Sensex Crosses 40,000 Mark on hopes of tax sops

Sensex equity Nifty

Mumbai, Oct 30: Markets witnessed a strong opening on Wednesday due to foreign fund inflow and hopes of tax sops for equity investors as sensex reclaimed the 40,000 mark, first time since July this year.

At around 9.25 a.m., the S&P BSE Sensex traded at 39,959.94, higher by 128.10 points or 0.32 per cent from the previous close of 39,831.84.

It had opened at 40,055.63 and has so far touched an intra-day high of 40,100.26 and a low of 39,920.67.

Market benchmark BSE Sensex jumped over 250 points in early trade on Wednesday driven by foreign fund inflow and hopes of tax sops for equity investors.

Expectations of further relief measures from the government in the form of tax cuts, along with hopes of healthy quarterly results, buoyed the key Indian equity indices higher during the early-morning trade session on Wednesday.

Domestically, healthy buying was observed in capital goods, oil and gas and FMCG stocks, whereas scrip of automobile companies came under heavy selling pressure.

Similarly, the Nifty50 of the National Stock Exchange traded at 11,821.10, higher by 34.25 points or 0.29 per cent from its previous close.

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