Mumbai, Aug 10 (UNI) The BSE Sensex surged by 463.69 points or 1.24 per cent at 37,581.91 at the week ended on Friday, snapping a losing streak of last four week following a reports that the government may soon rollback the tax surcharge on foreign portfolio investors (FPIs).
Even, the Nifty of National Stock Exchange (NSE) too advanced by 112.30 points or 1.02 per cent at 11,109.65.
The BSE Mid-Cap index rose 123.13 pts at 13,670.05. The BSE Small-Cap index gained 203.15 points at 12,699.5.
Trading for the week began on a negative note on Monday as the Sensex dropped by 418.38 points or 1.13 per cent to settle at 36,699.84.
The Nifty 50 index fell by 134.75 points or 1.23 per cent at 10,862.60 as the government’s move to scrap special status of the disputed Kashmir region spooked investors.
Weak global cues triggered by US President Donald Trump’s decision to impose tariffs on more Chinese imports also put pressure on domestic shares.
On Tuesday, the Sensex jumped by 277.01 points to 36,976.85. The Nifty 50 index gained 85.65 points to 10,948.25.
Very next day, it nosedived by 286.35 points to settle at 36,690.50. The Nifty 50 index declined 92.75 points
or 0.85 per cent to settle at 10,855.50 after the Reserve Bank of India (RBI) revised its growth forecast for the year to 6.9 per cent from 7 per cent estimated earlier.
On Thursday, it again zoomed up by 636.86 points at 37,327.36. The Nifty 50 index gained 176.95 points at 11,032.45.
Amid broad based buying support and shares rallied after media reports suggested that the government is likely to roll back recently-imposed higher tax on foreign portfolio investors (FPIs).
On Friday, gained further by 254.55 points at 581.91. The Nifty 50 index rose 77.20 points at 11109.65.
amid media reports that the government may exempt the tax surcharge on foreign portfolio investors.