Indian equities jump 1.6% as FM's STT remarks spark hopes of tax review
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- ✓Indian equities surged 1.6% on Tuesday, marking the largest single-day gain in over two months.
- ✓This rally followed finance minister Nirmala Sitharaman's remarks on transaction taxes, which sparked hopes of a review.
- ✓Sunny Agrawal said, "The rally was (led by) expiry-related short covering." IT stocks also helped the market climb higher.
Story at a Glance
- Category
- MARKET
- Reported By
- Economic Times
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Indian equities surged 1.6% on Tuesday, marking the largest single-day gain in over two months. This increase followed remarks by finance minister Nirmala Sitharaman regarding potential changes to transaction taxes. The rally was supported by a rise in IT stocks despite ongoing concerns over crude oil prices and foreign investor selling. Short-covering ahead of expiry also contributed to the market gains.
Mumbai: Indian equities surged 1.6% on Tuesday, their biggest single-day gain in more than two months, as finance minister Nirmala Sitharaman's remarks on stock market transaction taxes raised hopes of a possible review, triggering short-covering. A rally in IT stocks amid a selloff in AI-related shares in South Korea and Taiwan added to the gains. The Nifty 50 rose 1.6% to close at 22,722, while the Sensex advanced 1.54% to 73,034. The rally came amid continued concerns over elevated crude oil prices, foreign investor selling and the conflict in West Asia.
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Economic Times
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