The major domestic benchmarks gained over 1%, adding nearly Rs 4 lakh crore to the market capitalisation of BSE-listed firms. A possible reduction in long-term capital gains taxes could draw foreign institutional investors back, supported by India's sustained growth rate above 7%. Global shifts also aided the rally, as Brent crude retreated below $105 per barrel. Additionally, concerns over artificial intelligence costs cutting into foreign tech margins prompted investors to pivot toward Indian equities.
Key points
Government willingness to reconsider the long-term capital gains tax structure has improv…: Government willingness to reconsider the long-term capital gains tax structure has improved the outlook for foreign institutional investment.
Moderating global energy prices and tech margin worries over artificial intelligence spen…: Moderating global energy prices and tech margin worries over artificial intelligence spending are channeling foreign funds into India.
Sources checked by our analysis pipeline: 1
Stock market rally today:
BSE Sensex and
Nifty50 continued their winning on Tuesday after the stock market hit a 7-week closing high in the previous session. Softer oil prices, rising expectations of a possible review of the long-term capital gains (LTCG) tax structure and other supportive factors lifted investor confidence, leading to both major indices rallying over 1%.
At 1:30 PM, Nifty50 was trading at 23,724.00, up 283 points or 1.21%. BSE Sensex was at 76,722.16, up 1,029 points or 1.36%. The rally added nearly Rs 4 lakh crore to the combined market capitalisation of companies listed on the BSE, taking the total to Rs 486 lakh crore.
IndiGo and HDFC Bank led the Sensex gainers, with both stocks advancing around 3%. UltraTech Cement, Hindustan Unilever (HUL), Asian Paints, Bajaj Finance, Bajaj Finserv and Infosys also rose by approximately 2% each. Reliance Industries was among the notable laggards, declining a little over 1% after recording a historic 12% jump in the previous session.
V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says that circumstances are ideal for the continuation…
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