Sensex jumps 374 points in early trade

Mumbai: The benchmark BSE Sensex rebounded from its six-and-a-half months low in early trade on Friday by climbing 374 points to 26,973.83 on government’s decision to refer MAT issue to a high-level committee.

Moreover, recovery in rupee against the dollar and a firming trend in global markets too boosted sentiments.

Snapping its three-day losing streak, the Sensex recovered sharply by 374.72 points or 1.40% to 26,973.83 with realty, banking, capital goods, auto and healthcare stocks leading the rebound.

The gauge had lost 891.48 points in the past three days.

The 50-share NSE Nifty regained the 8,100-mark by rising 111.55 points or 1.38% to 8,168.85.

Brokers said sentiments were buoyed after Finance Minister Arun Jaitley on Thursday announced that a high-level committee will look into the controversial issue of Minimum Alternative Tax (MAT).

Prominent gainers on the Sensex are Tata Motors, Maruti Suzuki, ICICI Bank, Hindustan Unilever, HDFC, HDFC Bank, Dr Reddy’s, Cipla, BHEL, Axis Bank, Bharti Airtel, ONGC and L&T.

However, Hero MotoCorp was down 2.86% after the company reported a 14.05% decline in net profit for the fourth quarter.

In other Asian markets, Hong Kong’s Hang Seng was up by 0.90 per cent, while Japan’s Nikkei gained 0.31 per cent in early trade on Friday.

The US Dow Jones ended 0.46% higher in yesterday’s trade.

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