The Indian stock market settled with decent gains on Tuesday, September 9, largely due to solid gains in the shares of Infosys after the IT major’s announcement that its board would consider a proposal for buyback of fully paid-up equity shares on Thursday, September 11.
Infosys alone contributed over 200 points to the gains in the Sensex index which ended 314 points, or 0.39 per cent, higher at 81,101.32. The Nifty 50 settled at 24,868.60, up 95 points, or 0.39 per cent.
Other IT stocks, including TCS, Tech Mahindra, and HCL Tech, also featured among the top contributors to the gains in the benchmarks.
The BSE Midcap and Smallcap indices posted modest gains, ending 0.20 per cent and 0.22 per cent higher, respectively.
Investors earned about ₹1 lakh crore in a single session as the overall market capitalisation of firms listed on the BSE rose to nearly ₹454 lakh crore from ₹453 lakh crore in the previous session.
Indian stock market: 10 key highlights from the day
1. What drove the Sensex, Nifty 50 today?
Gains led by select IT heavyweights helped the benchmark indices end higher. Shares of Infosys jumped after the company announced a share buyback, which influenced sentiment for other IT stocks. The Nifty IT index ended nearly 3 per cent higher with all components in the green.
“The Indian stock market closed higher, buoyed by strength in IT stocks following Infosys’ announcement that its board will consider a share buyback on September 11. The news lifted sector sentiment, pushing the Nifty IT index up nearly 3 per cent, with Infosys emerging as the top gainer. This optimism helped offset arising concerns over the US administration’s proposed HIRE Act, which could increase compliance costs for Indian IT companies,” said Hariprasad K, SEBI-registered research analyst and the founder of Livelong Wealth.
(This is a developing story. Please check back for fresh updates.)
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