The Bombay Stock Exchange sensitive index Sensex closed at 3.32 per cent, closing at 15,518.49 points, its best close in a week, thereby giving a thumbs up to Union Finance Minister Pranab Mukherjee’s proposed major overhauling of the Indian tax system.
Among the other sentiment-boosting factors were the rally in the global markets as well as the US Federal Reserve making some positive comments on stock markets as well as its belief that the recession was coming to an end.
The BSE Mid-cap also registered gains and closed at a positive 3.59 per cent while the BSE Small-cap rallied too and closed at a positive 4.11 per cent. The BSE-500 closed with a gain of 3.38 per cent.
Amongst the gainers, JaiPrakash Hydro Power notched the top slot after it closed at Rs 87.65 per cent, registering a surge of 10.53 per cent while it was followed by Housing Development and Infrastructure, closing at Rs 301 surging 9.05 per cent.
IFCI too made it into this category as it closed at Rs 51 on a positive surge of 8.74 per cent while Bhushan Steel remained at the fourth position after closing at Rs 881 registering a surge of 8.69 per cent.
Although the markets rallied and there were fewer losers, Jain Irrigation Systems limited notched up the first position in the top losers list after it closed at Rs 707, a dip of 2.06 per cent. It was followed by Pantaloon Retail India Limited, which registered a dip of 1.39 to close at Rs 302.
The other two in the category were Oracle Finance which closed at Rs 1,541.5 registering a dip of 0.3 per cent while Hindustan Petroleum Corporation Limited, which closed at Rs 354, registered a dip of 0.03 per cent.
Mukherjee had proposed to reform the archaic tax laws, phase out exemptions, simplify rules on corporate mergers, cut tax rates both for individuals and companies and help improve compliance on Wednesday.