Business Standard

Markets end positive post GAAR clarification

BSE Sensex ends at 16,935, up 104 points

Related News

Key benchmark indices witnessed a smart recovery in latenoon deals and ended in the green after the Finance Minister announced the deferment of General Anti-Avoidance Rule (GAAR) by one year. The BSE ended (provisional) at 16,935, up 104 points and the ended at 5,123, up 37 points.

 

---------------------------------------------------------------------------------------

(Updated 1430 hours)

The markets witnessed a smart recovery in the afternoon session after the Finance Minister announced the deferment of General Anti-Avoidance Rule (GAAR) by one year. The BSE Sensex at 16,744, down 87 points and the Nifty is at 5,060, down 27 points.

Earlier in the day, the Sensex touched a low of 16,514 and the Nifty dropped below 5,000 to touch 4,990.

In Asia, Japan's Nikkei average slid nearly 3% to its lowest close in three months on Monday after elections in Europe stoked worries about efforts to resolve the euro zone debt crisis and US jobs data disappointed. The index ended at 9,119, down 2.78%. The Hang Seng index shed 2.61% while the Shanghai Composite index ended unchanged at 2,452.

European markets are lower today as French and German shares fall. The French CAC 40 is off 1.38% while the German DAX is down 1.41%. The FTSE 100 in London is not trading.

Back home, according to Hormuz Maloo, Technical Analyst, Geojit BNP Paribas Securities, "In the medium term there is some support for the Nifty around 4,900 levels. In the slightly longer term, however, ther market could go lower. We have already declined quite steeply, particularly in the last two days, so it may not be a good time to go short now. But I think that in some time we should be seeing lower levels."

All the sectoral indices are in the red, except for BSE Capital Goods and Consumer Durables index, up 1-2%. BSE Realty, Bankex and FMCG indices are leading the losses, down 1-2% each.

Hero MotoCorp has shed 3.25% at Rs 1,916 and is the top loser on the Sensex. Other prominent include HDFC Bank, Mahindra & Mahindra, Reliance Industries and SBI, down 2-3% each. The from the pack are BHEL, Larsen & Toubro, Maruti Suzuki, Bharti Airtel and Cipla, up 1-4% each.

Jaiprakash Associates has slipped almost 5% to Rs 67.6 in trades on reports that the Himachal Pradesh High Court’s green bench imposed a penalty of Rs 100 crore for violating the law and fraudulently setting up a cement plant and a thermal power plant. “A division bench of Justices Deepak Gupta and Sanjay Karol passed the landmark judgment May 4 ordering payment of Rs.100 crore as damages for having set up a cement plant by adopting fraudulent means and ordered the company to dismantle the 62 MW captive thermal plants within three months that is being constructed in the same premises” the report suggests.

The overall market breadth is negative as 1,659 stocks have declined against 920 advancing ones, out of 2,684 stocks traded on the BSE.

Read more on:   
|
|
|
|

Read More

Markets post best gains in 3-months on Fed optimism

The market breadth was firm. Out of 2,933 stocks traded , 1,685 stocks advanced compared to 1,136 declined on BSE

Quick Links

 

Market News

Reliance Petroinvestments' appeal adjourned by SAT till Sept 30

Sebi in May 2013 had imposed a penalty of Rs 11 cr on Reliance Petroinvestments in an insider trading case

Today's picks- 3 September 2014

Nifty, Bank Nifty, Bharti Airtel, Tech Mahindra & Tata Power

Let's make some money

Market experts say booking profits could be unwise. If you are nervous, go for dividend-yield stocks

Steel firms increase prices

This comes amid a rise in transportation costs and high iron ore prices; long-steel producers keep prices unchanged

Rubber imports set to soar

Military junta of Thailand, world's largest exporter of rubber, recently decided to release 200,000 tones of stock pile

Back to Top