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Indian stock market daily closing report (September 21, 2012)

Contributed by Nirmal Bang

Indian markets reported a smart rally today on account of continuation of policy reforms by the government. The government has approved the Rajiv Gandhi Saving Scheme (RGESS) today. This will give tax benefits to new investors who invest up to Rs 50,000 and whose annual income is below Rs 10 lakh. The government also cut withholding tax on overseas borrowings to 5 percent from 20 percent. An additional USD inflow is expected to come in India due to this.

All the sectoral indices ended in green except technology as the strength in Indian rupee weighed on the IT stocks.

The breadth of the market was positive in today’s trade.