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MARKET: Sensex up 228 pts on reports govt may rollback higher tax on FPIs

FM Nirmala Sitharaman will address media wherein announcements on steps to revive the economy, clarity on super-rich tax on FPIs, and direct tax code are expected.

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Markets, Investors, Indices, Stocks
Indices settled higher on Friday ahead of finance minister Nirmala Sitharaman's media address, scheduled later in the day, wherein measures to revive the economy, clarity on the possible rollback of super-rich tax on FPIs, and implementation of direct tax code (DTC) are expected. 

That apart, investors were also eyeing Federal Reserve chair Jerome Powell's speech at Jackson Hole, Wyoming for clarification on whether the US central bank remains on course to deliver another interest rate cut in next month.

The benchmark S&P BSE Sensex settled 228 points, or 0.63 per cent, higher at 36,701 levels lifted by gains in metals, and public sector banks' stocks. Vedanta, YES Bank, ONGC, and M&M were the top gainers at the 30-share index, while IndusInd Bank, ITC, ICICI Bank, and Power Grid ended as top laggards. The broader Nifty50, too, closed at 10,829-mark, up 88 points or 0.82 per cent.

The Sensex and Nifty50 settled nearly 600 and 192 points higher, respectively from the day's low.

For the week, both Sensex and Nifty50 settled in the negative territory for second week in a row, down 2 per cent each. Further, Nifty Bank index slipped 4.5 per cent this week, registering the biggest weekly fall in 11 months, while Nifty mid-cap index settled 3 per cent lower, its biggest monthly fall.

Sectorally, indices for private bank and FMCG stocks ended in the red. Nifty media index ended as the top gainer, up 4.2 per cent, followed by Nifty metal index (up 3.3 per cent), and Nifty PSU bank index (up 2 per cent). Nifty FMCG and PSB indices closed with cuts of 0.35 per cent each. 

In the broader market, mid-cap scrips fared better than small-cap stocks. The S&P BSE mid-cap index settled 121 points, or 0.93 per cent, higher at 13,202 level, as against a gain of 67 points, or 0.55 per cent, at the S&P BSE small-cap index, which closed at 12,186 level.

GLOBAL CUES

World stock and the dollar rose on Friday ahead of Federal Reserve chair Jerome Powell's speech on future rate cuts by the US central bank. 

Suggesting remain broadly confident of further Fed easing, European stocks rebounded from the previous day’s falls, with the pan-European STOXX 600 index gaining as much as half a percent in early deals. Britain’s FTSE 100 index was up 0.64%.

MSCI’s All Country World Index, which tracks shares across 47 countries, was up 0.1% and set to break a three-week losing streak.

Earlier in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.3% higher and was up 1.0% for the week, on track to break a four-week losing streak. Japan’s benchmark Nikkei advanced 0.4% and Australian stocks added 0.3%.  

(With inputs from Reuters)

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