Smart recovery catapults India's Sensex 500 points

New Delhi, May 8 : A key Indian equity market index ended over 500 points up in a smart recovery after three successive days of fall on the back of assurances from the government that it will seek advice from an expert panel on a disputed tax matter.

Maintaining a steady rise since the opening bell, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed Friday at 27,105.39 points, up 506.28 points, or 1.90 percent. At the National Stock Exchange, the Nifty closed at 8,191.50 points, up 134.20 points or 1.67 percent.

The mood was evidently lifted by the government assurances to remedy its taxation policy. 

Finance Minister Arun Jaitley on Thursday said in parliament the ministry has referred the issue of minimum alternate tax dispute with foreign funds to a panel headed by Law Commission chairman A.P. Shah, and has requested early suggestions.