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Money News

Sensex, Nifty rise for sixth session as buyback plans boost TCS, Wipro

The Bombay Stock Exchange building is seen from a facade in Mumbai, India, May 16, 2018. REUTERS/Francis Mascarenhas/Files

BENGALURU (Reuters) - Indian shares ended higher for a sixth session as buyback plans from Tata Consultancy Services and Wipro powered the main stock index to a level last seen in February.

IT stocks were among the top gainers on the blue-chip Nifty 50, leading the Nifty IT index up as much as 5.5% to a record high.

Wipro Ltd was the top gainer on the Nifty with a 7.2% rise that also saw the stock touch a record high. The company said its board would consider a share buyback at a scheduled meeting on Oct. 13.

Shares in TCS also jumped 5.5% to hit a record high, a day after the company unveiled a $2.2 billion buyback plan.

Overall, the Nifty ended up 0.82% at 11,834.60 - its highest since Feb. 20, while the Sensex closed up 0.76% at 40,182.67.

Shares of private lender Bandhan Bank Ltd ended 1.4% higher after reporting a rise in loans and deposits.

Shares in Future Retail slid as much as 9.4% after e-commerce giant Amazon.com sent a legal notice to Future Group, alleging the retailer’s $3.38 billion asset sale to Reliance Industries breached an agreement with the global e-commerce giant.

($1 = 73.1932 Indian rupees)

Reporting by Philip George in Bengaluru

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