August 9, 2019 / 5:13 AM / 5 months ago

Nifty, Sensex post first weekly gain in five on FPI surcharge rethink

A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai, March 4, 2015. REUTERS/Shailesh Andrade/Files

BENGALURU (Reuters) - Indian shares ended higher on Friday led by autos and financial stocks, and recorded their first weekly gain since mid-July, after Reuters reported New Delhi was re-thinking the tax surcharge on foreign portfolio investors (FPIs).

The broader NSE Nifty ended 0.7% higher at 11,109.65, while the benchmark BSE Sensex closed up 0.68% at 37,581.91. For the week, the NSE Nifty was up 1%, while the BSE Sensex rose 1.25%, their first positive weekly close since July 12.

India may exempt FPIs from the controversial tax on high incomes, as Finance Minister Nirmala Sitharaman faces pressure to roll back the measures introduced during the last month, sources told Reuters.

The Nifty auto index ended 1.99% higher and the financials index was up 1.54% at the closing bell.

Indiabulls Housing Finance closed up 14.8%.

Reporting by Derek Francis in Bengaluru; Editing by Rashmi Aich

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