Sensex, Nifty jump on reports of rollback of tax surcharge on FPIs

Sensex gains 637 points, most in a day since January 31

The benchmark indices rallied on Thursday, with the Sensex posting its biggest single-day gain since January 31 and the Nifty zooming past the 11,000-mark on reports that the government was planning a rollback of the higher tax surcharge on foreign portfolio investors (FPIs). 

The Sensex rose 637 points, or 1.74 per cent, to end at 37,327, while the Nifty50 index gained 177 points, or 1.63 per cent, to settle at 11,032. 

Finance Minister Nirmala Sitharaman is facing pressure to roll back controversial tax measures introduced last month as foreign investors pull funds out of the Indian markets and automakers and other manufacturers