Stock Market: Sensex, Nifty soar on FPI surcharge waiver; Central Bank, HUDCO, DHFL stocks gain

Stock Market: The Indian indices shot up after the fresh inpetus including budget surcharge waiver announced by the Finance Minister Nirmala Sitharaman on Friday after the markets were closed. The BSE Sensex shot up 337 points at 37,045 levels while the 50-stock Nifty soar 85 points at 10,914 levels. The Bank Nifty index scaled 422 points at 27,380 levels.

Speaking on the current market surge Prakash Pandey, Head of Research at Fairwealth Securities said, "This shot up in the Indian stock market is mainly caused by the FPI surcharge waiver announce by the Indian government last Friday. This has brought back the positive sentiment among the FIIs towards the Indian markets."

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Central Bank, UCO Bank, HUDCO, Dewan Housing Finance Limited or DHFL and NBCC stocks were the major gainers today while Cox & Kings, Vedanta, Tata Steel, Hindalco Industries and Jindal Steel and Power stocks were the major losers in the morning trade session.

Banking and Financial stocks led the bull run on Dalal Street today. Banking and financial major State Bank of India or SBI shot up 4.11 per cent, Yes Bank soar 3.38 per cent, ICICI Bank share price went up 2.3 per cent, HDFC Bank stocks shot up 1.91 per cent while RBL Bank went northward 3.19 per cent.

Realty stocks also witnessed some fresh buying as the BSE Realty index went up over 1.5 per cent. Realty major DLF shot up 5.36 per cent, Indiabulls Real Estate shares soared 3.08 per cent, Sobha stocks added 2.54 per cent while Oberoi Realty share price went northward 1.24 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index was down over 2 per cent, South Korean Kospi shed 1.27 per cent, Hang Seng crashed 2.98 per cent while the Shanghai index went off 0.95 per cent.