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Sensex surges by 636.86 pts
Economy

Sensex surges by 636.86 pts

Agency News

Mumbai, Aug 8 : The benchmark index of Bombay Stock Exchange (BSE) on Thursday registered a huge gain of 636 points to 37,327.36 after media reports suggested that the government is likely to roll back recently-imposed higher tax on Foreign Portfolio Investors (FPIs).

Prime Minister Narendra Modi will address the nation at 8pm tonight. The Nifty of National Stock Exchange (NSE) too surged by 176.95 points to 11,032.45. Sliding by 286 points on Wednesday, the Sensex opened higher by 118 pts to 36,808.01. Till the end of the day it spurted nearly 715 points to 37,405.48 the day high before closing at 37,327.36, up by 636.86 points from its previous close.

The Nifty registered days high and low at 11,058.05 and 10,842.95 pts respectively. The sectoral indices like Realty, Bankex, Power, Auto, Health Care, Finance, Energy and Consumer Discretionary Goods and Services pushed the market.

In scrips, Tata Motors DVR, HCL Technologies, Tata Motors, M & M and Bajaj Auto lifted went up while selling in Tata Steel, IndusInd Bank and Axis Bank capped from further rise, broker informed.

In the broader market, the S&P BSE Mid-Cap index rose 0.42 pc. The S&P BSE Small-Cap index gained 0.74 pc. The market breadth, indicating the overall health of the market, was positive. On the BSE, 1382 shares rose and 1029 shares fell. A total of 149 shares were unchanged.

US stocks recovered from steep early losses on Wednesday as investors snapped up oversold shares and bond yields rebounded from significant lows that raised fears about a recession. (UNI)