Day after Budget, Sensex surges over 500 points
MUMBAI: A day after suffering losses following the presentation of the Union Budget, the benchmark Sensex bounced back by over 500 points on Tuesday, bolstered by renewed hopes of a rate cut by the Reserve Bank amid positive Asian cues.
With the Budget out of the way, the focus now shifts to RBI governor Raghuram Rajan’s monetary policy action to revive investment and growth.
The 30-share index was trading above 23,400 and Nifty had reclaimed 7,100-level on heavy buying in early trading.
The Sensex had lost 152.30 in a highly volatile trade yesterday, mainly hit by a proposal for a higher dividend distribution tax on those earning more and a one on raising securities transaction tax on options trading.
Also, the NSE Nifty reclaimed the crucial 7,100-mark by surging 134 points, or 1.91 per cent, to 7,121.05.
All sectoral indices led by FMCG, banking, IT, realty, technology and capital goods traded in the positive territory, rising by up to 3.39 per cent.
Hong Kong’s Hang Seng rose by 0.54 per cent while Shanghai Composite jumped 0.40 per cent in early trade. Japan’s Nikkei shed 0.69 per cent.
The US Dow Jones Industrial Average ended 0.74 per cent down in Monday’s trade.
Read full article: TOI
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