Sensex surges for second day, Nifty regains 11,1001 min read . Updated: 09 Aug 2019, 03:45 PM IST
- Auto and banking stocks led the gains
- Maruti Suzuki, Vedanta, Bajaj Finance, HDFC Bank and HUL were among the top gainers in the Sensex 30 pack
Sensex and Nifty surged today, extending Thursday's strong gains, as the sentiment turned positive on strong buzz that the government may axe higher FPI tax. The Sensex ended 0.70% or 254 points higher at ₹37,581 while Nifty settled 0.70% higher at 11,109.
"Market turned hopeful expecting some form of respite from the government after RBI cut the policy rate by 35 bps while underlying trends in 1QFY20 results and management commentary on domestic economy remained weak," said Sanjeev Zarbade, VP PCG Research, Kotak Securities.
"Upside may come from any concrete measures which the government proposes to reverse the pessimism and lift the investor confidence," he added.
Banking and auto stocks lead the gains today. Some buying was also seen in FMCG and realty stocks.
Among the Sensex 30 stocks, Maruti Suzuki rose 3.4%, Vedanta 2.2%, Bajaj Finance 2%, HDFC Bank 2% and HUL 1.9%. Other top gainers included Kotak Bank, HDFC, ICICI Bank and Hero MotoCorp.
Among the losers, Yes Bank slumped 7%. Some IT stocks like TCS, HCL Tech and Tech Mahindra also come under some selling pressure.
Hexaware Technologies rose as much as 9% today after the company's quarterly profit beat estimates. But it settled in the red, reversing all the gains.
Elsewhere, shares of wind turbine maker Suzlon surged 10% after Bloomberg, citing sources, reported that the company has offered to repay about ₹8,500 crore to lenders as part of a bad-debt resolution plan.