The benchmark indices started on a depressed note and lost over half a percentage point during the first hour of trade. The fall was triggered by reports that the General Anti- Avoidance Rules (GAAR), proposed in the Union Budget 2012-13 could affect the FII investments reducing their exposure to the equity markets in India. GAAR gives power to the country's income tax department to deny tax benefits if it believes an investment route has been chosen solely for the purpose of avoiding capital gains tax. FIIs are concerned that the rule may also apply to participatory notes. Sensex closed at 17053 with a loss of 309 points while Nifty closed at 5184 with a loss of 94 points. The secondary indices too lost steam and slipped deeper into red to register day’s lows. (Pic. Source- bseindia.com)
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