Sensex up over 250 points, Nifty above 11,100-mark on gains in banking, energy stocks; Vedanta, Hero MotoCorp, RIL rally
Sensex was trading 238.59 points or 0.64% higher at 37,565.95 at 0945 hours and Nifty too rose 73.10 points or 0.66% to 11,105.55.
Sensex jumped over 250 points in early session on Friday led by gains in banking and energy stocks
Nifty too rose 73.10 points or 0.66 percent to 11,105.55
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
Key equity indices opened on a positive note on Friday with the BSE Sensex trading over 250 points.
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.
— CNBC-TV18 (@CNBCTV18Live) August 9, 2019
After surging 285 points in opening trade, the 30-share index was trading 238.59 points or 0.64 percent higher at 37,565.95 at 0945 hours; and the broader Nifty too rose 73.10 points or 0.66 percent 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 percent. While the NSE Nifty climbed 176.95 points or 1.63 percent to 11,032.45.
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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 percent.
While, Tata Motors, M&M, TechM, ITC, Bharti Airtel, Yes Bank, Infosys and TCS fell up to 1.41 percent.
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.
The market has got a breather due to the expectation that the government is likely to be lenient on a 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.
Bourses on Wall Street ended higher on Thursday.
--With inputs from agencies
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