Sensex Gains 875 Points; Nifty Nears 24
2024-08-01
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(fxcue news) - Indian shares posted strong gains on Wednesday as concerns about a U.S. recession eased and the Bank of Japan played down the chances of a near-term rate hike, triggering a sharp fall in the yen.
Additionally, investor sentiment received a boost after the government offered relief on long-term capital gains tax for immovable property, by giving taxpayers the option to choose between two tax rates.
The benchmark S&P/BSE Sensex jumped 874.94 points, or 1.11 percent, to 79,468.01 - snapping a three-day losing streak amid gains in other Asian and European markets.
The broader NSE Nifty index settled 304.95 points, or 1.27 percent, higher at 24,297.50 ahead of the Reserve Bank of India's monetary policy decision due Thursday, with economists expecting a status quo on rates in view of inflation concerns and economic growth remaining steady.
PSU stocks topped the gainers list, with Power Grid Corp, Coal India and ONGC rallying 3-7 percent.
Adani Group stocks were in focus as the Group issued clarification regarding the multiple media reports on the Billionaire Gautam Adani's succession plan.
Adani Ports surged 3.4 percent and Adani Enterprises climbed 3.7 percent after a clarification that Adani had been misquoted regarding his heirs and their equal beneficial interest in the family trust.
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