Finance Minister Mr Pranab Mukherjee’s clarification on participatory notes is welcomed and market posted a gain of more than 2% on all round buying.
Holders of P-notes, will not have to pay taxes in India and a clarification would be issued by the government in due course – Pranab Mukherjee.
Today’s clarification holds significance as market were under considerable pressure recently due to confusion of taxability of P-notes. Market participant now can look forward to domestic events such as Corporate results and RBI rate cut action.
NIFTY closes the day at 5295.55 up by 117 points. Today’s close resulted 1st week-on-week gains after six consecutive weeks decline.