GAAR took center stage : CSEC Research

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GAAR took center stage

During the week the General Anti-Avoidance Rule (GAAR) took the center stage, as market feared that the adoption of new tax norms, effective from 1^st April 2012, could affect the FII Investment through theMauritius route and through participatory route. Though selling was intense in the initial part of the week, the clarification which came in the later part of the week, from the Finance Minister of India stating no tax liability on P-note holders, helped Sensex to offset its initial losses and closing the week with a minor gain of 0.24% at 17,404

Going ahead, the market may remain volatile in a truncated week. The stock market remains closed on Thursday, 5 April 2012, on account of Mahavir Jayanti and again on Friday, 6 April 2012, on account of Good Friday. Automobile and cement shares will be in focus as companies from these two sectors start unveiling monthly sales volume data for March 2012.

Regards,

CSEC Research