Dynamite News
Sensex rises over 250 pts; Nifty above 11,100
Domestic equity benchmark BSE Sensex jumped over 250 points in early session on Friday.
Mumbai: Domestic equity benchmark BSE Sensex jumped over 250 points in early session on Friday led by gains in banking and energy stocks amid reports that the government is likely to roll back higher surcharge on foreign portfolio investors.
After surging 285 points in opening trade, the 30-share index was trading 238.59 points or 0.64 per cent higher at 37,565.95 at 0945 hours; and the broader Nifty too rose 73.10 points or 0.66 per cent to 11,105.55.
In the previous session on Thursday, the 30-share index finished at 37,327.36, showing a jump of 636.86 points or 1.74 per cent. While, the NSE Nifty climbed 176.95 points or 1.63 per cent to 11,032.45.
Market has got a a breather due to the expectation that the government is likely to be lenient on higher surcharge on FPIs. Additionally, prospects of lower interest rate going forward and strength in rupee will ease liquidity crunch situation, said Vinod Nair, Head of Research, Geojit Financial Services.
Meanwhile, the rupee appreciated 17 paise against its previous close to trade at 70.51 in early session. Brent crude futures, the global oil benchmark, slipped 0.26 per cent to trade at 57.23 per barrel. (PTI)