Moneycontrol
Mar 01, 2013 07:44 PM IST | Source: Moneycontrol.com

Nifty ends above 5700; Maruti up 5%, Core Edu adds 19%

The market closed on a positive note as it seemed to digest details of the Union Budget. After major sell-off seen on Thursday, the market managed to pullback today especially in the last few trading hours as the finance ministry issued clarification on tax residency certificates (TRC).


The market closed on a positive note as it seemed to digest details of the Union Budget. After major sell-off seen on Thursday, the market managed to pullback today especially in the last few trading hours. As the finance ministry issued clarification on tax residency certificates (TRC) calmed nerves.


The Sensex ended the day up 56.98 points at 18918.52 while the Nifty added 26.65 points to close at 5719.70.


Adding 5%, Maruti was the biggest gainer of the day on the BSE. The car maker reported February sales largely in-line with expectations. The management also clarified to analysts that the hike in withholding tax on royalty in Budget from 10 percent to 25 percent will not impact them as the India-Japan double taxation treaty provides that withholding tax does not exceed 10 percent.


Other major gainers included Jindal Steel (up 2.9 percent), Tata Power (up 2.7 percent) and Bajaj Auto (up 2.6 percent).


On the downside were Bharti Airtel (down 3.9 percent), ITC (down 1.4 percent) and Dr Reddy's Lab, Hero MotoCorp, TCS losing around 1 percent each.


Meanwhile, the BSE midcap which was severely battered this week, managed to gain marginally by 0.3 percent.  However, one of the major losers among the midcap stocks, Core Education jumped 18.78 percent to Rs 65.15. The IT education firm today clarified that it was indeed the sale of shares pledged by the promoters that saw the stock tumble from a high of Rs 300 to a low of Rs 49.5, within four trading sessions.

Among the other midcap stocks, Opto Circuits, Ashok Leyland and UCO Bank are some the big gainers adding 4-5 percent.

Sections
Follow us on
Available On