Indian equity benchmarks closed higher for the first time this week as government may soon roll back of superrich tax on foreign investors announced in the Budget last month.
The S&P BSE Sensex rose 0.63 percent to close at 36,701.16 and the NSE Nifty 50 gained 0.82 percent to 10,829.35. The broader markets represented by the NSE Nifty 500 Index advanced 0.82 percent.
“The expectation is the surcharge on foreign portfolio investors may be ruled out,” said Dharmesh Kant, head of retail research at Indianivesh Securities, told Bloomberg, “Investors who were sitting on short positions have squared it off to play it safe for Monday.”
The market breadth was tilted in favour of buyers. About 1,019 stocks advanced and 768 shares declined on National Stock Exchange.
Eight of the 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Metal Index’s 4.18 percent gain. Nifty FMCG Index was the top sectoral loser, down 0.49 percent.
Shares of the cable TV operator gained for the fifth straight session, rising as much as 9.8 percent intraday to Rs 97.70 apiece. The stock has risen 38.5 percent so far this week.
Den Networks' stock has gained 37 percent since Aug. 12, when Reliance Industries announced that Jio Fiber broadband service will be launched pan-India on Sept. 5.
The relative strength index on the stock was over 70, indicating it may be overbought.
Den Networks’ shares have risen 46 percent since Oct. 17, 2018, when Reliance Jio Infocomm Ltd. said it would acquire a majority stake in the company and GTPL Hathway Ltd. to expand its broadband reach and pool of cable subscribers.
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Indian equity benchmarks traded higher as government mulled a rollback of superrich tax on foreign investors announced in the Budget last month.
The government is working on steps to give cushion to the economy, a Bloomberg report said, citing an official.
The S&P BSE Sensex rose 0.66 percent to 36,717.40 and the NSE Nifty 50 rose 0.84 percent to 10,822 as of 2:20 pm. The broader markets represented by the NSE Nifty 500 Index advanced 0.80 percent.
The market breadth was tilted in favour of buyers. About 996 stocks advanced and 761 shares declined on National Stock Exchange.
Nine of the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s 3.27 percent gain. Nifty FMCG Index was the top sectoral loser, down 0.45 percent.
Shares of the mining conglomerate snapped its three-day fall and rose as much as 5.9 percent to Rs 136.60 apiece.
Zambian Minister Richard Musukwa, in an emailed statement, said the government was open to any progressive talks that will facilitate amicable exit of Vedanta from Konkola Copper Mines.
The stocks fell 37 percent in the past 12 months compared to a 5 percent fall in the Nifty Index.
Good quality stocks are also falling as investors are now selling "jewels" to make up for the losses made in the other parts of their portfolio. That’s according to Deven Choksey, managing director, KRChoksey Investment Managers.
"Unfortunately, the victims of the market sell-off are good quality mid-cap stocks," said Choksey in an interview to BloombergQuint. "The fund managers and investors are compelled to sell these stocks for liquidating and generating cash in their portfolio."
State Bank of India had lowered interest rates of bulk term deposits by 30-70 basis points across tenors, while retail deposit rates were cut by 10-50 basis points, according its press statement.
Shares of the largest state-run lender rose as much as 1.4 percent to Rs 272.35 each.
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Indian equity indices extended losses for the fourth day in a row led by declines in ICICI Bank and Bharti Infratel. Negative sentiments continued to fuel sell-offs as investors were expecting a stimulus package to support businesses facing a slowdown.
The S&P BSE Sensex fell 0.69 percent to 36,217.98 and the NSE Nifty 50 fell 0.67 percent to 11,662 as of 9:20 am. The broader markets represented by the NSE Nifty 500 Index fell 0.68 percent.
The market breadth was tilted in favour of buyers. About 1098 stocks declined and 385 shares advanced on National Stock Exchange.
Nine of the 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Realty Index’s 1.98 percent fall. Nifty IT Index was the top sectoral gainer, up 0.57 percent.
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