You are here: Home » Markets » News
Business Standard

Market Wrap: Sensex up 637 pts on possible roll-back of higher tax on FPIs

The Centre is likely to exempt foreign portfolio investors from an increase in taxes that was part of the Union Budget approved by Parliament but heavily criticised, a government official said

Topics
MARKET WRAP

BS Web Team  |  New Delhi 

The bulls on Dalal Street made a strong comeback in the last hour of the session on Thursday after reports said the government was looking to roll-back the recently imposed higher tax on the foreign portfolio investors (FPIs).

The S&P BSE Sensex jumped 637 points or 1.74 per cent to settle at 37,327 levels with HCL Tech being the top gainer and Tata Steel the biggest laggard. Out of 30 constituents, 27 ended in the green and just 3 in the red. The broader Nifty50 index of the National Stock Exchange (NSE) reclaimed the crucial level of 11,000 to end at 11,032.45, up 177 points or 1.63 per cent.

The Centre is likely to exempt foreign portfolio investors from an increase in taxes that was part of the Union Budget approved by Parliament but heavily criticised, a government official said on Thursday, Reuters reported.

Sectorally, all indices on the NSE settled in the positive territory. Auto stocks rallied the most, followed by IT and PSU bank counters. The Nifty Auto index ended 6,998.45, up 3 per cent.

In the broader market, the S&P BSE Midcap index gained 57 points or 0.42 per cent to settle at 13,566 while the S&P BSE SmallCap index ended at 12,574.25, up 92 points or 0.74 per cent.

BUZZING STOCKS

Shares of HCL Technologies gained 7 per cent to Rs 1,094 apiece on the BSE after the company posted double-digit revenue growth in the first quarter of the financial year 2019-20 (Q1FY20). In constant currency (CC) terms, the company’s revenue grew 17 per cent year-on-year (YoY) and 7.7 per cent on sequential basis.

Shares of Affle India made a strong debut on the bourses and were listed at Rs 930 on the BSE, a premium of 25 per cent against the issue price of Rs 745. On the National Stock Exchange (NSE), the stock opened at Rs 926, a 24 per cent increase against the issue price. The stock, however, pared its early gains to settle at Rs 875 apiece on the BSE.

MONTHLY STAR

Business Standard Digital

Business Standard Digital Monthly Subscription
149.00  
subscribe
Complete access to the premium product
Convenient - Pay as you go
Pay using Master/Visa Credit Card & ICICI VISA Debit Card
Auto renewed (subject to your card issuer's permission)
Cancel any time in the future
Requires personal information

What you get?

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all the content on any device through browser or app.
  • Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.
  • 18 years of archival data.

NOTE :

  • The product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the email with the cancellation request to assist@bsmail.in. Include your contact number for speedy action. Requests mailed to any other ID will not be acknowledged or actioned upon.

SMART MONTHLY

Business Standard Digital

Business Standard Digital - 12 Months
1499.00
subscribe
Get 12 months of Business Standard digital access
Single Seamless Sign-up to Business Standard Digital
Convenient - Once a year payment
Pay using an instrument of your choice - Credit/Debit Cards, Net Banking, Payment Wallets accepted
Exclusive Invite to select Business Standard events

What you get

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all content on any device through browser or app.
  • Exclusive content, features, opinions and comment - hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.

NOTE :

  • This product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the mail with the request to assist@bsmail.in. Include your contact number for easy reference. Requests mailed to any other ID will not be acknowledged or actioned upon.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, August 08 2019. 16:57 IST
RECOMMENDED FOR YOU
.