The Bombay Stock Exchange Sensex was trading higher by 118 points on Wednesday afternoon with the National Stock Exchange Nifty rising 41.40 points, or 0.47%, to 8765.65. Information technology stocks led the early morning trade on Thursday with Tata Consultancy Services Ltd being the top gainer.

TCS shares went up 2.7% at 9.25 am after it said that it would buy back shares to boost investors’ confidence. This is the highest company shares have been since September 7, 2016. It rose 1.50% at 12.45 pm, when Infosys Ltd shares were up 2.87%, while Mindtree Ltd was trading 1.01% higher, Tech Mahindra up 1.57%, Wipro Ltd 0.91% and HCL Technologies Ltd rose 1.11%.

The Cabinet’s approval of the proposed merger of the State Bank of India and five subsidiaries led to a positive performance of SBI stocks. SBI shares were up 0.52% at 12.45 pm, State Bank of Mysore went up 3.83%, State Bank of Bikaner 3.29%, State Bank of Jaipur up 3.31% and that of State Bank of Travancore rose 3.53%.

The Indian rupee was at 66.95 a dollar when markets opened on Thursday. It was at 66.94 at 12.48 pm. The home currency had closed at 66.92 the previous day.

Morning trade saw Asian currencies reflect a mixed trend. While Japanese yen went up 0.27%, China’s renminbi up 0.19%, South Korean won 0.16% and Thai baht 0.09%, while the Malaysian ringgit fell 0.18%, Taiwan dollar 0.16%, Indonesian rupiah 0.11%, Singapore dollar 0.04%.