Sensex up 506 on Govt tax assurance |
India`s stock market barometers, the Sensex and Nifty, rebounded sharply May 8 after the Union Government assured that it was committed to a stable tax regime and was setting up a committee to address the issue of retroactive taxes on foreign investors. Short covering by speculators helped further push up the indices. Sensex closed 506 points higher at 27,105, while the Nifty closed at 8,192, up 134 points. The gains came despite Rs 438-crore net selling by FIIs. Since the controversy about imposition of MAT on FIIs in early April, FIIs have net sold stocks worth about $2 billion in the Indian market. Sensex was down by about 12% for 2015.
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