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An Evening Walk Down D-St: Sensex, Nifty jump on fiscal stimulus hopes; Vedanta, Yes Bank top gainers

Buoyed by reports that the government may withdraw the higher tax surcharge on foreign portfolio investors (FPIs) and announce fiscal stimulus for the economy, Sensex and Nifty logged gains after the three consecutive sessions of losses on August 23. Later in the day, the Finance Minister announced the withdrawal of enhanced tax surcharge on FPIs as well as domestic investors. “In order to encourage investment in capital market, it is decided to withdraw enhance surcharge on FPIs. Surcharge on domestic investors in equity also goes. Pre-budget position is restored,” said Nirmala Sitharaman. Positive global cues also gave a leg up to the market sentiment. Global stocks logged gains ahead of Federal Reserve Chair  Jerome Powell’s comment in Jackson Hole, Wyoming, which is expected to give clues on whether the US central bank will go for more rate cuts this year. The rupee showed signs of improvement whereas global crude oil prices eased further, which also influenced the mood of the market. Recovering from its lowest level since December 2018, the Indian rupee closed 15 paise higher at 71.66. The 30-share pack Sensex closed with a gain of 228 points, or 0.63 percent, at 36,701.16, with 22 stocks in the green. Vedanta, Yes Bank, ONGC, Mahindra & Mahindra and Tata Steel ended as the top gainers in the Sensex index, rising between 6.55 percent to 3.43 percent. On the flip side, IndusInd Bank, ITC, ICICI Bank, Hindustan Unilever and Power Grid Corporation settled as the top losers in the Sensex

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