New Delhi: Heavy buying by foreign institutional investors (FIIs) and domestic traders pushed up equity benchmark indices further on Monday...
Hotel stocks were up after the cut in corporate taxes and rationalisation of Goods and Services Tax (GST) rates. Lemon Tree Hotels gained by 13.7 per cent
The government led by Prime Minister Narendra Modi has unveiled various measures to arrest the falling growth -- from rolling back of higher tax surcharge for foreign investors to mega reforms in the public sector banking space.
The other prominent winners were IndusInd Bank, Bajaj Finance, State Bank of India, UltraTech Cement and Titan. All of them saw gains ranging between 8.7 to 10.7 per cent each.
At 11:20 am, Sensex was up 1231.23 points to 37,324.70, while the National Stock Exchange (NSE) Nifty index was trading at 260.70 points higher at 10,965.50.
Meanwhile, Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth. MSCI's broadest index of Asia Pacific shares outside Japan rose by 0.15 per cent while Japan's Nikkei rose by 0.46 per cent.
Tata Steel and JSW Steel were down by 2.4 per cent and 2.2 per cent respectively. Zee Entertainment, Tech Mahindra and HCL Technologies also lost between 1.7 per cent and 2.8 per cent each.
A day earlier, investor sentiment had taken a beating following Saturday's attack on Saudi oil facilities which halved the kingdom's oil output, creating the biggest disruption to global oil supplies in absolute terms since 1979,
Global markets also turned cautious ahead of the two-day meeting of US Federal Open Market Committee. Many experts said the Fed may cut interest rate by 25 basis points.
At 10:15 am, the BSE S&P Sensex was down by 179 points to 36,945 while the Nifty 50 edged lower by 42 points to 10,962.