Sensex Surges Over 500 Points After Government Takes Steps To Spur Growth
The S&P BSE Sensex and NSE Nifty 50 Indexes continue to trade on a strong note after the government on Friday announced a slew of measures to spur the slowing economy. The Sensex surged over 500 points and the NSE Nifty 50 Index was trading near its important psychological level of 11,000. The government on Friday announced a raft of measures, including rollback of enhanced super-rich tax on foreign and domestic equity investors and rolling back enhanced surcharge on short term and long term capital gains.
As of 1:00 pm, the Sensex traded 1.5 per cent or 559 points higher at 37,260 and the NSE Nifty 50 Index surged 1.3 per cent or 144 points to 10,974.
Nine of 11 sector gauges compiled by National Stock Exchange were trading higher led by the Nifty PSU Bank Index's 3 per cent gain. Nifty Private Bank, Nifty Bank, Nifty Financial Services, Nifty Media and Nifty Realty sector gauges also jumped between 1.9-2.7 per cent each.
On the other hand, Nifty Metal Index was top loser, the index fell 2.2 per cent after the US-China trade war escalated after US President Donald Trump on Friday announced an additional duty on some $550 billion of targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of US goods.
Mid- and small-cap shares were also witnessing buying interest as the Nifty Midcap 100 Index rose 1 per cent and Nifty Smallcap 100 Index climbed 1.6 per cent.
Adani Ports was top gainer in the Nifty 50 basket of shares. The stock rose 4.8 per cent to Rs 366. Yes bank, HDFC, Indiabulls Housing Finance, Larsen & Toubro, Bajaj Finance, HDFC Bank, Bajaj Finserv and ICICI Bank were also among the gainers.
On the flipside, JSW Steel, Tata Steel, Vedanta, HeroMotoCorp, Hindalco, Sun Pharma and Coal India were among the losers.
The overall market breadth was extremely positive as 1,258 shares were advancing while nearly 500 shares were advancing on the NSE.
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