Sensex, Nifty Surge On Hope of Rollback of Higher Surcharge On FPIs

The Indian stock market frontline indices – Sensex, Nifty – zoomed substantially in the afternoon session on reports that the govt may rollback higher surcharge applicable on foreign portfolio investors (FPIs).

Earlier, in the UnionBudget-2019, the Finance Minister Mrs.Nirmala Sitharaman had introduced a surcharge from 15pc to 25pc on taxable income slab between Rs. 2 Crore to 5 crore, and from 15pc to 37pc for income over Rs.5 crore.

At closing market, the the BSE Sensex scaled up by 636-points or 1.74% at 37327.36 and the NSE Nifty recorded at 11032, up by 176 points or 1.74% on Thursday.

All sectoral indices on the NSE ended in the green territory, led by major gains in Nifty auto index which rose 3.17% at 7,007.85, led by Tata Motors, Apollo Tyres, TVS Motors and Ashok Leyland gained upto 5pc.

IT index is the one among major gainers today on account of weakness in the rupee, which traded flat at 70.87 against greenback. Shares of HCL Technologies surged 6.67% at 1,090.90 per share and the NIIT Technologies gained 4.06% at Rs.1,288.95 per share as top gainers in the Nifty IT index.

Nifty Financial Service, PSU Bank, Private bank, FMCG, Realty and IT index also witnessed considerable gains in trade.

The Nifty bank index, the most popular trading index was at 28,110.45, up by 408 points or 1.47%

Among specific stocks, Tata Steel shares slipped over 4%after the company reported declines i8n profit by 64.3pc in June quarter earnings.

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