Sensex jumps 154 points in early trade

The 30-scrip Sensitive Index (Sensex) of the BSE, closed at 31,770.89 points - up 321.86 points, or 1.02 per cent, from its previous close at 31,449.03 points.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declining. This movement led to erasing nearly all of its gains by the indices, which were trading with gains of over 100 points on the Sensex, and the Nifty placed comfortably above 9900-mark.

Sentiment was also upbeat across global markets with Asian shares advancing as tensions between the US and North Korea came off the boil, although the Federal Reserve's concerns about weak USA inflation weighed on the dollar.

The Nifty PSU Bank index, which has lost almost 9 per cent since India's central bank announced its decision to cut repo rate, gained as much as 1.08 per cent.

Australia's benchmark S&P/ASX 200 index slid 0.10 percent, or 5.902 points, to close at 5,779.200, as gains in the materials and health care sub-indexes were balanced by losses in the telecommunication services sub-index.

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Desai pointed out that consumer stocks gained as the Nifty FMCG index rose almost 2 per cent in its biggest intra-day percentage gain in over a month, recovering from recent losses sparked by worries about the impact from India's new goods and services tax. Infosys drove gains in the Nifty IT index, which climbed as much as 1.4 percent in its biggest intraday percentage gain in almost a month.

Other gainers on BSE Sensex includes Reliance Industries (up 1.5%), Bharti Airtel (up 1.49%), Dr Reddy's Laboratories (up 1.04%), Tata Steel (up 0.71%) and ICICI Bank (up 0.48%).

Infosys' buyback decision has come in the back of massive investors' pressure who wanted the company to utilise its cash reserves of $6 billion either through share buyback or generous dividend.

Traders said volatility crept in due to emergence of sudden selling in the last half an hour of the session, which took away much of the day's gains. It had breached the historic 10,000-mark for the first time in intra-day trade yesterday. Tech Mahindra gained 1.06 per cent while HCL Tech rose 0.79 per cent. The company said it will consider the share buyback at a board meeting on August 19.

Indonesia markets were closed for a public holiday.

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