WION Web Team New Delhi
Aug 26, 2019, 03.42 PM
Erasing early losses, Sensex surged over 700 points in the afternoon and closed at 793 points after US President Donald Trump said China had contacted US trade officials overnight to say they wanted to return to the negotiating table.
Besides Trump's announcement, the withdrawal of surcharge proposed in the Budget on foreign portfolio investors by Finance Minister Nirmala Sitharaman and the measures she announced last week to prop-up the economy cheered the investors further.
At closing the BSE S&P Sensex was up by 793 points at 37,494 while the Nifty 50 edged higher by 228 points to 11,057.
At the National Stock Exchange, all sectoral indices except for Nifty metal were in the green.
Nifty financial services gained by 3.8 per cent, PSU banks by 3.6 per cent and realty by 3.1 per cent. But metals slipped by 1.3 per cent.
Among the prominent gainers were Yes Bank, Adani Ports, Indiabulls Housing Finance, HDFC and HDFC Bank. However, steel majors were down with JSW Steel showing a loss of 3 per cent, Vedanta by 1.82 per cent and Tata Steel by 1.81 per cent.
Sun Pharma and Hero MotoCorp also lost by about 1.9 per cent each.
Sensex climbed nearly 800 points after Finance Minister announced several measures to boost the economy and rollback of FPI surcharge.