A day after the Union Budget caused some turmoil on Dalal Street, the BSE benchmark Sensex on Tuesday posted its biggest single-day gain in nearly seven years amid hopes of a rate cut by the Reserve Bank of India.
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The Sensex closed 152.30 points lower after Monday's highly volatile session, mainly hit by a proposal for a higher dividend distribution tax on those earning more and on a rise in securities transaction tax on options trading.
Growth-oriented budgetary proposals like higher spending in infrastructure, the allocation of nearly Rs 36,000 crores for the farm sector and a higher credit target aimed at doubling farmers' income in five years buoyed sentiment, brokers said.
The government's commitment to keep the deficit at 3.5 per cent of GDP in 2016-17, too lifted mood, they added.
The rupee strengthening by 47 paise to 67.95 against the American currency (intra-day) at the forex market did its bit to boost the market.
Major Headlines of the day:
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• IPCA Labs- All drugs manufactured at Ratlam unit refused admission in the US, API Chloroquine phosphate manufacturing at Ratlam unit is an exception.
• Warburg Pincus to buy stake in Tata Technologies-Tata Motors board approves partial divestment of stake in subsidiary Tata Technologies.capitalstars
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