Mumbai: Domestic equity benchmark BSE Sensex rebounded by nearly 300 points in early trade on Wednesday, led by gains in index heavyweights RIL, HDFC and Infosys, amid positive cues from other global markets.
Easing inflation numbers, released after market hours on Tuesday, too helped the recovery in domestic market sentiment, traders said.
The Sensex surged 636.86 points on Thursday after media reports suggested that there could be a rollback of tax proposals for foreign portfolio investors (FPIs).
Barring three companies, all Index members ended the session in green, with HCL Technologies, Tata Motors, Mahindra & Mahindra and Bajaj Auto gaining between 4% and 6.4%. Heavyweights – Reliance Industries and HDFC Bank – contributed 38% to the Sensex gain.
Indian markets surged today after news agency Reuters, citing sources, reported that the government is likely to exempt foreign portfolio investors from an increase in taxes that was part of the budget. The budget announcement on taxation has adversely impacted investor sentiments and is reflected in the FPI outflows from the equity markets. Since budget, Indian markets have fallen nearly 8%.
Domestic equity benchmarks BSE Sensex fell over 531 points to trade below 37,000-mark in early trade on Monday following persistent foreign fund outflows amid negative global cues.
Kashmir issue also spooked investors’ sentiment after the authorities stepped up security at vital installations and in sensitive areas, suspended mobile internet services and either “arrested” or “detained” several leaders in fast-paced developments on Sunday night.
Benchmark indices managed to close in the green despite heavy selling by the foreign portfolio investors on Friday due to buying support provided by the domestic institutional investors.
The Sensex closed at 37118, higher by 99.90 points or 0.27 per cent while the broader Nifty-50 closed higher by 17 points at 10997 in a volatile trading session. The Nifty witnessed a 150 points recovery from the lows of 10848 while the Sensex recovered nearly 500 points from the lows of 36607.
Mumbai: Equity benchmark Sensex on Friday fell over 300 points in line with global market sell-offs as investors panicked after the US decision to impose fresh tariffs on Chinese goods.
The trade war tensions between the US and China along with unabated foreign fund outflows weighed heavily on the market sentiments, traders said. Tracking tepid global market trend, the 30-share index was trading 333.32 points, or 0.90 per cent, lower at 36,685.00.
Indian stocks just suffered their worst July in 17 years, and if history is to be believed, there is little hope that August will be much better.
The S&P BSE Sensex dropped 4.9% in the month that ended Wednesday, hurt by disappointment with the country’s new budget, muted corporate earnings and the ongoing credit crunch. The benchmark index has performed better in August than July in only five years since 2002, data compiled by Bloomberg show.
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