Sensex opens 663 pts higher after govt boosters

BSE Sensex

After what experts termed as a mini-budget on Friday, the markets on expected lines opened on a strong note on Monday.

The benchmark Sensex on Monday opened 663 points higher.

Finance Minister Nirmala Sitharaman had come out with a slew of measures to revive economic growth on Friday and indicated more such steps next week.

However, the gains were capped over the escalation of the ongoing US-China trade war during the weekend, which saw yet another tit-for-tat tariff shots being fired by both the large economies embroiled in an expensive trade tussle.

At 9.24 a.m., the Sensex was trading 291.52 points higher at 36,992.68 after it touched an intraday high of 37,363.95.

The benchmark opened on a strong note at 37,363.95, higher from its Friday’s close at 36,701.16.

Nifty after scaling 11,000 shed some of its gains to trade 71.85 points higher at 10,901.20.

Most important announcements among them was the rollback of the surcharge on foreign and domestic portfolio investors which had caused exodus of foreign funds.