The Direct Tax Code, good industrial production data and the Free Trade Agreement with ASEAN sent the markets soaring on Thursday as the BSE benchmark Sensex gained the most in six weeks, adding over 498 points.
The Sensex, which had been going down for the last few sessions, spurted by 498.33 points to 15,518.49, its steepest advance since May 27, making the Sensex the biggest gainer among leading indices in Asia and Europe.
The key index touched the day's high of 15,545.13 and a low of 15,207.96 points. It recorded a rise of 88 per cent
from this year’s low on March 9.
The 50-share National Stock Exchange index Nifty shot up by 147.50 points at 4,605.00 with heavyweight stocks recording handsome gains. It touched the day's high of 4,614.15 and a low of 4,458.55.
Bulls were out on Thursady after Finance Minister Pranab Mukherjee Wednesday proposed lowering the tax rate for
companies to 25 per cent from about 30 per cent, and ending a tax on stock trading.
The market also joined a broad rally in Asia after encouraging comments from the US Federal Reserve about the
world's largest economy lifted investor confidence.
The market also joined a broad rally in Asia after encouraging comments from the US Federal Reserve about the
world's largest economy lifted investor confidence.
The upsurge in equities was broadbased as all the sectoral and 30 BSE index-linked shares ended in the green
with significant gains.