Today was recorded the best day in past three months for the Indian stock market index as the government took a number of measures to reinvigorate the Indian economy and hopes for the US-China trade progress helped boost the sentiment.
Sensex climbed 793 points or 2.16% to 37,494 while Nifty swelled up 2.08% at 11,057.25. Finance Minister Nirmala Sitharaman outlines several measures on Friday to upstream the consumer sentiments. She even promised more similar actions for the revival of the downgoing Indian economy.
Few updates from the Indian Stock Market:
- Financial sector saw the buzz today. Nifty Bank index rose up 3.6%. Yes Bank surged 6% while HDFC gained 5%. ICICI Bank and Bajaj Finance ended as the top gainers with around 4% gains.
- State-owned lenders tracker Nifty PSU bank rose over 3%. Central Bank of India and Indian Bank surged over 10% whereas, SBI ended with 3% gains.
- Swinging in between losses and gains, Nifty Auto index settled for 0.50% gain.
- The Indian rupee strengthened relatively against the dollar at 71.96 from 72.25.
- Tata Steel Ltd and Miners Vedanta Ltd observed the top deprivation of around 2%.
Vice President of research at Religare Broking, Ajit Mishra said, “Indian recovered sharply amid volatility and gained over 2%, tracking favorable local cues. It again regained strength as the day progressed, thanks to news that the US and China could restart the trade negotiation.”
He cautiously added, “The recent volatility indicates excessive pessimism among the participants, and we do not see this fading away anytime soon. Besides, we’ve scheduled derivatives expiry on Thursday (August 29) and that would further add to choppiness.”
On Friday, Nirmala Sitharaman announced annulling of a tax surcharge on equity investments in domestic and foreign equity investors, for both short term and long-term investments. She also announced an upfront infusion of Rs70,000 crore into public banks.