SAJJAD PURVEZ - Sensex Rises 1.3% on Higher Corporate Advance Tax Payment

Stocks in Mumbai closed higher following gains in Asian markets and a rebound in sentiment ahead of the rate decision tomorrow. The ten largest companies by market cap paid 25% more advance tax for the current quarter.

Mar 16, 2011 – SAJJAD PURVEZ - 5:00 PM Mumbai – Stocks in Mumbai closed higher following gains in Asian markets and a rebound in sentiment ahead of the rate decision tomorrow. The ten largest companies by market cap paid 25% more advance tax for the current quarter.

The Sensex in Mumbai rebounded tracking the gains in Asia after the Nikkei index in Japan soared 6%.

The Sensex closed up 191.05 or 1.1% to 18,358.69 and Nifty index added 62 to 5,511.

Of the stocks traded on the BSE, 1,821 increased and 1,106 declined and 95 were unchanged. Among the 30 stocks in the Sensex index, 24 increased and 6 closed lower.

Investors were also in the buying mood after the ten largest companies by market cap reportedly paid 25% higher advance tax for the current quarter.

Banks and real estate companies closed higher ahead of interest rate review by the Reserve Bank of India tomorrow. Investors have factored in an increase of 25 basis points but credit demand remains strong.

Stock Movers

Reliance Industries added 0.8% to 1,044.50 on the news that the energy and petrochemical conglomerate paid 34% higher tax of Rs 1,054 crore.

Reliance Capital gained 1.3% extending two-day surge to 11% after it agreed to sell 26% stake in its life insurance subsidiary to Nippon Life.

Reliance Communications soared 1.7% after analysts estimated that the new loan with Chinese consortium of banks will save company as much as Rs 500 crore in interest cost.

TCS gained 3% after the software outsourcing company announced a contract of several million dollars from Holland based Royal Haskoning.

State Bank of India increased 3.5% after its advanced tax payment for the fiscal fourth quarter declined almost 20% to Rs 1,500 crore from Rs 1,900 crore.

HDFC increased 0.2% after the mortgage lender paid in advance fiscal fourth quarter tax payment of Rs 340 crore, an increase of 42% from a year ago quarter.

Auto stocks gained. Tata Motors increased 1.9% after its advanced fiscal fourth quarter tax payment declined to Rs 50 crore from Rs 115 crore.

Bajaj Auto increased 0.6% after its fourth quarter advance tax payment increased 43% to Rs 250 crore.

Hindustan Unilever decreased 1.3% after its advance tax payment for the current quarter declined to Rs 150 crore from Rs 170 crore.

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