Sensex rises 164 pts to reclaim 28K-level in early trade
Mumbai: The benchmark BSE Sensex rose over 164 points to regain the 28,000-mark and the NSE Nifty also reclaimed the 8,500-mark in early trade today on continued buying activity after the government offered DTAA relief to MAT-hit foreign investors.
The 30-share barometer recaptured the 28,000-level by advancing 164.34 points, or 0.58 per cent, at 28,054.47 with all sectoral indices, led by realty, metal and consumer durable and power, trading in positive zone.
Also, the National Stock Exchange index Nifty moved up by 72.35 points, or 0.85 per cent, at 8,502.05.
Brokers said increased buying by funds and retail investors after the government offered relief under the Double Taxation Avoidance Agreement (DTAA) to MAT-hit foreign investors and a firming trend at other Asian markets after weak Chinese manufacturing data raised hopes for further stimulus, boosted trading sentiments here.
Meanwhile, in a relief to foreign investors slapped with tax demands worth around Rs 40,000 crore, government yesterday said such levies would not be applicable to the entities based in countries having double taxation avoidance pacts with India, while others can approach the courts for reprieve.
Among other Asian markets, Hong Kong’s Hang Seng was up by 0.50 per cent, while Japan’s Nikkei gained 0.34 per cent in early trade.
The US Dow Jones Industrial Average ended 0.49 per cent higher in yesterday’s trade.