Markets Open Higher As FIIs Cleared Of MAT Worries

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, September 2, 2015, 9:25 [IST]

Benchmark indices opened the day higher as Finance Minister cleared the air over Minimum Alternate Tax (MAT) on Foreign Institutional Investors (FIIs) clarifying that they would not have to pay MAT prior to April 1, 2015.

The Sensex was trading strong with gains of 157 points, while the Nifty rallied 46 points in trade as FIIs would not have to pay MAT prior to April 1, 2015 and after that in any case MAT has been scrapped.

what is MAT

Among the top gainers were the banking stocks which were hammered on Tuesday. Notable gainers included the likes of Yes Bank, Kotak Bank and ICICI Bank.

Check Sensex gainers and losers

Public sector banks like Canara Bank, State Bank and Syndicate Bank also saw some buying interest. Tata Motors shares fell after domestic sales fell and total output for the month of August was flat.

Coal India was marginally down after its output target for the month of August fell. Hero Motor Corp was trading lower after sales at the company for the month of August declined declined.

TVS Motors was trading flat after the company reported a marginal increase in sales. Cipla was higher after a management rejig at the company.

Meanwhile, markets across Asia saw some recovery in trade after falling sharply in the initial stage. However, the Shanghai Composite, the Hong Kong's Hang Sang and the Seoul Composite were lower. Some other markets like the Japanese Nikkei, Strait times and the Taiwan Weighted recovered.

GoodReturns.in