ETV Bharat / business

Sensex jumps 255 points; Nifty tops 11,100

After rallying 480 points during the day, the 30-share Sensex settled 254.55 points or 0.68 per cent higher at 37,581.91. It hit an intra-day high of 37,807.55 and a low of 37,406.26.

Sensex jumps 255 points; Nifty tops 11,100

Sensex

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Published : Aug 9, 2019, 4:34 PM IST

Mumbai: Extending gains for the second straight session, the BSE Sensex jumped 255 points on Friday on expectations of measures from the Centre to revive economic growth and address tax concerns.

Reports of a meeting between Finance Minister Nirmala Sitharaman and foreign portfolio investors (FPIs) to put together a package to boost investor sentiment too lifted the market mood, traders said.

After rallying 480 points during the day, the 30-share Sensex settled 254.55 points or 0.68 per cent higher at 37,581.91. It hit an intra-day high of 37,807.55 and a low of 37,406.26.

The broader NSE Nifty jumped 77.20 points or 0.70 per cent to 11,109.65. During the day, it hit a high of 11,181.45 and a low of 11,062.80.

Top gainers in the Sensex pack included Maruti, Bajaj Finance, Vedanta, HDFC twins, HUL, Kotak Bank and ICICI bank, which surged up to 3.36 per cent.

Read more:SEBI wants MFs to invest only in listed securities

On the other hand, Yes Bank was the biggest laggard, cracking 7.91 per cent. Tech Mahindra, Tata Motors, Tata Steel, ITC and Sun Pharma too fell up to 2.50 per cent.

According to experts, expectations of multiple measures from the government to revive economic growth after Sitharaman and finance ministry officials met captains of the industry on Thursday led the rally in domestic equities.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Kospi and Nikkei ended on a mixed note.

Equities in Europe were trading in the red in their respective early sessions.

Meanwhile, the Indian rupee depreciated 12 paise to 70.81 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, rose 0.73 per cent to USD 57.80 per barrel.

Mumbai: Extending gains for the second straight session, the BSE Sensex jumped 255 points on Friday on expectations of measures from the Centre to revive economic growth and address tax concerns.

Reports of a meeting between Finance Minister Nirmala Sitharaman and foreign portfolio investors (FPIs) to put together a package to boost investor sentiment too lifted the market mood, traders said.

After rallying 480 points during the day, the 30-share Sensex settled 254.55 points or 0.68 per cent higher at 37,581.91. It hit an intra-day high of 37,807.55 and a low of 37,406.26.

The broader NSE Nifty jumped 77.20 points or 0.70 per cent to 11,109.65. During the day, it hit a high of 11,181.45 and a low of 11,062.80.

Top gainers in the Sensex pack included Maruti, Bajaj Finance, Vedanta, HDFC twins, HUL, Kotak Bank and ICICI bank, which surged up to 3.36 per cent.

Read more:SEBI wants MFs to invest only in listed securities

On the other hand, Yes Bank was the biggest laggard, cracking 7.91 per cent. Tech Mahindra, Tata Motors, Tata Steel, ITC and Sun Pharma too fell up to 2.50 per cent.

According to experts, expectations of multiple measures from the government to revive economic growth after Sitharaman and finance ministry officials met captains of the industry on Thursday led the rally in domestic equities.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Kospi and Nikkei ended on a mixed note.

Equities in Europe were trading in the red in their respective early sessions.

Meanwhile, the Indian rupee depreciated 12 paise to 70.81 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, rose 0.73 per cent to USD 57.80 per barrel.

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Sensex rises over 250 pts; Nifty above 11,100
Mumbai, Aug 9 (PTI) Domestic equity benchmark BSE Sensex jumped over 250 points in early session on Friday led by gains in banking and energy stocks amid reports that the government is likely to roll back higher surcharge on foreign portfolio investors.
After surging 285 points in opening trade, the 30-share index was trading 238.59 points or 0.64 per cent higher at 37,565.95 at 0945 hours; and the broader Nifty too rose 73.10 points or 0.66 per cent to 11,105.55.
In the previous session on Thursday, the 30-share index finished at 37,327.36, showing a jump of 636.86 points or 1.74 per cent. While, the NSE Nifty climbed 176.95 points or 1.63 per cent to 11,032.45.
Top gainers in the Sensex pack during early trade included PowerGrid, Vedanta, HDFC twins, Hero MotoCorp, RIL, NTPC, Bajaj Finance, L&T and HCL Tech, rising up to 2 per cent.
While, Tata Motors, M&M, TechM, ITC, Bharti Airtel, Yes Bank, Infosys and TCS fell up to 1.41 per cent.
Trading sentiment received a much-needed boost after reports emerged on Thursday stating the Centre is likely to withdraw higher surcharge on foreign portfolio investors (FPIs), introduced in the Budget, and may also take a re-look at the long-term capital gains tax.
Reports also suggest that leading overseas investors will meet finance ministry officials on Friday as the government seeks to ease concerns over dwindling FPI inflow.
Foreign investors have been on a selling spree since the Budget was presented in July, putting pressure on both the capital markets and the rupee.
FPIs sold shares worth a net of Rs 437.39 crore on Thursday, while domestic institutional investors bought shares worth Rs 291.29 crore, provisional data showed.
Market has got a a breather due to the expectation that the government is likely to be lenient on higher surcharge on FPIs. Additionally, prospects of lower interest rate going forward and strength in rupee will ease liquidity crunch situation, said Vinod Nair, Head of Research, Geojit Financial Services.
Meanwhile, the rupee appreciated 17 paise against its previous close to trade at 70.51 in early session.
Brent crude futures, the global oil benchmark, slipped 0.26 per cent to trade at 57.23 per barrel.
Elsewhere in Asia, Hang Seng, Kospi, Shanghai Composite Index and Nikkei were trading on a mixed note in their respective late morning sessions.
While, bourses on Wall Street ended higher on Thursday. PTI
ANS
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