Sensex gain on GAAR delay, plan to reduce corporate tax rate

The BSE Sensex and Nifty rose nearly 1% on Saturday, recovering from earlier falls after finance minister Arun Jaitley proposed to cut the corporate tax rate over the next four years and delayed the implementation of planned General Anti-Avoidance Rules (GAAR) by two years.

The BSE Sensex and Nifty rose nearly 1% on Saturday, recovering from earlier falls after finance minister Arun Jaitley proposed to cut the corporate tax rate over the next four years and delayed the implementation of planned General Anti-Avoidance Rules (GAAR) by two years.

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Shares had earlier turned slightly negative after Jaitley pushed back the government's medium-term goal of cutting the fiscal deficit to 3 percent of gross domestic product to 2017/18, one year later than previously expected.

The broader Nifty was up 0.9% at 12:21 pm after earlier momentarily dipping 0.1%.