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The BSE Sensex and NSE Nifty made a strong comeback on Tuesday morning, a day after witnessing losses on Monday following the presentation of the Union Budget 2016. The benchmark index BSE Sensex surged over 800 points intraday on Tuesday after buying gained momentum across sectors led by FMCG, banks and industrials as talks of a likely repo rate cut got louder after the presentation of the Union Budget 2016. At 3:16 pm Sensex gained 806.67 points at 23,808.67, while Nifty50 was trading 237.10 points up at 7,224.15. Here are top 5 reasons why Sensex surged over 700 points today (Image Source: Reuters)
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5. Ipca Labs shares hit fresh 52-week low in Friday’s trade: Ipca Laboratories shares slipped as much as 14 per cent in the early trade and hit their fresh 52-week low of Rs 480 on Friday after the pharma company informed bourses that a Switzerland-based Global Fund, which financially supports various disease eradication programmes, will not source malaria drug from Ipca Laboratories as the company has received a warning letter from the US health regulator for lapses in manufacturing norms at three of its facilities. (Reuters)
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2. Market sentiments also got support after government said investment limit for foreign entities in Indian stock exchanges will be enhanced from 5 per cent to 15 per cent on par with domestic institutions. The move will enhance global competitiveness of Indian stock exchanges and accelerate adoption of best-in-class technology and global market practices. (Image Source: Reuters)
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3. Finance Minister Arun Jaitley said the government would reach out to the Congress in the current session of Parliament to resolve the deadlock over the GST Bill. (Image Source: Reuters)
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4. Indian rupee advanced another 18 paise to 68.24 against the dollar in early trade on sustained selling of the US currency by banks and exporters. (Image Source: Reuters)
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5. Proposals of higher spending in infrastructure and allocation of nearly Rs 36,000 crore for the farm sector and a higher credit target aimed at doubling farmers’ income in five years helped improve market sentiment. (Image Source: Reuters)
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