Stocks

Sensex snaps 6-day losing streak, rallies 835 points to reclaim 37k-mark

Our Bureau/Agencies | Updated on September 25, 2020 Published on September 25, 2020

Nifty closes 244 points higher at 11,050.25

Snapping its six-day falling streak, equity benchmark Sensex rallied 835 points on Friday to reclaim the 37,000-mark on across-the-board buying amid mixed global cues.

The 30-share BSE index ended 835.06 points or 2.28 per cent higher at 37,388.66.

Similarly, the NSE Nifty rose 244.70 points or 2.26 per cent to finish at 11,050.25.

All Sensex components ended in green, with Bajaj Finserv, HCL Tech, Bharti Airtel, IndusInd Bank, L&T, TCS, ONGC and ICICI Bank, Bajaj Finance and SBI gaining up to 6.64 per cent.

Vodafone Idea climbs as it wins tax liability case

Shares of Vodafone Idea climbed 12 per cent on the bourses today after  Vodafone Group Plc has won an international arbitration case against the Indian government in a $2 billion retrospective tax dispute, according to Reuters report.

The tribunal ruled that the Indian government's imposition of a tax liability on Vodafone is in breach of the investment treaty agreement between India and the Netherlands.

The stock reacted positively to the report and gained 12 per cent to Rs 10.20 on the NSE today. Volumes traded in the counter were to the tune of 50.63 lakh shares during the day.

Nikkei ends in green

In rest of Asia, bourses in Tokyo and Seoul ended settled with gains, while Shanghai and Hong Kong ended in the red.

Stock exchanges in Europe were also trading on a mixed note in early trade.

“Stimulus measures, if any, in the US could provide support to the markets. If the market corrects from these levels, then investors should actively look for accumulating good quality stocks for long term wealth creation,” said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

In the forex market, the rupee strengthened by 28 paise to finish at 73.61 against the US dollar.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,885.69 crore on Thursday, exchange data showed

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Published on September 25, 2020
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