Federal Reserve were the main drivers of the positive momentum.
The Nifty closed 95 points higher at 24,869, while the Sensex gained 314 points to close at 81,101.
The rally is led by the IT sector.
Infosys was the main driver of the day's gains in the technology sector. After the company announced that its board would meet on September 11 to discuss a share buyback proposal, the stock jumped more than 5%. With other big players like Tech Mahindra, HCL Tech, and TCS closing in the green, this news improved sentiment throughout the IT industry.
Important Market Movers:
- Top Gainers: Adani Ports and Bajaj Finserv were among the top performers, along with the IT majors.
- Top Losers: Conversely, stocks such as Trent, UltraTech Cement, NTPC, and Eicher Motors experienced pressure to sell.
- Broader Market Performance: The market as a whole also showed signs of optimism. Nearly 2,000 of the 4,272 stocks that were traded on the BSE saw gains, and 144 of them hit new 52-week highs.
Highlights of the company:
- Spright Agro Ltd. stated that at its September 18 meeting, the board will talk about a 100% dividend, a 10:1 bonus issue, and a strategic move into the agritech industry.
- MBL Infrastructure shares climbed after the company was awarded a new order worth ₹11.06 crore for a highway project in Rajasthan.
- Minda Corporation redeemed commercial papers worth ₹100 crore, a sign of sound financial management.
