Friday, October 29, 2010

Sensex snaps three-day fall; ends 91 points up at over 20k

MUMBAI: Snapping a three-day falling streak, the Bombay Stock Exchange benchmark Sensex today gained over 91 points as funds purchased heavy-weight stocks, led by ICICI Bank on its higher earnings, and RBI's move to help increase money supply in the financial system.

The Sensex, after losing 362 points in last three days, remained lower through out the session but rebound in last 30-minute trade to close with a gain of 91.30 points to reach 20,032.34.

The benchmark shuttled between 20,080.33 and 19,768.96 during the day.

The broad-based National Stock Exchange index Nifty also rose by 30 points to 6,017.70, after moving between 6,032.65 and 5,937.10 points.

The fag-end buying picked up after the Reserve Bank of India announced special measures to increase money supply in the financial system, raising hopes of greater liquidity in the equity markets.

Buying was confined largely to the banking sector after the biggest private lender ICICI Bank soared to the highest level since February 2008 as its second-quarter consolidated profit rose 22 per cent.

The stocks of ITC Ltd, the biggest consumer goods maker and index-related, advanced the most in a week after its quarterly profit rose 23 per cent.

Higher earnings by leading companies boosted the market sentiment which encouraged the global funds net buyers in Indian equities for a 41st day on Oct. 27, the longest streak on record.

In the 30-BSE index components, nine gained and 20 decline, while ACC remained unchanged.

The heaviest-weight Reliance Industries rose by Rs 12.75 to Rs 1,095.80; ICICI Bank by Rs 71.35 to Rs 1,161.65, and ITC ltd by Rs 3.90 to Rs 171.15. The three carry nearly 27 per cent weightage on the benchmark.

The banking sector index gained the most by adding 1.52 per cent to 14,016.21 followed by FMCG index by 1.30 per cent to 3,605.10. The oil and gas index also rose by 0.69 per cent to 10,948.82.

Read more: Sensex snaps three-day fall; ends 91 points up at over 20k - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-snaps-three-day-fall-ends-91-points-up-at-over-20k/articleshow/6833166.cms#ixzz13kQq0tfE

FinMin hopeful of getting DTC bill passed next fiscal

STAFF WRITER 13:41 HRS IST

New Delhi, Oct 29 (PTI) The Finance Ministry today said it is hopeful of getting the Direct Taxes Code (DTC) bill approved by Parliament in the next fiscal to enable its implementation from April 1, 2012.

"The draft DTC is with the Parliamentary Standing Committee. It is likely that by February-March, we should receive their comment and by the middle of next year in the monsoon session, it should be voted and made law," Revenue Secretary Sunil Mitra told reporters on the sidelines of a FICCI conference here.

In August, the government decided to delay the implementation of DTC by a year to April 1, 2012.

The DTC, which seeks to replace the Income Tax Act 1961 and simplify direct tax laws, was originally proposed to be implemented from April 1, 2011.