SME Times News Bureau | 23 Aug, 2019
Gaining over 600 points from the day's low the Sensex closed 228 points
higher on Friday on renewed hopes of a stimulus hours ahead of an
address by Union Finance Minister Nirmala Sitharaman.
Heavily
beaten down automobile and manufacturing companies on the bourses gained
the most that came on the back of news that government may announce a
rollback of higher taxes for foreign portfolio investors (FPIs).
Analysts
reiterated that there is a need to revive business confidence in the
economy as the Indian financial markets and the economy is going through
a rough patch.
Sensex closed 228.23 points or 0.63 per cent higher at 36,701.16 while the broader Nifty jumped by 88 points to 10,829.35.
"Market
reversed from six months low in expectation of supportive policies from
the government. Change in scrappage policy to revive auto demand and
roll back FPI surcharges can change the current sentiment," said Vinod
Nair, Head of Research, Geojit Financial Services
Nair added
that the investors are having a muted expectation on Q1FY20 GDP data,
improving business confidence is the need of the hour.
