ITC leads rally as DSE Index gains 14 points

PTI

Huge short-covering by speculators and large-scale purchases by domestic financial institutions on Friday pushed up the stock prices closing with widespread gains at the Delhi Stock Exchange. Stock brokers said judgement by Central Excise and Gold Appelate Tribunal (Cegat) ordering recalculation of ITC's excise liability on a new formula in the Rs 803.78 crore excise evasion case and waiving off peanlities mainly triggered fresh buying spree. In the wake of end of settlement players were seen covering-up their short positions giving further push to rising stock prices, they said.

The DSE sensitive index rallied by 14.58 points or more than two per cent at 671.46 points. Shares of infotech sector showed volatile movements through out the session on alternate hectic buying and selling.

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