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Sensex Surges 250 Points, Nifty Tops 11,111 On Surcharge Exemption For FPIs

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For the second consecutive day, bulls have gained ground due to a series of factors such as hopes on cut back of surcharge on FPIs, consideration of recapitalization of banks etc.

Towards the end of the session, the earlier gains during the day were largely pared but still decent gains were made. While Nifty ended the day at 11111, up 77.20 points and Sensex ended with gains of 254.55 points at 37,581.91

Sensex Surges 250 Points, Nifty Tops 11,111 On Surcharge Exemption For FPIs
 

Top gainers on the Nifty include stocks such as Indiabulls Housing Finance, Eicher Motors, Vedanta, Bajaj Finserv. Whiler losers in trade today included Yes Bank, Hindalco, Cipla and Tata Motors.

Yes Bank was dragged lower by as much as 8% after reports of management rejig plan as well as its QIP issue ends today with bids received worth $750 -$800 million.

Spicejet after posting its biggest quarterly gains due to the grounding of Jet Airways also gained close to 2%

After a tumultuous start to the week due to trade war jitters, markets rose across the world. Asian shares inched higher on strong gains of 2-month high on the Wall Street. But a report by the Bloomberg which stated that the US is deferring on the decision regarding licenses for US companies to restart trade with Huawei Technologies weighed on risk appetite.

European stocks lost in trade today as the government stabilisation caused investor worries.

GoodReturns.in

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