2AUGUST 2019 STATE OBSERVER NEWS JAMMU
Stock markets failed to hold their intra-day recovery but ended in green after few media reports stated that the finance ministry is holding discussion over foreign portfolio investor (FPI) surcharge issue.The BSE Sensex jumped 99.90 points or 0.27 percent to close at 37,118.22 while the NSE Nifty edged higher by 17.35 points or 0.16 percent to 10,997.35.The Sensex had touched an intra-day high of 37,375.16 and a low of 36,607.41 while Nifty shuttled between high of 11,080.15 and low of 10,848.95.Major gainers in the Sensex pack were Bharti Airtel, Asian Paint, Bajaj Auto, Maruti, M&M, HDFC, Tech Mahindra, Heromoto Corp, TCS, L&T, Tata Motors and Infosys, rising upto 6.02 percent. However stocks of SBI, Tata Steel, NTPC, ONGC, Powergrid, Vedanta, ICICI Bank, IndusInd Bank, ITC, HCL, Sun Pharma and HDFC Bank fell upto 2.76 percent.FPIs have been on a selling spree since the announcement of Union Budget 2019 that had proposed levy of an additional surcharge on individuals and trusts earning more than Rs 2 crore and Rs 5 crore, respectively. The Lok Sabha had two weeks ago passed the Finance Bill, 2019 with Finance Minister Nirmala Sitharaman emphasising that trusts should register as companies to be out of the ambit of the surcharge.In the previous session on Thursday the 30-share BSE Sensex plunged 462.80 points or 1.23 percent to close at 37,018.32. Similarly, the broader NSE Nifty dropped 138 points or 1.24 percent to end at 10,980.00.
