Sensex rallies 220 points to reclaim 40,000-mark, Nifty above 11,800 on strong croporate earnings; SBI, Airtel among top gainers

Mumbai: Market benchmark BSE Sensex reclaimed the 40,000-mark on Wednesday, rallying 220 points on the back of strong corporate earnings and expectations of a rejig in tax structure for equity investors.

#MarketAtClose | Market extends gaining streak to four days, #Sensex tops 40,000 pic.twitter.com/k7k4JtO39c

— CNBC-TV18 (@CNBCTV18Live) October 30, 2019

After hitting a high of 40,178.12, the 30-share index ended 220.03 points, or 0.55 percent, higher at 40,051.87. Similarly, the broader NSE Nifty jumped 57.25 points or 0.49 percent to close at 11,844.10.

Top gainers in the Sensex pack included SBI, TCS, ITC, Bharti Airtel, Sun Pharma, Infosys and Bajaj Auto, rising up to 3.37 percent.

On the other hand, Yes Bank, Maruti, IndusInd Bank, ICICI Bank and Bajaj Finance fell up to 2.41 percent.

According to experts, a proposed review of key taxes such as long-term capital gains, securities transaction tax and dividend distribution tax before the Budget has boosted domestic investor sentiment.

Strong earnings delivery from blue-chips and meaningful contribution from the corporate tax cut to profits coming through has also boosted market mood, they added.

Further, the market is awaiting cues from the US Federal Reserve’s policy decision, scheduled to be announced later in the day.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended on a negative note amid reports of a possible delay in the US-China trade deal.

Exchanges in Europe were trading on a mixed note in their respective early deals.

Meanwhile, the Indian rupee depreciated 6 paise to 70.91 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, slipped 0.54 percent to $61.26 per barrel.