MUMBAI: India’s benchmark Nifty 50 closed higher for a fifth consecutive session on Tuesday, with gains led by information technology stocks on Infosys’ share buyback plan and US interest rate cut prospects.
The Nifty 50 and the BSE Sensex gained 0.39 percent each to 24,868.6 and 81,101.32 points, respectively.
Nine of the 16 major sectors rose, with the broader mid-caps and small-caps rising 0.2 percent and 0.3 percent, respectively.
IT jumped 2.8 percent, led by a 5 percent surge in Infosys after it announced plans to consider a share buyback on September 11.
The sector accounted for about 79 percent of the Nifty’s gains on the day, with three of the top four gainers on the index being IT firms. Rupee depreciation and rising bets of a US rate cut also supported a rise in IT stocks, analysts said.