Sensex soars 439 pts, Re gains 3.1% on euro deal, reform hopes
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GLOBAL markets, including India, jumped on Friday after eurozone leaders agreed to measures to cut borrowing costs in Spain and Italy and eventually recapitalise the region's banks. The rally on Dalal Street was even more pronounced with the Sensex surging by a whopping 439 points, its biggest single-day gain in 2012 so far on the back of clarity on tax-avoidance rules and rising optimism about more reforms. Taking a cue, the rupee posted its biggest daily gain in three years and settled at 55.60/61, rising 3.1 per cent over its previous close.
The BSE benchmark raced past the 17,000 mark as market players cheered a statement from the PMO that indicated the possibility of the controversial General Anti-Tax Avoidance Rules (GAAR) guidelines, put out by the Finance Ministry late Thursday night, being watered down further. Dalal Street received a further boost on Morgan Stanley upgrading Indian equities and a strong rebound in the rupee aided the sentiment. The upgrade comes at a time when Prime Minister Manmohan Singh has taken charge of the finance ministry, and said steps will be taken to revive economic growth.
With bulls back in action, the Sensex settled at 17,429.98 — a level last seen in April 19 — higher by 439.22 points or 2.59 per cent. Investor wealth, or market capitalisation, rose by Rs 1.17 lakh crore to Rs 61.52 lakh crore. The rupee rose 2.7 per cent on the week, its biggest weekly gain in over two-and-a-half years.
Among major Asian markets, Hong Kong's Hang Seng Index jumped 2.2 per cent, while Japan's Nikkei Stock Average shot up to finish 1.5 per cent higher. Elsewhere, China's Shanghai Composite Index gained 1.4 per cent, South Korea's Kospi climbed 1.9 per cent, Australia's S&P/ASX 200 index rose 1.2 per cent and Taiwan's Taiex advanced 1.8 per cent.
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