With boost from real estate stocks following the government’s approval of a fund to accelerate the stalled housing projects, Indian Share Market witnessed massive gains on this Thursday. “State Bank of India and state-run Life Insurance Corporation of India will contribute an additional 150 billion rupees to help ease financial stress on the real estate sector,” said Finance Minister Nirmala Sithraman on Wednesday. The government on Wednesday approved Rs 25,000-crore fund to help complete over 1,600 stalled housing projects which would eventually boost growth by steering consumption in the real estate sector. This move would also have positive impacts on the related also, said experts.     

Sensex Hits Record Intra-day High

The Bombay Stock Exchange Sensex rose 184 points with gains in metal, energy and banking stocks to finally settle down at 40,653.74 points after hitting a record intra-day high of 40,688. Infosys, HDFC, IndusInd Bank, RIL, Asian Paints, Sun Pharma, ITC, Vedanta are some of the top gainers in the Sensex with advancements up to 3.02 percent, while Tata Motors, L&T, Yes Bank, Axis Bank, HUL, ONGC, and NTPC suffered up to 3.27 per cent.       

Nifty Ends-up with Considerable Gains

The National Stock Exchange Nifty ended at 12,012.05 with a considerable gain of 46 points.  Bharti Infratel Ltd is the biggest gainer of the NSE with over 3.75% gain while UPL Ltd being the top loser with over 4.8 percent drop in the shares.    

After the announcement by Chinese Commerce Ministry of an agreement between China and US on plans to remove tariffs imposed on two-way goods in stages, the global markets too have made huge gains. The Indian rupee appreciated 5 paise to 70.92 against the US dollar intra-day.