Advertisement

HindustanTimes Thu,18 Dec 2014

Sensex jumps 243 points on GAAR move, rate cut talk

HT Correspondent, Hindustan Times  Mumbai, January 14, 2013
First Published: 09:58 IST(14/1/2013) | Last Updated: 20:53 IST(14/1/2013)

A deferral of the controversial General Anti Avoidance Rules (GAAR) that is expected to boost sentiments of foreign investors by three years helped the benchmark Sensex gain 243 points, or 1.2%, at 19,906 — the highest in the last 24 months.

Advertisement

A dip in inflation fuelling rate cut hopes and strong profit growth by Tata Consultancy Services also aided sentiments.

The Nifty shot up by 72.8 points, or 1.2%, at 6,024.

“The market sentiment was boosted by finance minister P Chidambaram’s decision to defer implementation of GAAR from April 2014 to 2016,” said Sanjeev Zarbade, vice-president, private client group research, Kotak Securities said. “Infosys shares extended its rally on Monday by around 4%. Post December inflation number, expectations of a rate cut have further strengthened.”

DLF, HDIL, Essar Oil, Union Bank and Indiabulls Finance remained the biggest gainers on Monday with 7.7%, 5.8%, 5.7%, 5.25 and 5.1% jump. While JP Power, Pidilite Industries, Bajaj Finance, MCX and Maruti Suzuki were the biggest losers with a fall of 4.7%, 2.7%, 2.4%, 1.9% and 1.7%.

Investor wealth zoomed by Rs. 84,000 crore to Rs. 70.8 lakh crore as nearly five out of ten stocks among 3,007 scrips traded on the Bombay Stock Exchange ended with gains. In all, 11 out of 13 sectoral indices closed with gains.


Advertisement
more from Business

Cabinet okays GST Bill; next stop Parliament

Plans to introduce India’s most ambitious reform initiative, the unified Goods and Services Tax, has entered the final leg, with the Cabinet on Wednesday approving a fresh Constitution Amendment Bill.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved