Mumbai: Equity indices were in the positive zone during early hours on Friday, a day after reports said that the government is likely to roll back the recently-imposed higher tax on foreign portfolio investors.
There were also reports that the government is working on a package to streamline non-banking finance companies which have been facing a severe liquidity squeeze.
At 10:15 am, the BSE S&P Sensex was up 258 points at 37,585 while the Nifty 50 edged up 77 points to 11,109. At the National Stock Exchange, all sectoral indices were in the green with Nifty financial services and realty up by 1.2 percent each.
Among stocks, Indiabulls Housing Finance gained by 8.3 percent to trade at Rs 481.35 per share. Power Grid Corporation was up by 2.5 percent, UltraTech Cement by 2.1 percent, Grasim by 2 percent and Bharti Infratel by 1.5 percent.
However, Tata Motors dipped by 1.7 percent to Rs 121.90 per share while Mahindra & Mahindra lost by 1.2 percent. Yes, Bank, Hindalco, and Coal India were among other prominent losers.
Meanwhile, Asian indices saw a positive startled by the Japanese Nikkei and South Korean Kospi but fresh concerns about US-China trade ties were likely to limit gains.
MSCI’s broadest index of Asia Pacific shares outside Japan rose 0.2 percent. Japan’s Nikkei average advanced 0.6 percent while South Korean stocks gained 1 percent.