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Downtrend halted on BSE

MUMBAI: The markets rallied to snap a six-day long falling streak on Wednesday and lifted the benchmark Sensex by nearly 250 points on reports of Government denial of imposing any tax to make up for the losses of oil companies.

The Bombay Stock Exchange 30-share index ended the day at 16525.37, a rise of 249.78 points, or 1.53 per cent, over its previous close.

The BSE barometer touched an intra-day low of 16217.78 after a good start at 16358.62.

Similarly, the 50-share S&P CNX Nifty of the National Stock Exchange shot up by 58.55 points to close at 4,918.35.

Meanwhile, global crude oil traded around $129 a barrel in Asian trade while European markets staged a smart recovery in their early trade.

Marketmen said the Finance Ministry’s statement on Wednesday that reports about certain new tax proposals to offset oil refiners under recoveries due to global crude prices are totally “baseless” and “speculative” in nature came as a shot in the arm for the sagging markets.

The market was volatile a day ahead of the expiry of derivatives May contract on Thursday with investors’ focus on rollover of positions to next series, they added. FMCG, IT, metal and bank shares were in the forefront with impressive gains.— PTI

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