Sensex steadies after slump

Shrugging off Budget blues, the BSE benchmark Sensex on Friday bounced back from three-month lows to end nearly 57 points higher at 18,918.52 on value-buying after the finance ministry promised to address concerns over Tax Residency Certificates (TRC).

Shrugging off Budget blues, the BSE benchmark Sensex on Friday bounced back from three-month lows to end nearly 57 points higher at 18,918.52 on value-buying after the finance ministry promised to address concerns over Tax Residency Certificates (TRC).

The Sensex, which had tumbled 291 points on Thursday to 1,8861.54 on hike in taxes and FII concerns, opened firm and rose to an intra-day high of 18,988.97. It closed at 18,918.52.

The National Stock Exchange Nifty rose by 26.65 points, or 0.47% to 5,719.70.

"The markets were able to recover and gains ground once the clarity on TRC was received," said Milan Bavishi of Inventure Growth & Securities.