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Maya magic lifts stocks

Mumbai, Dec. 6: BSP leader Mayawati’s support to the UPA government on the multi-brand retail FDI issue today boosted the BSE Sensex, which cut early losses to end with a gain of 95 points.

The BSE benchmark index rallied 300 points after the announcement to close at a new 19-month high of 19486.80, up 95 points, or 0.49 per cent.

Market experts believe equities are likely to rally further in the next few days with the bill now set to be a reality.

“With the government winning the vote on FDI, the positive momentum is likely to accelerate further and the Nifty could test levels of 6100 or move past 5950,”Amar Ambani, head of research, IIFL, said.

The broad-based National Stock Exchange index climbed 30.40 points, or 0.52 per cent, to a 23-month high of 5930.90.

Equity scheme

Sebi today announced the framework for the Rajiv Gandhi Equity Savings Scheme, a government initiative aimed at attracting small investors into the capital market.

Under the scheme, announced in the Union Budget 2012-13, tax benefits will be given to new investors who invest up to Rs 50,000 in the stock market and whose gross total annual income is less than or equal to Rs 10 lakh.

 
 
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