Markets back in green on stimulus hopes

Mumbai: Snapping its three-session falling streak, market benchmark BSE Sensex rebounded 228 points on Friday on expectations of FPI tax rollback and some measures by the government to boost growth.

The 30-share index, which had dropped over 350 points in opening trade, reversed course following an announcement that Finance Minister Nirmala Sitharaman will address the media.

This fuelled speculations that the government would unveil measures to support the sagging economy and address tax concerns of market participants, traders said. The BSE Sensex closed higher by 228.23 pts or 0.63 per cent at 36,701.16.

The broader NSE Nifty rose by 88 points or 0.82 per cent to settle at 10,829.35, with 41 of its 50 constituents closing with gains. However, both the key indices finished with losses for the week. The Sensex lost 649.17 points, or 1.74 per cent, while the Nifty shed 218.45 points, or 1.98 per cent, during the week.

Vedanta was the top gainer in the Sensex pack on Friday, spurting 6.55 per cent. It was followed by Yes Bank (up 5.24 per cent), ONGC (4.66 per cent) and Mahindra and Mahindra (4.26 per cent).

Index heavyweight RIL advanced by 2.36 per cent and HDFC by 2.09 per cent, aiding the recovery. IndusInd Bank was the biggest loser among Sensex scrips, declining by 1.9 per cent.

Auto stocks recovered from losses after Transport Minister Nitin Gadkari clarified that there was no proposal to impose a deadline for the rollout of electric vehicles. M&M rose by 4.26 per cent, Tata Motors by 3.25 per cent and Hero MotoCorp by 0.61 per cent.