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Sensex rallies 637 pts as govt may withdraw FPIs higher surcharge; Nifty reclaims 11,000

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Equity benchmark indices staged a smart recovery during second half of trading on Thursday with the Nifty closing above 11,000 mark. The market rallied after reports suggested that the government is likely to roll back the recently-imposed higher tax on foreign portfolio investors (FPIs). The introduction of a surcharge on higher income brackets announced in the Budget by Finance Minister Nirmala Sitharaman has led to a brisk selloff by FPIs. At the closing bell, the BSE S&P Sensex was up 637 points or 1.74 per cent at 37,327 while the Nifty 50 edged higher by 177 points or 1.63 per cent to 11,032.

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