Bulls have taken charge of the market on Wednesday amid rising positive sentiments stemming from the news that the Finance Ministry and Prime Minister’s Office are working on another plan to bring back investment from foreign investors. There are talks of the government doing away entirely with the Dividend Distribution Tax and rationalizing LTCG and STCG.
The S&P BSE Sensex has breached the 40,000 mark and is currently trading above 40,050. Top gainers on the BSE were the HDFC twins, SBI, Infosys, L&T and ITC. Currently, ITC is at the top of the pile with more than 3% gain. Tata Motors was the biggest loser as it was down 1.6 per cent.
The Nifty was trading at 11,850 mark, with the sectoral indices trading in a mixed pattern. PSU Bank was the top performing index with gains of more than 3%, followed by Nifty IT in excess of 1.5%. The broader market, that is the BSE mid-cap and BSE small-cap were trading higher at 0.6%.
A total of 61 companies are scheduled to announce their earnings result today with Tata Global Beverages, Concor and Tata Chemical among them.
Among the buzzing stocks, BEML surged 10% to hit a fresh year-high of Rs 1,108 on BSE. State-owned Bharat Heavy Electricals Ltd (BHEL) also surged by 14% to Rs 61.30 on BSE. Petronet LNG climbed to Rs 297, showing a gain of 6.37% on the BSE in early morning trade.
