Weekly review: Sensex bounces back by 223 pts | business | Hindustan Times
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Weekly review: Sensex bounces back by 223 pts

Strong GDP data for the first quarter of the current fiscal, robust automobile sales for August coupled with resumption of buying by foreign funds helped the market to bounce back by more than 223 points to end the week at 18,221.43.

business Updated: Sep 04, 2010 14:08 IST

Strong GDP data for the first quarter of the current fiscal, robust automobile sales for August coupled with resumption of buying by foreign funds helped the market to bounce back by more than 223 points to end the week at 18,221.43.

Healthy manufacturing data in China and better-than-expected GDP figures from Australia also supported Asia-Pacific stocks.

The BSE benchmark Sensex resumed higher at 18,063.48 and shot up further to 18,355.84, before ending the week at 18,221.43, a net rise of 223.02 points, or 1.24 per cent.

In a positive development for investors, the direct taxes code (DTC) bill has maintained the benefit of zero tax on long -term capital gains on sale of shares held for a period exceeding one year.

The government has delayed the implementation of DTC by one year to April 1, 2012. Earlier, the new tax regime was to come into effect from April 1, 2011.

On the macro front, India reported its strongest GDP number since the global financial crisis, expanding at the fastest pace in two and a half years. The gross domestic product (GDP) grew 8.8 per cent in the April-June quarter.

The manufacturing sector expanded 12.4 per cent, mining 8.9 per cent, construction 7.5 per cent and farm sector grew 2.8 per cent. Output in combined sectors - trade, hotels, transport and communication - rose 12.2 per cent.