FPI surcharge removal, stimulus measures likely to boost markets: Experts

The stock markets may see a relief rally this week after the government removed enhanced surcharge on FPIs and also unveiled various measures to jumpstart growth, analysts said.

Giving in to the demands of overseas investors, Finance Minister Nirmala Sitharaman on Friday announced rollback of enhanced surcharge on foreign portfolio investors levied in the Budget.

The Budget proposal to hike surcharge on FPIs had spooked foreign investors, who withdrew more than USD 3.4 billion (Rs 24,500 crore) from domestic equities in July and August. The massive capital outflows also put pressure on the rupee, which slumped to 72-level against the