Sensex zooms 439 pts, rupee gains 119p

Stock markets closed on Friday with the biggest single-day gain of 439 points in 2012 as investors, richer by Rs 1.17 lakh crore, cheered clarity on tax-avoidance rules and upbeat global market sentiments.

Sensex opened with a 144-point with the finance ministry announcing the draft GAAR guidelines late on Thursday.

Sentiments improved further as foreign inflows poured in after global investment bank Morgan Stanley upgraded India markets to ‘equal-weight’ from the longstanding ‘under-weight’ status. The bullish sentiment was further supported by news that meeting of EU leaders have come up with a plan for a single financial supervisory mechanism for the debt-ridden region.

The BSE benchmark index settled at 17,429.98 - a level last seen in April 19 – higher by 439.22 points or 2.59 per cent. The gauge surpassed its previous biggest single-day gain of 434 points on 6 June. As many as 29 out of the 30-share Sensex ended higher with gains led by Jindal Steel that rose 8.74 per cent, followed by Tata Power, ICICI Bank, Bhel and Sterlite which rose in the 5-6 per cent range. Nearly 1,870 stocks rose with investor wealth going up from Rs 60.35 lakh crore to Rs 61.52 lakh crore. The 50-share National Stock Exchange index Nifty spurted by 129.75 pointsto 5,278.90 on fund-based buying in capital goods, power and banking stocks.
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