Markets staged a smart recovery in late noon deals on reports that the Government will not target Participatory Notes (PNs) under the new GAAR regulations.
One out of four tests, including abnormality test and main purpose test, have to be satisfied in order to invoke GAAR, reports suggest.
Both the Sensex and the Nifty are trading over 1.3 per cent higher at 17,282 and 5,252 levels, respectively. All sectoral indices are trading in the positive turf with strong gains visible in the BSE Consumer Durables, FMCG and IT indices.
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