Sensex ends 479 points up; Nifty above 8,330; ONGC surges 8%
The Sensex ended the day at 27,490.59; up 479.28 points. The broader 50-share Nifty closed the session at 8,331.95; up 150.45 points.
By ET Online | Updated:
NEW DELHI: The Sensex ended the day at 27,490.59; up 479.28 points. The broader 50-share Nifty closed the session at 8,331.95; up 150.45 points.
Hectic buying was seen in the last half-an-hour of trade.
ONGC was the top gainer on the Sensex, up 8%. Bajaj Auto was the second best gainer, up 7.6%. Cipla up 5.8%; M&M up 4.9%, Bhel up 3.9%.
Markets @ 3:24
Sensex at 27,518; up 507 points. Nifty @ 8,341; 159 points.
Markets @ 3:15
Sensex at 27,485; up 474 points. Nifty @ 8,329; up 148 points.
Markets @ 12:25
Sensex at 27,358; up 346 points. Nifty @ 8,290; up 109 points.
Top Gainers
ONGC (5.4%), BAJAJ AUTO (5.1%), M&M (3.8%), CIPLA (3.4%), HINDALCO (3.3%)
Top Losers
TATA MOTORS (-1.5%), L&T (-0.5%), WIPRO (-0.3%)
Markets @ 10.30
The 30-share index was at 27,289, up 278 points or 1.02 per cent. It touched a high of 27,386.60 and a low of 27,159.45 in trade today.
The Nifty was at 8261 up 79 points or 1.06 per cent. It touched a high of 8292.65 and a low of 8220.45 in trade today.
Top Gainers
ONGC (3.7%), M&M (3.3%), BAJAJ AUTO (3.1%), DR. REDDYS LAB (2.3%), HINDALCO (2.3%)
Top Loser
TATA MOTORS (-1.7%)
This could be the reason Sensex rallied today:
The tax department has issued demand notices to the tune of Rs 6,500-7,000 crore (around $1 billion) to foreign portfolio investors (FPIs), claiming payment of minimum alternate tax (MAT) on capital gains related to transactions on Indian stock markets.
The amount is far lower than the $6-7 billion (Rs 38,000 to 45,000 crore) claimed by overseas investors, who have been trying to put pressure on the government to withdraw the claims. Although the finance ministry had mentioned similar numbers earlier, the new estimate has been reached after collating data on all notices sent by its field offices.
Sources said the fate of the demand depends on a case between the tax department and Castleton, now being heard by the Supreme Court. A few investors also approached the Bombay HC last week.
Markets @ 10
The 30-share index was at 27284.96, up 273 points or 1.01 per cent. It touched a high of 27,386.60 and a low of 27,159.45 in trade today.
The Nifty was at 8268 up 87 points or 1.06 per cent. It touched a high of 8292.65 and a low of 8220.45 in trade today.
Markets @ 9.20
The 30-share index was at 27199.96, up 176 points or 0.65 per cent. It touched a high of 27,232.17 and a low of 27,159.45 in trade today.
The Nifty was at 8229 up 48 points or 0.59 per cent. It touched a high of 8243.70 and a low of 8220.45 in trade today.
Hectic buying was seen in the last half-an-hour of trade.
ONGC was the top gainer on the Sensex, up 8%. Bajaj Auto was the second best gainer, up 7.6%. Cipla up 5.8%; M&M up 4.9%, Bhel up 3.9%.
Markets @ 3:24
Sensex at 27,518; up 507 points. Nifty @ 8,341; 159 points.
Markets @ 3:15
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Sensex at 27,485; up 474 points. Nifty @ 8,329; up 148 points.
Markets @ 12:25
Sensex at 27,358; up 346 points. Nifty @ 8,290; up 109 points.
Top Gainers
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ONGC (5.4%), BAJAJ AUTO (5.1%), M&M (3.8%), CIPLA (3.4%), HINDALCO (3.3%)
Top Losers
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TATA MOTORS (-1.5%), L&T (-0.5%), WIPRO (-0.3%)
Markets @ 10.30
The 30-share index was at 27,289, up 278 points or 1.02 per cent. It touched a high of 27,386.60 and a low of 27,159.45 in trade today.
The Nifty was at 8261 up 79 points or 1.06 per cent. It touched a high of 8292.65 and a low of 8220.45 in trade today.
Top Gainers
ONGC (3.7%), M&M (3.3%), BAJAJ AUTO (3.1%), DR. REDDYS LAB (2.3%), HINDALCO (2.3%)
Top Loser
TATA MOTORS (-1.7%)
This could be the reason Sensex rallied today:
The tax department has issued demand notices to the tune of Rs 6,500-7,000 crore (around $1 billion) to foreign portfolio investors (FPIs), claiming payment of minimum alternate tax (MAT) on capital gains related to transactions on Indian stock markets.
The amount is far lower than the $6-7 billion (Rs 38,000 to 45,000 crore) claimed by overseas investors, who have been trying to put pressure on the government to withdraw the claims. Although the finance ministry had mentioned similar numbers earlier, the new estimate has been reached after collating data on all notices sent by its field offices.
Sources said the fate of the demand depends on a case between the tax department and Castleton, now being heard by the Supreme Court. A few investors also approached the Bombay HC last week.
Markets @ 10
The 30-share index was at 27284.96, up 273 points or 1.01 per cent. It touched a high of 27,386.60 and a low of 27,159.45 in trade today.
The Nifty was at 8268 up 87 points or 1.06 per cent. It touched a high of 8292.65 and a low of 8220.45 in trade today.
Markets @ 9.20
The 30-share index was at 27199.96, up 176 points or 0.65 per cent. It touched a high of 27,232.17 and a low of 27,159.45 in trade today.
The Nifty was at 8229 up 48 points or 0.59 per cent. It touched a high of 8243.70 and a low of 8220.45 in trade today.
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