Hope of renewed trade talk between the US-China has propelled the Indian benchmark indices 1.5 percent each. Sensex has zoomed 558 points and is trading at 37,259 while the Nifty has spiked 152 points, trading at 10,981.
Among the sectors, Bank Nifty along with PSU banks and media stocks are the outperformers as they have added over 2 percent each.
Finance Minister Nirmala Sitharaman on August 23 unveiled a slew of measure to boost growth, increase liquidity, and revive consumer and investor sentiment in the Indian economy.
Measures such as removal of surcharge on foreign portfolio investors (FPI) and removal of CSR violation as the criminal offence will cheer market participants.
FM announced Rs 100 lakh crore for developing modern infrastructure over 5 years to boost infrastructure sector.
The Finance Minister also announced additional liquidity support to HFCs Rs 20,000 crore by NHB thereby increasing it to Rs 30,000 crore to support to non-banking financial companies (NBFCs) and housing finance companies (HFCs).
As a result, housing finance companies are buzzing in this afternoon session with Nifty Financial Service jumping close to 3 percent. The top gainers included M&M Financial Services that spiked over 5 percent followed by HDFC, up 3.87 percent and Indiabulls Housing Finance, gaining over 3 percent.
The other gainers included Edelweiss Financial Services, Bajaj Finance, Bajaj Finserv, Max Financial Services and Shriram Transport Finance Corporation.