Story perspectives

Sensex Surges 1,000 Points on IT Rally, HCL Results

By Drooid · Oct 13, 2026, 4:07 PM UTC · How we work

Summary

Story summary

Sensex surged over 1,000 points to close at 73,033 as IT stocks rallied on HCL Technologies’ Q2 results.
Finance Minister Nirmala Sitharaman announced the government will hear views on long-term capital gains and securities transaction taxes.
The rupee strengthened to 95.28 per US dollar, extending recovery after RBI’s foreign-exchange derivative restrictions.
Foreign portfolio investors sold Rs 1,708 crore of equities, marking a 13th consecutive day of net outflows.

History

Historical Context

India introduced a Securities Transaction Tax in October 2004, championed by Finance Minister P. Chidambaram, initially set at 0.125% on delivery-based equity trades to curb capital-gains avoidance. After broker protests, the 2013 budget cut the rate to 0.1%, prompting exchanges to modify systems. Today, Finance Minister Nirmala Sitharaman’s review echoes that early effort to balance market growth with fiscal control.

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Story summary

Sensex surged over 1,000 points to close at 73,033 as IT stocks rallied on HCL Technologies’ Q2 results.
Finance Minister Nirmala Sitharaman announced the government will hear views on long-term capital gains and securities transaction taxes.
The rupee strengthened to 95.28 per US dollar, extending recovery after RBI’s foreign-exchange derivative restrictions.
Foreign portfolio investors sold Rs 1,708 crore of equities, marking a 13th consecutive day of net outflows.

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