Sensex, Nifty back in green; Infosys up 2%

Domestic markets on Tuesday bounced back in green from Monday's losses on the back of positive global cues. At 0917 hours BSE Sensex was trading at 31,480.97, up 222.12 points or 0.71%, while NSE Nifty was trading at 9,810.25, up 55.90 points or 0.57%.

On 30-share benchmark, among top gainers were Lupin (2.41%), Infosys (1.71%), Axis Bank (1.69%), Coal India (1.51%) and Sun Pharma (1.49%). Only one company was among losers on S&P BSE Index, which was ITC (-0.04%).

After losing top spot in terms of market capitalisation on Nifty, Infosys shares were up nearly 2%. The shares of the company were trading at Rs 887.70 per piece, up 1.77% or Rs 14.20 on BSE. 

On IPO side, Apex Frozen Foods is set to hit the Dalal Street by opening its initial public offering. The company aims to raise Rs 152 crore through its IPO. The price band is set in the range of Rs 171 to Rs 175 per share. 

Motilal Oswal in its daily market outlook report said, "Nifty index failed to hold above its crucial hurdle of 9880 and corrected sharply after breaking its immediate support of 9775 mark. During the day it fell down towards 9740 and finally closed the session with the loss of around 83 points. It formed a bearish candle on the daily chart and closed below to its 50 DEMA which has a negative implication if follow up selling continues. 

"It is just few points away from the major support trend line by connecting the lows of 9088, 9448, 9685 and 9720. If this trend line is broken decisively then short term trend may continue its pace of selling pressure towards 9600 zones while on the upside resistances are shifting lower to 9820 and 9850 marks."

On global front, according to Reuters report, Asian shares edged higher, taking solace from modest gains on Wall Street even as investors remained wary ahead of the annual central banking conference in Jackson Hole later this week. 

MSCI`s broadest index of Asia-Pacific shares outside Japan edged up 0.1%. Japan`s Nikkei stock index dipped 0.1%, while Australian shares added 0.2%.