Markets bounce back on buzz of govt examining tax concerns of FPIs

After dropping about 400 points intra-day, Sensex ends with 100-point gain on reports that Centre is examining FPI concerns

The buzz of the finance ministry examining the tax concerns of foreign portfolio investors (FPIs) sparked a sharp rebound in the domestic equity market on Friday, even as most global bourses tumbled amid a fresh spike in tensions between the US and China. A 7 per cent decline in Brent crude prices on Thursday night helped ease some concerns on the macroeconomic front.

After dropping as much as 410 points in intra-day trade, the benchmark Sensex recouped all the losses to end 100 points higher at 37,118. The 50-share Nifty ended slightly below 11,000, a psychologically important level.

The rebound happened after