Mumbai: The market ended with smart gains. The Sensex was up 322.79 points or 1.1 percent at 28504.93, and the Nifty was up 104.05 points or 1.2 percent at 8633.50. About 1755 shares have advanced, 1071 shares declined, and 156 shares were unchanged. Reliance, M&M, Sun Pharma, Bajaj Auto and HUL were top gainers while Lupin, TCS, Bharti Airtel, Infosys and Hindalco were among laggards.
Country's oldest exchange, BSE is taking strict action to stem the misuse of capital market transactions after Securities & Exchange Board of India's (SEBI) crack down on companies using exchanges for evading taxes. In a chat with CNBC-TV18, MD & CEO Ashish Chauhan says an ideal tax framework must be worked upon now to prevent further misuse. He said: “There are various tax exemptions that are available.
Eight-ten years back a new tax was introduced called securities transaction tax (STT) in lieu of the long-term capital gains tax for the equities and that has created a large tax arbitrage, which basically is there for all stocks.” 03:00 pm Market Update: The Sensex gained 326.09 points or 1.16 percent at 28508.23 and the Nifty rose 103.90 points or 1.22 percent to 8633.35. About 1725 shares have advanced, 1005 shares declined, and 164 shares are unchanged on the BSE.
The Sensex surged 313.60 points or 1.11 percent to 28495.74 and the Nifty rallied 98.45 points or 1.15 percent to 8627.90. Nearly two shares advanced for every share declining on the Bombay Stock Exchange. Reliance Industries, HDFC, Sun Pharma, M&M, HUL, Bajaj Auto and Cipla rallied 2-3.5 percent.
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