Sensex, Nifty jump most in 11 weeks on reports government planning sops for investors

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A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India October 4, 2018. REUTERS/Francis Mascarenhas/File Photo

BENGALURU (Reuters) – Indian shares rallied in late trading on Thursday and posted their biggest gain in 11 weeks, after reports that the government was planning sops for investors, including a withdrawal of the surcharge on foreign portfolio investors (FPIs) and a re-look at the capital gains tax.

Nifty ended 1.63% higher at 11,032.45, while the benchmark BSE Sensex closed up 1.74% at 37,327.36. Both indexes logged their biggest single-day gain since March 23.

Television channel ET Now reported here that the government might withdraw the FPI surcharge through a notification or ordinance, and that it was working on a confidence-booster package for investors that included a re-thinking on the long-term capital gains tax.

Autos and state-run banks led gains, with the Nifty auto index ending 3% higher, its best in over 11 weeks, and the public sector banks index closing up 1.73%.

HCL Technologies was the top gainer among the NSE stocks, ending up 6.7%, while Tata Steel was the biggest laggard with a drop of 4%.

Reporting by Derek Francis in Bengaluru; Editing by Subhranshu Sahu



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