Market chat: Sensex discounts MAT relief due to global pressure
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The S&P BSE Sensex closed 242.88 points, or 0.95 %, down at 25,453.56, while the 50-share CNX Nifty of the National Stock Exchange (NSE) closed 68.85 points down, or 0.88%, at 7,717.00.
The Sensex trimmed initial gains to trade 23.85 points lower, or 0.09% down, to 25,672.59 at 11:50am. Global funds won’t have to pay a so-called minimum alternative tax (MAT) on profits earned before April 2015, finance minister Arun Jaitley said on Tuesday, seeking to draw a line under a snafu that had contributed to selling of local stocks. Foreigners sold a net $84 million of shares on 31 August, capping last month’s outflows at $2.6 billion, the biggest withdrawal since October 2008.
ITC Ltd, the nation’s biggest cigarette company, gained for the first time this week. Lupin Ltd, the second-largest drug maker by market value, climbed 2%, while Tata Consultancy Services Ltd, the top software exporter, halted a four-day retreat. Reliance Industries Ltd, the owner of the world’s largest refining complex, gained 2%.
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