Sensex rebounds after government defers GAAR (Roundup)May 7th, 2012 - 6:58 pm ICT by IANS
Mumbai, May 7 (IANS) A benchmark index for Indian equities markets Monday clawed back into green after Finance Minister Pranab Mukherjee deferred the general anti-avoidance rules (GAAR) by a year and said the burden of proving tax evasion will lie with the authorities rather than with overseas investors.
In a day of volatile trading the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), after falling 318 points in early trade, closed 81.63 points or 0.48 percent higher at 16,912 from its previous close at 16,831.08.
The Sensex, which opened in the red at 16,620.44 points, touched a high of 16,944.13 and low of 16,513.77 in intra-day trade. The Sensex midcap was up 31.78 points and the smallcap rose by 20.09 points.
The wider 50-scrip S&P; CNX Nifty of the National Stock Exchange, which slipped below the crucial 5,000 mark, also ended 0.54 percent or 27.30 points up at 5,114.15.
The sectoral indices rebounded mostly towards the end of the trade.
Banking stocks, which had slumped a week after the Reserve Bank of India (RBI) announced guidelines for implementation of the Basel III norms, rebounded after Mukherjee spoke in parliament.
The BSE banking index closed at 11,374.31, up 90.28 points. The country’s largest lender, State Bank of India (SBI) was up by 1.63 percent at Rs.2,026.15. Private lender ICICI Bank’s scrip closed 1.65 percent up at Rs.847.70.
The metals index closed up 166.05 points and the auto index gained 123.02 points.
Stock of major auto companies closed the day higher. Maruti Suzuki was up 2.46 percent at Rs.1,314.70. And so were Tata Motors, up 2.29 percent at Rs.308.30, Bajaj Auto, up 0.91 percent at Rs.1,515.45, and Mahindra and Mahindra, up 0.47 percent at Rs.691.10.
There were 19 gainers in the 30-scrip Sensex. These included BHEL, up 6.12 percent at Rs.227.20, L&T;, up 4.79 percent at Rs.1,202.90, DLF, up 4.34 percent at Rs.189.75, Jindal Steel, up 3.54 percent at Rs.501.20 and Tata Steel, up 1.86 percent at Rs.441.60.
Titan Industries and Gitanjali Gems gained 1-2 percent after the finance minister withdrew levy on all branded and non-branded jewellery.
Among major Sensex losers were Reliance Industries, down 1.53 percent at Rs.715.30, Hero MotoCorp, down 1.21 percent at Rs.1,956.95, Hindustan Uniliver, down 1.17 percent at Rs.429.80, HDFC Bank, down 0.86 percent at Rs.532.15 and Wipro, down 0.71 percent at Rs.411.95.
Earlier, Asian markets that closed with deep cuts following the political changes in France and Greece weighed on investors.
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- Sensex falls 302 points, banking stocks slump - May 07, 2012
- Sensex falls 193.40 points, banking stocks slump (Lead) - May 07, 2012
- Sensex slides 320 points to close below 17,000 (Roundup) - May 04, 2012
- Sensex down 89.56 points in noon trade - May 14, 2012
- Sensex remains choppy; ICICI Bank, M&M; rally - Apr 27, 2012
- Sensex falls below 17,000 points (Lead) - May 04, 2012
- Sensex falls for second week on earnings and negative cues (Weekly Market Review) - May 05, 2012
- Sensex closes 67 points down as bearish mood prevails (Roundup) - May 09, 2012
- Sensex closes flat on weak rupee (Lead) - May 17, 2012
- Sensex down 31 points, banking, realty stocks fall - Aug 27, 2012
- Sensex closes 104 points down, realty, bank stocks slump (Roundup) - Aug 27, 2012
- Sensex up 11 points in noon trade - May 09, 2012
- Sensex down 58 points, realty, banks stocks slump (Lead) - Aug 27, 2012
- Sensex closes 105 points lower, realty, bank stocks slump (Second Lead) - Aug 27, 2012
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