Shares in India gained ground in trade, beginning the week on a solid note. The gains were largely following a host of measures announced by Finance Minister Nirmala Sitharaman on Friday, after close of market hours.
The Sensex was trading with gains of 650 points, while the Nifty gained 185 points in trade. Almost all of the stocks from the Nifty gained ground. However, it was Foreign Portfolio Investor heavyweight owned stocks that gained the most, thanks to withdrawal of tax surcharge by the Finance Minister.
Almost all of the Nifty Banking stocks were trading higher including the likes of ICICI Bank, Yes Bank and State Bank of India. However, SBI surged a huge 4 per cent as the Finance Minister announced an upfront recapitalization of state owned banks.
Among the stocks that are heavily owned by FPIs, include HDFC and HDFC Bank, both of which gained nearly 3 and 4 per cent each.
Shares in IPCA lost ground after the USFDA issued a Form 483 with 3 observations to Formulations manufacturing Unit situated at Piparia (Silvassa).
Shares in DHFL gained ground after reports that it had made interest payment on its NCDs.
Today's gains in stocks came despite very poor cues from across the globe. Asian markets fell sharply after US President imposed a fresh set of tariffs on China.