SENSEX 16912.71 +81.63
NIFTY 5114.15
+27.30
USD/INR 0052.90 -00.51
NASDAQ 2953.19 -03.15
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UPDATEDTIME 09.28 PM 07 MAY 2012
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The Sensex recovered from early lows to close higher by 82 points
after the government deferred the implementation of the General Anti-Avoidance
Rules (GAAR) by one year.
The 30-share BSE benchmark dropped 317 points to an intraday low of 16,513.77 on fears that the proposed provisions could lead to a heavy tax burden for foreign investors investing through tax-friendly places like Mauritius.
Buying emerged in the last 30 minutes of trading soon after Finance Minister Pranab Mukherjee announced a slew of measures to provide relief to the equity markets and postponed the implementation of GAAR.
The Sensex bounced back to end 81.63 points, or 0.48 percent, up at 16,912.71 points.
The broad-based Nifty also bounced back from four-month low levels to close higher by 27.30 points, or 0.54 percent, to 5,114.15.
The rally was headed by capital goods, power, metal and consumer durables stocks, even as Reliance Industries and Infosys, two market majors, closed lower.
Significant gains in Larsen & Toubro, Bharat Heavy Electricals Ltd, State Bank of India, Maruti Suzuki,Bajaj Auto, DLF, ICICI Bank, Jindal Steel, NTPC Tata Motors and Tata Steel helped Sensex settle in the positive zone.
Bucking the trend, oil major Reliance Industries fell by 1.53 percent to Rs 715.30 and Infosys by 0.43 percent to Rs 2,430.60.
The 30-share BSE benchmark dropped 317 points to an intraday low of 16,513.77 on fears that the proposed provisions could lead to a heavy tax burden for foreign investors investing through tax-friendly places like Mauritius.
Buying emerged in the last 30 minutes of trading soon after Finance Minister Pranab Mukherjee announced a slew of measures to provide relief to the equity markets and postponed the implementation of GAAR.
The Sensex bounced back to end 81.63 points, or 0.48 percent, up at 16,912.71 points.
The broad-based Nifty also bounced back from four-month low levels to close higher by 27.30 points, or 0.54 percent, to 5,114.15.
The rally was headed by capital goods, power, metal and consumer durables stocks, even as Reliance Industries and Infosys, two market majors, closed lower.
Significant gains in Larsen & Toubro, Bharat Heavy Electricals Ltd, State Bank of India, Maruti Suzuki,Bajaj Auto, DLF, ICICI Bank, Jindal Steel, NTPC Tata Motors and Tata Steel helped Sensex settle in the positive zone.
Bucking the trend, oil major Reliance Industries fell by 1.53 percent to Rs 715.30 and Infosys by 0.43 percent to Rs 2,430.60.
Foreign institutional investors turned buyers in Indian equities. They bought equities worth Rs 427.92 crore on Friday, as per provisional data. In the last five trading sessions, they bought equities worth Rs 1,224.82 crore.
The rupee is trading near its day's high, now at 53.24/35 versus its previous close of 53.47/48, after the euro recovered from prior falls. The Reserve Bank of India (RBI) is believed to have sold dollars in the morning, according to four dealers.
"The Nifty broke its horizontal range on downside. With that, it also broke the support of 200-DMA. This means the short-term bias for the index is bearish. In that case, we expect a move up to 4,950, which is a 61.8% retracement of the entire advance from 4,531 to 5,630.
If the Nifty breaks 4,950, then the next pivotal point on the way down is 4,768..
The BSE Midcap Index was down 1 percent and the BSE Smallcap Index declined 1.01 percent.
Among sectoral indices, the BSE Realty Index was down 2.3 percent, the BSE Bankex fell 1.93 percent, the BSE FMCG Index was trading 1.3 percent lower and the BSE Oil & Gas Index slipped 1.1 percent.
Jaiprakash Associates (5%), Cairn
India (4.4%),State Bank of India (2.5%), Punjab National Bank(3.7%)
and Hero MotoCorp (3.4%) are among the top Nifty losers.
BPCL (6.3%), BHEL (3.08%), Ambuja Cements(1.3%), Cipla (0.3%) and Sun Pharma (0.46%) are among the Nifty gainers.
Japan's Nikkei 225 index plunged 2.8 percent to close at 9,119.14 -- its lowest finish in three months -- with the market's export sector also sapped by a rising yen. Hong Kong's Hang Seng slid 2.6 percent to 20,536.59.
Among European markets, Germany's DAX dropped 1.5 percent to 6,463.67 and France's CAC-40 shed 1.6 percent to 3,112.49. Britain's markets were closed for a public holiday.
BPCL (6.3%), BHEL (3.08%), Ambuja Cements(1.3%), Cipla (0.3%) and Sun Pharma (0.46%) are among the Nifty gainers.
Japan's Nikkei 225 index plunged 2.8 percent to close at 9,119.14 -- its lowest finish in three months -- with the market's export sector also sapped by a rising yen. Hong Kong's Hang Seng slid 2.6 percent to 20,536.59.
Among European markets, Germany's DAX dropped 1.5 percent to 6,463.67 and France's CAC-40 shed 1.6 percent to 3,112.49. Britain's markets were closed for a public holiday.
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RAKESH MAKIN
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