Fin Min assurance, value-buying helps Sensex recover 57 points
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Fin Min assurance, value-buying helps Sensex recover 57 points

Last Updated: Friday, March 01, 2013, 17:23
 
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Fin Min assurance, value-buying helps Sensex recover 57 points
Mumbai: 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 Finance Ministry's promise to address concerns over Tax Residency Certificate.

The Sensex, which had tumbled 291 points in the previous session on hike in taxes and FII concerns in Budget, opened firm and rose to an intra-day high of 18,988.97 before ending at 18,918.52 -- a gain of 56.98 points, or 0.30 percent.

On similar lines, the National Stock Exchange Nifty rose by 26.65 points, or 0.47 percent to 5,719.70.

Finance Ministry earlier today sought to assure worried investors saying their concerns on Tax Residency Certificate (TRC) for claiming treaty benefits will be 'suitably' addressed during discussion on Finance Bill in Parliament.

Good auto sales attracted investors to Maruti Suzuki that jumped 5 percent. Bajaj Auto and M&M also rose smartly.

HDFC, L&T, HUL, Cipla, Jindal Steel gained 2-3 percent.

Buying activity was more confined to stocks of consumer durables, capital goods, auto and banking, while IT stocks like Infosys gained on weakening rupee. The domestic currency was last trading at 54.92 versus US dollar, up 1 percent.

Banking stocks rose on hopes that slowing growth with GDP expansion falling to 4.5 percent in Q3 might force RBI to cut rates sooner, said brokers. ICICI Bank rose 1.54 percent. Lenders had plunged yesterday on concerns about liquidity in banking system after FY'14 borrowing target was unveiled.

Globally, a better tend in the Asian region and higher opening in Europe further supported the domestic market.

However, refinery stocks fell on worries that cost sharing recovery mechanism will be withdrawn after planned move to a revenue-sharing policy, said traders. Stocks of Reliance Industries and GAIL declined while ONGC rose.

Sectorally, consumer durable sector gained the most by 3.20 percent, followed by capital goods 1.62 percent and auto sector index 1.50 percent.

PTI



First Published: Friday, March 01, 2013, 17:20


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