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.
 "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.
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 markets 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 markets 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)
(With inputs from Reuters)
3:39 PM
Sectoral gainers and losers on the NSE
3:39 PM
Gainers and losers on the S&P BSE Sensex
3:36 PM
CLOSING BELL
The S&P BSE Sensex gained 228 points or 0.63 per cent to settle at 36,701 levels while NSE's Nifty50 index ended at 10,829, down 88 points or 0.82 per cent.
36,701.16
3:30 PM
State Bank India cuts interest rates on fixed deposits up to 0.5%
The country's largest lender State Bank of India on Friday slashed interest rates on fixed deposits across various tenure by up to 0.5 percentage point, a move which will lower returns for savers.
In view of the falling interest rate scenario and surplus liquidity, SBI realigns its interest rate on Term Deposits with effect from August 26, 2019, SBI said in a statement. READ MORE
3:27 PM
India Inc grows impatient as economy slows down and Modi seems distracted
When Prime Minister Narendra Modi was re-elected in May with a sweeping majority, Indian stock markets jumped to all-time highs as investors anticipated big bang pro-business reforms to revive a flagging economy. But sentiment is souring in the country's boardrooms after a much-anticipated budget in July failed to provide any stimulus, and instead hiked taxes on the ultra-rich and on foreign portfolio investors. READ MORE
3:15 PM
ED conducts searches on Jet Airways offices, Naresh Goyal residences
The Enforcement Directorate (ED) is conducting search operation on Jet Airways’s offices and also on it founder Naresh Goyal’s Delhi and Mumbai residences. The action is the part of the probe against Jet Airways under the Foreign Exchange Management Act (Fema), said an ED official privy to the development. READ MORE
3:07 PM
NEWS ALERT | Moody's cuts India's 2020 GDP growth forecast by 60 bps to 6.7%: CNBC TV18
- Moody's cuts 2019 GDP growth forecast by 60 bps to 6.2%;
- Indian economy remains sluggish due to weak hiring
- Indian economy remains sluggish due to weak hiring
2:54 PM
Rupee up 45 paise from day's low
2:51 PM
Dish TV surges
2:46 PM
DLF off day's low, up 5%
2:38 PM
NEWS ALERT | Financial distress has to be addressed by PMO, Fin Min: Nitin Gadkari
-- Have submitted by note on Scrappage Policy to PMO
-- Can't say if Scrappage policy will be incentive based
-- Can't say if Scrappage policy will be incentive based
2:34 PM
NEWS ALERT | Clarity on FPI tax, Direct Tax Code likely today
2:33 PM
NEWS ALERT | Govt likely to announce measures on economy today: sources to CNBC TV18
2:31 PM
NEWS ALERT | Wockhardt's Ankleshwar unit gets good manufacturing practice certificate from French regulator: CNBC TV18
2:28 PM
STOCK ALERT | Deepak Nitrite promoter buys additional 3 lakh shares via open market on August 21
Topics : Markets MARKET WRAP
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First Published: Aug 23 2019 | 7:16 AM IST
