Markets pare losses

Sensex rebounds 1,200 pts from day's lows to end flat

- SUNDAR SETHURAMAN

The benchmark S&P BSE Sensex rebounded 1,200 points, or 1.5 per cent, from the day's lows as the blow from higher taxes on equity transactions was offset by positives such as the Centre sticking to the fiscal consolidation path and measures to boost job creation and skill development.

Following the announcement of higher capital market taxes, the Sensex fell 1,542 points, or 1.91 per cent, from the day's high to hit a low of 79,224. However, the index managed to recoup most of the losses, ending at 80,429, down 73 points, or 0.1 per cent, from its previous day's close. After recovering from the day's low of 24,074, the National Stock Exchange Nifty 50 closed at 24,479, down just 30 points, or 0.12 per cent.

The broader markets also saw sharp recoveries from their day's lows but underperformed the benchmarks. The Nifty Midcap 100 and the Nifty Smallcap 100 ended 0.6 per cent and 0.9 per cent lower, respectively.