Markets rallied smartly today following comments from the Finance Minister that the question of liability for tax in India of participatory note holders (FIIs) would not arise.
The BSE Sensex closed the day higher by 311 points at 17,370 points, while the NSE Nifty gained a huge 116 points.
Sentiments are expected to remain buoyant into the next week following a clarification from the Finance Minister on taxation of Participatory Notes. It maybe recalled that there were fears among Foreign Institutional Investors that due to General Anti Avoidance Rules (GAAR) proposed in the Union Budget 2012-2013, P -Notes held by foreign institutional investors in India would be taxed.
The markets in the early part of the week had fallen due to these fears.
Stocks today rallied across the board with stocks like Ranbaxy Laboratories, IDFC, Tata Steel and Kotak Mahindra Bank all gaining ground.
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