New Delhi, May 14 -- Shares of BSE jumped almost 4% to its record high of Rs.4,032.9 on the NSE, crossing the Rs.4000-mark for the first time ever after the Indian government hiked import duty on gold and silver. This is the second straight session of gains for the stock.

The government has increased the basic customs duty on several categories of gold and silver imports to 10% from 5%, along with the Agriculture Infrastructure and Development Cess (AIDC) of 5%, taking the total effective import tax to 15%.

The government's move is aimed at curbing precious metal imports, narrowing the trade deficit and supporting the rupee.

Following the government's move, which came into effect on 13 May, gold June futures on MCX surged 6% while silv...