Infosys, Wipro power Sensex to new highs

Frederick Owens
July 17, 2017

Asian stocks set a fresh two-year high on Monday, boosted by stronger-than-expected economic growth in China and bets that lacklustre USA data will keep the Federal Reserve cautious about the pace of further policy tightening. India's third-largest software exporter Wipro rose 3.1%, leading gains on the Sensex, after saying it will consider a share buyback proposal on July 20.

Back home, Wipro led gains, rising 3.1 percent after saying it's considering a buyback.

Nifty Bank also closed at an all-time high of 24,015.05, up 0.32 per cent.

The NSE 50-share Nifty closed above the 9,900-level for the first time triggered by fresh buying from operators on hopes of good corporate earnings amid positive global sentiment. The benchmark index Nifty settled above the 9,900-mark. On NSE, they rose by 2.69 per cent to end at Rs 266.85. Shares of Flexituff International (down 20 per cent) capped gains.

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Among specific stocks, Shares of Religare Enterprises (down 4.14 per cent) and Fortis Healthcare (down 8.66 per cent) plunged after rating agency India Ratings downgraded RHC Holding's NCDs to default.

The BSE Sensex and Nifty jumped almost 1.5 per cent on Monday to record highs, surpassing their previous all-time highs hit just last week as.

The company's market valuation on BSE went up by Rs3,948.99 crore to Rs1,30,224.99 crore.

Meanwhile, the Hang Seng index surged to its fresh two-year highs to 26,470.58 up, 0.3 per cent, Reuters reported.

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