The BSE Sensex (SENSEX :15518.49 +498.33
) rose 3.3 percent and S&P CNX Nifty surged 147.50 points or 3.31% at 4605 on Thursday to their best close in more than a week as a proposal to overhaul the country's tax system, and global equities rally on upbeat comments from the U.S. Federal Reserve buoyed sentiment.
) rose 3.3 percent and S&P CNX Nifty surged 147.50 points or 3.31% at 4605 on Thursday to their best close in more than a week as a proposal to overhaul the country's tax system, and global equities rally on upbeat comments from the U.S. Federal Reserve buoyed sentiment.Major gainers spanned sectors from lender ICICI Bank (ICICIBANK : 757.2 +47.05) and energy giant Reliance Industries (RELIANCE : 2024.3 +33.6) to engineering and construction firm Larsen & Toubro (L&T :1495.45 +73.35).
) and energy giant Reliance Industries (RELIANCE : 2024.3 +33.6) to engineering and construction firm Larsen & Toubro (L&T :1495.45 +73.35).Diversified cigarette maker ITC gained 5.2 percent to 238.95 rupees, and government-run State Bank of India (SBI : 1797.6 +94.85) climbed 5.7 percent to 1,799.05 rupees.
) climbed 5.7 percent to 1,799.05 rupees.Finance Minister Pranab Mukherjee said on Wednesday India proposes to reform its archaic tax laws, phase out exemptions, simplify rules on corporate mergers and help improve compliance.
The U.S. Fed made its clearest statement to date on Wednesday that it sees the recession nearing an end, and that shattered financial markets are healing.
The government would try to bring in a bill in the winter session of parliament, expected to start in November, with the proposed changes in tax laws. The bill has to be debated in parliament and get approved to become a law, which means it could be implemented from 2011.
Nifty August 2009 futures above 4600 Turnover declines
Nifty August 2009 futures were at 4621.05 at a premium of 16.05 points as compared to the spot closing of 4605. Turnover in NSE's futures & options (F&O) segment was Rs 65,552.20 crore, lower than Rs 73,347.15 crore on Wednesday, 12 August 2009.
Reliance Industries August 2009 futures were at premium at 2028 compared to the spot closing of 2024.30.
Tata Steel August 2009 futures were at premium at 471 compared to the spot closing of 470.25.
Tata Motors August 2009 futures were at discount at 470.80 compared to the spot closing of 473.05.
In the cash market, the S&P CNX Nifty surged 147.50 points or 3.31% at 4605.
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