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Sensex gained by 637 pts to close at 37.327, Nifty ends by 177 points to settle at 11,032

Equity indices surged on Thursday amid hopes that the government may exempt foreign portfolio investors (FPIs) from higher taxes. The benchmark BSE sensex gained by 637 points or 1.74 per cent to close at 37,327; while the broader NSE Nifty moved by 177 points or 1.63 per cent higher to settle at 11,032.
The Centre is likely to exempt FPIs from an increase in taxes that was part of the Budget, a government official said.
Major gainers on the 30-share BSE index include HCL Tech, Tata Motors, Reliance Industries, Bajaj Auto, Mahindra & Mahindra and Hero MotorCorp with their shares rising as much as 7.01 per cent. 29 out of 30 stocks finished in green on the sensex pack.
On NSE, all the sub-indices witnessed gains with Nifty Auto and Realty rising the most, up as much as 3.03 per cent.
The Reserve Bank of India’s (RBI) “unconventional” 35 basis points (bps) repo rate cut also improved the investor sentiment. The RBI had reduced repo rate to 5.4 per cent on Wednesday.
Meanwhile, FPIs sold shares worth a net of Rs 383.66 crore on Wednesday, while domestic institutional investors (DIIs) bought shares worth Rs 531.56 crore, provisional data showed.

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