Sensex trims early gains; still up 35 pts
Mumbai: The BSE Sensex trimmed early gains Monday but was still up 35 points on buying in auto, power, IT and PSU stocks amid capital inflows and positive cues from other Asian equity markets.
Key indices gained in early trade following an expert committee on General Anti Avoidance Rules (GAAR) recommending the postponement of the controversial tax provision by three years, boosting investor sentiment.
The BSE 30-share index, Sensex, resumed higher at 17,465.60 and moved up further to 17,509.99. However, it then declined to 17,445.78, before quoting at 17,468.01 at 1025 hrs, a gain of 38.45 points or 0.22 percent from Friday's closing level.
The NSE 50-share Nifty also moved up by 22.40 points or 0.43 percent to 5,280.90 at 1025 hrs.
Major gainers were NTPERCENT (1.75 percent), Bajaj Auto (1.69 percent), Cipla (1.43 percent), Tata Power (1.43 percent), Gail India (1.25 percent) and Infosys (1.03 percent).
Asian stocks rose in early trade amid hopes that central banks will take stimulus measures to spur global economic growth.
Key indices in Indonesia, Japan, Singapore, South Korea, China, Hong Kong and Taiwan gained by up to 0.82 percent.