Sensex Rallies Over 1,000 Points After UK's Policy U-Turn On Tax Cuts
NDTV
Stock Market India: Equity benchmarks recovered on Tuesday from deep losses in the previous session, tracking improving global market sentiment.
Indian equity benchmarks recovered sharply on Tuesday from deep losses in the previous session, tracking improving global market sentiment after the UK's policy U-turn decision to roll back the planned tax cuts for top earners that had sent the gilt market into financial markets into a tailspin last week.
The BSE Sensex index rallied 1,028.28 points to rebound to 57,817.09 in early trade from 56,788.81 on Monday, and the broader NSE Nifty jumped 320.3 points to 17,207.65.
After a 10 per cent surge in the previous quarter, including their biggest single-day jump in a month on Friday, both Indian benchmark bourses crashed at the start of October on Monday, driven by global stocks languishing at their lowest levels since late 2020.
The market mood was fragile on Monday as crude prices jumped on a potential cut in production by oil producers, exacerbating fears of even higher inflation and a stronger policy response from central banks around the world would increase the likelihood of a global recession.
