Sensex rises by 600 points, reaches 37,000

WION Web Team New Delhi Aug 08, 2019, 03.21 PM(IST)

File photo of Bombay Stock Exchange (BSE) building in Mumbai. Photograph:( Reuters )

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BSE Sensex rose to over 600 points touching 37,326 at around 3:15 pm on Thursday

BSE Sensex rose to over 600 points touching 37,326 at around 3:15 pm on Thursday. 

While Nifty50 recorded 11,035 by an increase of around 182 points.

The shares rose marginally on Thursday morning, tracking gains in broader Asia, after the Reserve Bank of India's (RBI) cut interest rates by an unconventional 35 basis points, highlighting its concerns of a slowing domestic economic growth.

The broader Nifty was up 0.1 per cent at 10,866.75 as of 0407 GMT, while the benchmark BSE Sensex rose 0.11 per cent at 36,741.69.

The market rallied later after reports suggested that the government is likely to roll back the recently-imposed higher tax on foreign portfolio investors (FPIs). 

The introduction of a surcharge on higher income brackets announced in the Budget by Finance Minister Nirmala Sitharaman has led to a brisk selloff by FPIs.

All sectoral indices at the National Stock Exchange were in the green with Nifty auto up by 3.03 per cent, realty by 1.86 per cent, IT by 1.83 per cent and PSU banks by 1.73 per cent.

Meanwhile, Asian shares struggled to rally as data showed Chinese exports rose 3.3 per cent in July from a year earlier.

Imports also declined by less than expected, suggesting some resilience to the drawn-out US-China tariff war.

MSCI`s broadest index of Asia-Pacific shares outside Japan bounced 0.6 per cent even though it was still down more than 7 per cent over the past two weeks.

The Shanghai Composite index was up by 0.93 per cent, Japan`s Nikkei edged up 0.37 per cent while Hang Seng index rose 0.48 per cent.

(With inputs from ANI)