Business & Finance

Sensex Closes Above 35,700 Level while Nifty At 10,858

The market index Sensex closed 47 points, at 35,739 points. NSE’s Nifty50 edged up by 14 points, to close at 10,856.7 points on Wednesday. This session became the third straight winning session as Tata Consultancy Services (TCS) shares gained hopes that the IT major would buy back shares. Among the maximum gainers were Dr Reddy (up by 2.77 per cent), TCS (up by 2.43 per cent), SBI (higher by 1.7 per cent), PowerGrid (1.43 per cent) and Infosys (1.41 per cent).

The markets traded over 100 points in the morning hours.

The biggest laggers for Sensex, however, were Tata Steel (2.12 per cent), Adani Ports (1.48 per cent), Hindustan Unilever (1.31 per cent), Bharti Airtel (1.3 per cent) and ITC (0.7 per cent).

For Nifty stocks, the biggest gainers were Dr Reddy (2.89 per cent), Cipla (2.62 per cent) and TCS (2.41 per cent).

“There is still an undercurrent of optimism. Impact of inflation may not be so much but industrial output figures were decent, which is supportive for the markets,” said Jayant Manglik, president, Religare Broking.

Tata Consultancy Services rose as much as 2.3 per cent after the company said it would consider a share buyback proposal on Friday.

Shares of Sun Pharmaceutical Industries also gained as much as 3.8 per cent after the drugmaker said on Tuesday that supply restrictions imposed on its Halol plant by the U.S. Food and Drug Administration have been lifted.

KEC International Ltd climbed as much as 3.9 per cent after brokerage Macquarie Research initiated coverage on the stock with “outperform” rating.

Meanwhile, Bharti Airtel Ltd dropped as much as 1.9 per cent and the Idea Cellular Ltd fell over 5 per cent after the rival Reliance Jio, the telecoms arm of Reliance Industries Ltd, responded to Airtel’s latest plan by offering more

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