Mumbai: 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 per cent, 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 per cent will not impact them as the India-Japan double taxation treaty provides that withholding tax does not exceed 10 per cent.
Other major gainers included Jindal Steel (up 2.9 per cent), Tata Power (up 2.7 per cent) and Bajaj Auto (up 2.6 per cent).
On the downside were Bharti Airtel (down 3.9 per cent), ITC (down 1.4 per cent) and Dr Reddy's Lab, Hero MotoCorp, TCS losing around 1 per cent each.
Meanwhile, the BSE midcap which was severely battered this week, managed to gain marginally by 0.3 per cent. 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 per cent.
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