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Sensex zooms 439 pts on GAAR relief, EU deal

Read more on:    Gaar | Fiis | Sensex | Nifty | Eu Summit | Manmohan Singh | Raamdeo Agrawal
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The stock markets surged over two per cent on Friday on heavy buying from foreign investors after the government soothed their nerves by proposing the General Anti-Avoidance Rules () would not apply retrospectively. A surprise deal by Euro zone leaders to support struggling banks also sparked a ‘risk-on; rally, which saw global stocks and the euro surge against the dollar.

According to provisional data, foreign institutional investors () on Friday purchased stocks worth more than Rs 3,000 crore. Healthy portfolio flows saw the Bombay Stock Exchange (BSE) benchmark, , rally nearly 440 points, the most this year, while the domestic currency, too, gained the most this year — over two per cent — to 55.63 against the greenback.

The 30-share Sensex jumped 439.22 points, or 2.59 per cent, to 17,429.88, to post its four weeks of gains. Meanwhile, the 50-share gained 129.75 points, or 2.52 per cent, to 5,278.90, its highest close in more than two months. The two indices added over 7.5 per cent this month, their biggest monthly gain since January.

Even as expectations from the were muted, European leaders surprised the markets by pledging $150 billion to boost growth. They also announced an emergency aid to help crisis-hit Italy and Spain. Most Asian markets closed more than one per cent higher, while major indices in Europe gained over two per cent in opening trade.

Market experts added that the sentiment in the Indian market had turned better after Prime Minister took charge of the finance ministry.

“The PM’s statement to revive economic growth has worked wonders. The sentiment has changed now. I hope this will be followed by concrete steps,” said Motilal Oswal Financial Services Joint Managing Director .

Leading foreign brokerage Morgan Stanley upgraded the Indian market to ‘equalweight’ from ‘underweight’ for the first time in more than five quarters.

The overall market breadth was strong on Friday as there were more than two advancing stocks for each declining one.

All BSE sectoral indices rose at least one per cent on Friday. Each of the high-beta sectors like capital goods, power, banking and metal rose over three per cent. ICICI Bank, ITC and RIL contributed the most to the rally.

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