RIL's best day since 2020, Sebi’s LTCG rollback proposal lift Dalal Street

What happened: Reliance Industries shares rallied and Sebi recommended scrapping long-term capital gains tax for foreign investors, lifting both benchmark indices nearly 2%. Key numbers: Nifty 50 closed 1.68% higher at 23,440.80. Sensex ended 1.66% up at 75,692.78. RIL surged 11.6% on NSE, its biggest single-day gain since 7 April 2020. Why it matters: Sebi's proposal is seen as a step in the right direction, but analysts say tax efficiency alone will not bring foreign capital back, with earnings growth, valuations and currency stability remaining the primary drivers.

Reliance Industries shares rallied and Sebi recommended scrapping long-term capital gains tax for foreign investors, lifting both benchmark indices nearly 2%.

Sebi's proposal is seen as a step in the right direction, but analysts say tax efficiency alone will not bring foreign capital back, with earnings growth, valuations and currency stability remaining the primary drivers.