new Delhi: After a long time Share Market Has sprung up. On August 9, Sensex gained 254 points and closed at 37582. At the same time, the Nifty closed with a gain of 77.20 points at 11,109.65. Before that, there was a tremendous improvement in the stock market on Thursday (8 August). The Sensex gained 636.86 points to 37.327.36 and the Nifty gained 176.95 points to end at 11,032.45. Earlier on Wednesday (August 7), after the RBI decision, the stock market closed down.
In such a situation, it is worth noting that after all, what was the reason that the market rate did not improve due to RBI rate cut, but on the very next day, the Sensex registered a tremendous rise. That is, during the 8th and 9th August, there has been a jump of about 900 points in the Sensex and about 255 points in the Nifty. This is believed to be the main reason behind this boom.
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1. News agency Reuters quoted sources as saying that the Finance Ministry is considering withdrawing the surcharge decision announced in the budget on FPI. In this budget, surcharge on 2-5 crore taxable income was increased from 15 percent to 25 percent and surcharge on more than 5 crore taxable income was increased from 15 percent to 37 percent.
2. There is a news in the media that the government may announce a stimulus package for the NBFC and the auto sector. Due to the crisis in the auto sector, there is a threat to the employment of millions of people. Investors' trust in the banking sector has come down due to the NBFC crisis. There are also problems with investment.
3. In view of the economic condition, Finance Minister Nirmala Sitharaman is meeting people from one industry after another. She is meeting with people from every sector. In the end, economic roadmap will be prepared to speed up development.
4. In this budget, the Finance Minister had announced Rs. 70000 crore for re-capitalization to overcome the liquidity problem of banks. It is reported from the sources that the government is going to implement this announcement of the budget very soon. On the other hand, as indicated by RBI Governor Shaktikanta Das himself, according to the meeting of MPC (Monetary Policy Committee) on October 4, it is possible to announce a rate cut of 15 points or more. According to economic experts, the RBI will reduce the repo rate to 5 percent level by cutting 40 points in this financial year. After that it will be kept stable.
5. According to market experts, given the recent decisions taken and the impact on the immediate market, it seems that the Sensex and Nifty will continue to gain momentum over the next few sessions. Because, with the removal of the FPI surcharge, the confidence of investors will gradually return and investment will start coming again.