Sensex recovers 300 pts, Nifty up 100 pts from day's low

Moneycontrol Bureau11:50 am Market check: The Sensex is down 19.13 points  at 25753.40, and the Nifty up 2.10 points  at 7889.90. About 1027 shares have advanced, 1080 shares declined, and 142 shares are unchanged. 11:30 am View on Maritius treaty: The government's decision to amend the Mauritius tax treaty has come under fire from some foreign investors (FPIs) such as Singapore-based Samir Arora.In an interview with CNBC-TV18, Arora said that mechanics of investing in India were operationally not feasible.He maintained that under the current structure, foreign investments made through investments such ETFs or participatory notes would come under a cloud as there would be uncertainty on withholding tax."I was told that such a tax structure does not exist anywhere in the world barring Argentina," he said.11:20 am Govt allays fear: Government official says that general anti-avoidance rule (GAAR) provisions may be applied in rare case of conflict with Mauritius treaty. It is unlikely that GAAR provisions will be tweaked on treaty over ride. Returns on P-Notes likely to be affected with Mauritius Treaty.

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The market is still in red but the market is steadily making small gains as the Sensex is down 47.18 points or 0.2 percent at 25725.35. The Nifty is down 6 points or at 7881.80. Nifty recovers 100 points while the Sensex is up 300 points from day's low. About 947 shares have advanced, 1024 shares declined, and 113 shares are unchanged.

Hindalco, Axis Bank, NTPC, Maruti and Tata Steel are top gainers in the Sensex. Among the losers are Dr Reddy's Labs, Adani Ports, ONGC, Coal India and SBI are losers in the Sensex.

Market sentiment is dampened as India has made amendments to the Double Taxation Avoidance to get rights to tax capital gains on shares of Indian company sold after April 1, 2017, triggering fresh spell of selling by participants.Gold prices rose Rs 167 to Rs 29,950 per 10 grams in futures trading today as participants widened bets, triggered by a firming trend overseas. Analysts said a firming trend in the global market where gold climbed for a second day as assets in bullion-backed funds rose to their highest since December 2013 and Goldman Sachs Group Inc raised its price forecasts mainly influenced the precious metal prices at futures trade.