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June 23, Saturday 2018 3:56 AM       

       HEADLINES: 12-yr-old boy dies after Rambutan chokes his throat                                              Carnatic musician Alleppey Sreekumar is no more                                              Shobhana George Khadi Board vice-president                                              Death of foreign woman at Kovalam: Husband seeks CBI inquiry                                              Ganesh can be in soup if house woman sticks to statement                                              Congress' Saifuddin Soz backs Musharraf's remark on Kashmiris                                              GST brought positive changes in Indian economy: PM Modi                                              2 terrorists killed in Anantnag encounter                                              Lanka thanks PM Modi for grants to run free ambulance service                                              Pak steps up security prior to assembly elections                                              Activists: Syrian government steps up offensive in southwest                                              Trump tells GOP to 'stop wasting their time' on immigration                                              Kidambi Srikanth named Sports Illustrated Sportsperson of the Year                                              Ronaldo aging like 'port wine' at fourth World Cup                                              Pressure on Messi against Croatia after Ronaldo scores again                                              FIFA WC: Mbappe's goal takes France into knockout stages                                              Wary of hacks, World Cup teams get serious on cybersecurity                                              Kaumudi Facebook
       BUSINESS Next Article: Note ban, GST have broken textile hub Surat's legs: Rahul  
       Sensex holds up ahead of GST Council decision
 
         Posted on :18:15:02 Nov 9, 2017
   
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       Last edited on:18:15:02 Nov 9, 2017
         Tags: Sensex holds up ahead of GST Council decision
 

MUMBAI: Stocks got back to consolidation mode in a see-saw session Thursday as the Sensex closed high after two sessions of fall, ahead of the outcome of the GST Council meet amid a good set of earnings from Tata Motors.

Expectations that the GST (Goods and Services Tax) Council may offer relief to some sectors through reduction in tax rates at its meeting on Friday supported the rebound, traders said.

The 30-share Sensex, which had lost 512.38 points in the previous two sessions, edged up 32.12 points, or 0.10 per cent, to close at 33,250.93 after trading between 33,463.80 and 33,111.54.

During the day, the benchmark swung almost 350 points (both sides).

The 50-share NSE Nifty ended flat, up 5.80 points, or 0.06 per cent, at 10,308.95. Intra-day, it touched a high of 10,368.45 and a low of 10,266.95.

"Renewed buying in consumer durables restricted further fall in the market on expectations of reducing taxes for products coming under 28 per cent GST tax bracket. Albeit, investors are watchful ahead of key domestic macros CPI inflation and IIP data and global oil price fluctuation to get the direction," said Vinod Nair, Head of Research, Geojit Financial Services.

Bharti Airtel was the topper surging 2.39 per cent to Rs. 507, followed by Asian Paints (2.08 per cent) at Rs. 1,195.25.

Tata Motors ended up 0.36 per cent at Rs. 440.30 after the company today reported a three-fold jump in consolidated profit for the quarter to September.

Asian markets were indecisive and European shares turned lower.

Domestic institutional investors (DIIs) purchased shares worth a net Rs. 3,038.16 crore while foreign portfolio investors (FPIs) sold equities worth a net Rs. 3,838.27 crore yesterday, provisional data from stock exchanges showed.

ICICI Bank, Tata Steel, Reliance Industries, Hindustan Unilever, SBI, NTPC, Dr Reddy's, Adani Ports, Bajaj Auto, Wipro, Infosys and TCS posted moderate to modest gains.

However, ITC, Coal India, ONGC, Lupin, HDFC, Cipla, Axis Bank, Hero MotoCorp and Kotak Bank remained under pressure, down up to 2 per cent.

While consumer durables advanced the most by 3.23 per cent, followed by power, banking, metal and capital goods, healthcare, auto and FMCG ended in the red.

Broader markets put up somewhat a better show, with BSE mid-cap and small-cap indices jumping up to 0.98 per cent.

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       BUSINESS
Next Article: Note ban, GST have broken textile hub Surat's legs: Rahul
 
 
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