Sensex, Nifty advance 2% post Sitharaman relief package

Mumbai, Aug 26 (IANS) Both the key market indices on Monday surged over 2 per cent led by gains made by public sector banks (PSBs) and financial sector stocks, following a slew of measures announced by Finance Minister Nirmala Sitharaman last week.

At 2.35 p.m. on Monday, the Sensex jumped over 762.74 points to 37,463.90, while the Nifty traded 216.95 points higher to top the 11,000-point mark at 11,046.30.

The Nifty PSB index and financial services company stocks surged over 3 per cent, while metal scrips continued to trade in the red. The Finance Minister on Friday announced the capital infusion of Rs 70,000 crore in PSBs.

The most crucial announcement was the roll-back of the tax surcharge on foreign portfolio investors (FPIs), which is aiding the market rally on Monday.

Among top gainers on the Sensex were Yes Bank, up 6.16 per cent, followed by HDFC, Bajaj Finance and Larsen and Toubro.

Tata Steel, SunPharma, Vedanta, HeroMotoCorp and Tata Motors DVR lost in the 1 to 3 per cent range.