Sensex Surges 636 Points On Reports Of Withdrawal Of Surcharge On FPIs

The benchmark indices in the late afternoon surged after an ET Now news report that foreign ministry in a meeting with PMO has decided to roll back surcharge on FPIs. As per the report "Revenue forgone due to removal of higher surcharge will be only Rs 400 crore".

After a mayhem in the broader market with about 500 stocks hitting 52-week lows today, the indices gained to close higher. Sensex closed with gains of 636.71 points at 37327.36, while Nifty ended above 11000 mark at11032, up 1.63%.

IT index was the major gainer in trade today due to weakness in the rupee, which traded almost flat at 70.87 per US dollar.

HCL gains 6% after the company beat its revenue targets for the first quarter of the financial year.

HDFC Standard life in intra-day trade surged by over 5% on MSCI's addition of the stock to its Global Standard Index. The index also would remove Union Bank of India from its Global Small Cap Index and the news the stock of Union Bank corrected 2%.

Tata Steel slipped in trade by more than 2% after the company reported a heavy decline in year on year profit by 64.3% in June quarter earnings.

Meanwhile, most Asian markets shown signs of recovery after Beijing surprisingly posted solid trade data as well as came forth to check further trimming of the yuan currency, allaying fears posed of a global currency war.

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