The BSE benchmark index, Sensex, reversed the day's steep losses to end higher by 82 points on brisk last-hour buying after investors cheered Finance Minister Pranab Mukherjee deferring controversial GAAR.

After General Anti-Avoidance Rules (GAAR) and changes in the I-T Act that had spooked investor community bringing down key indices to three-month low levels last week, markets have set all eyes on Parliament.

Global stocks took a severe knock after France and Greece poll results cast a shadow on eurozone's ability to overcome crisis.

The benchmark Sensex, which at one point of time was down close to 320 points, dramatically reversed the fortunes to settle the day at 16912.71 on Monday, a rise of 81.63 points from its last close.

Rupee bounces back

Recouping sharp early losses, the rupee gained 56 paise at 52.91/92 against the dollar on Monday to snap four-day losing string as hopes of strong fund flows got a boost following Finance Minister Pranab Mukherjee's deferring the controversial GAAR by one year.

At the inter-bank foreign exchange market, the rupee opened weak at 53.63/64 and logged an intra-day low of 53.76 on early sharp fall in domestic equities due to negative global advices.

The rupee bounced back to a high of 52.85 before concluding at 52.91/92, a rise of 1.05 per cent.

Keywords: SensexBSENiftyNSEGAARtax havens

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