A morning walk down Dalal Street | Nifty may move towards 200-day EMA placed around 11,271
Episode 1545, Aug 09, 2019, 03:03 AM
Last hour rally pushed Sensex beyond 37000 while Nifty50 also managed to climb 11000 levels on closing basis.
Indian market witnessed buying in the last one hour of the trade on August 8 after media reports suggested that the government was likely to exempt foreign portfolio investors (FPIs) from a higher tax surcharge that was introduced in the budget.
The short-covering rally pushed the S&P BSE Sensex higher by more than 600 points, while the Nifty50 saw a rally of over 170 points. The index posted its biggest one-day gain in three months.
The final tally on D-Street: the S&P BSE Sensex up 636 points, or 1.74 percent, and the Nifty50 176 points higher at 11,032.
The rupee rose as much as 18 paise - or 0.25 per cent - against the US dollar on Thursday, regaining some ground from a fresh five-month low of 71.35 touched on Wednesday.