Expected tax relief buoys Sensex above 40K-mark
Mumbai: Anticipation of more economic reforms such as strategic divestment of state-run companies and tax cuts, helped to lift the S&P BSE Sensex to above the 40,000-mark for the first time in the last five months.
Subsequently, even positive global cues, expectations of healthy quarterly results and hopes of a sales boost on the back of the festive season also pushed the equity indices higher.
Healthy buying was observed in capital goods, oil and gas, IT, FMCG and banking stocks, whereas scrip of consumer durables and metal companies came under heavy selling pressure.
At around 2.30 pm, the S&P BSE Sensex traded at 40,064.40, higher by 232.56 points or 0.58 per cent from the previous close of 39,831.84.
It had opened at 40,055.63 and has so far touched an intra-day high of 40,178.12 and a low of 39,805.11.
Similarly, the Nifty50 of the National Stock Exchange traded at 11,846.10, higher by 59.25 points or 0.50 per cent from its previous close.