Sensex, Nifty rebound

The S&P BSE Sensex and NSE Nifty 50 Indexes rebounded on Tuesday from Monday's sharp selloff and defied weak trend in global markets after Finance Minister Nirmala Sitharaman on Monday said government will soon hold discussions with representatives of foreign portfolio investors, amid continuing overseas fund outflow from the markets following the decision to impose surcharge on certain class of such investors, reports NDTV Online.
The Sensex rose as much as 542 points and the NSE Nifty 50 Index moved above 11,000 level. Hopes of 25 basis points rate cut from RBI's Monetary Policy Committee also helped in boosting the market sentiment.
The Sensex ended 277 points or 0.75 per cent to close at 36,977 and the NSE Nifty 50 Index ended 0.79 per cent or 86 points higher at 10,948.
Economic Affairs Secretary Atanu Chakraborty said he would hold discussions with representatives of foreign portfolio investors (FPIs) soon.
Global stocks extended already substantial losses on Tuesday, after Washington tagged China as a currency manipulator, shaking fragile investor sentiment in a rapid escalation of the US-China trade war.
US Treasury Secretary Steven Mnuchin said on Monday the government had determined that China is manipulating its currency, and that Washington would engage the International Monetary Fund to eliminate unfair competition from Beijing.
Fifteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Capital Goods index's 2.12 per cent gain. Realty, telecom, banking, auto and industrials sector gauges also advanced 1.4-2 per cent each.