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

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

BS Web Team  |  New Delhi 

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.

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.

Shares of Future Retail slumped as much as 7.94 per cent to Rs 380.60 apiece on the BSE in the morning trade on Friday, a day after the company informed that American e-commerce giant Amazon.com is acquiring a 49 per cent stake in its group entity — Future Coupons.


Shares of IndusInd Bank slipped for the fourth straight day, down 4 per cent to Rs 1,280 apiece, hitting a 30-month low on the BSE on Friday amid a weak market sentiment. The stock of the private sector lender was trading at its lowest level since February 3, 2017.

First Published: Fri, August 23 2019. 16:51 IST
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