Millennium Post

Sensex soars by 300 pts, logs weekly rise of 3%

Logging its first weekly rise in three weeks, the BSE Sensex on Wednesday started the new fiscal on a promising note by surging over 300 points to settle the day at 28,260.14 on selective buying by funds, mainly in banking and healthcare stocks.

“Markets closed the truncated week with a near 3% gain, led by banking stocks, which outperformed the rest,” said Dipen Shah, Head of Private Client Group Research, Kotak Securities. The Sensex resumed slightly lower at 27,954.86 and dropped further to 27,889.02 on initial selling. The index later surged to 28,298.34 on fag-end buying before ending the day at 28,260.14, showing a sharp gain of 302.65 points or 1.08%from its previous close. “Tracking weak core sector data, sentiments were subdued initially, however, possibility of government meeting its fiscal deficit target for 2014-15, capped the downside in the index till later half,” said Jayant Manglik, President, Retail Distribution, Religare Securities.

Govt ups Gold, silver import tariff value

The government on Wednesday raised import tariff value on gold to $385 per 10 grams and silver to $543 per kg, taking cues from firm global price trends.

During the last fortnight of March, the tariff value on imported gold was $375 per 10 grams and on silver at $512 per kg. The import tariff value is the base price at which customs duty is determined to prevent under-invoicing. It is revised on a fortnightly basis taking into account global prices. The increase in tariff value on imported gold has been notified by the Central Board of Excise and Customs, according to an official statement.
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