INSUBCONTINENT EXCLUSIVE:
Overall market breadth was extremely positive as 1,258 shares were advancing.
The S-P BSE Sensex and
NSE Nifty 50 indexes staged sharp gains on Monday, after the government announced a slew of measures to spur the slowing economy
The Sensex index surged over 800 points and the broader NSE Nifty 50 benchmark crossed its important psychological level of 11,050
The government on Friday announced a raft of measures, including a rollback of the enhanced super-rich tax on foreign and domestic equity
investors and the enhanced surcharge on short- and long-term capital gains
Here are 10 things to know about today's trade:At 2:31 pm, the Sensex traded 2.17 per cent or 795.31 points higher at
37,496.47 and the NSE Nifty 50 index was up 2.10 per cent or 227.90 points at 11,057.25."Government announcements are in the right direction
and from here on the Sensex and Nifty are likely to rise further," AK Prabhakar, head of research at IDBI Capital, told
"I think the Sensex and Nifty will touch record highs by December-end," he added.All but one of the sectoral gauges compiled by the National
Stock Exchange were trading higher, led by a 3.3 per cent gain in the Nifty PSU Bank index.Shares in state-run banks surged after the
government on Friday announced that it will release Rs 70,000 crore of recapitalisation funds upfront for PSU lenders, which was earlier to
be provided to them during the course of the year
Central Bank of India, Indian Bank, Allahabad Bank and Jammu - Kashmir Bank were among the top percentage gainers in the PSU banking space,
up between 5 per cent and 9.5 per cent.The Nifty Financial Services, Nifty Private Bank, Nifty Media and Nifty Realty sector gauges also
rose between 2.9 per cent and 3.4 per cent.On the other hand, the Nifty Metal index was the top percentage loser, down 1.6 per cent, as the
US-China trade war escalated
Last Friday, US President Donald Trump additional duty on some $550-billion of targeted Chinese goods, hours after China unveiled
retaliatory tariffs on $75 billion worth of American goods.Mid- and small-cap shares were also witnessing buying interest, with the Nifty
Midcap 100 index rising 1.4 per cent and the Nifty Smallcap 100 Index climbing 2 per cent.Yes Bank was top gainer in the Nifty 50 basket of
The stock rose 5.8 per cent to Rs 62.70
Yes Indiabulls Housing Finance, Adani Ports, HDFC, HDFC Bank, Bajaj Finance, Larsen - Toubro, UltraTech Cement, and ICICI Bank were also
among prominent gainers, up 3.3-6 per cent each.On the flipside, JSW Steel, Tata Steel, Vedanta, Hero MotoCorp, Hindalco, Sun Pharma and
Coal India were among the losers.Overall market breadth was extremely positive as 1,258 shares were advancing while nearly 500 shares were
advancing on the NSE.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
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