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February 20, Tuesday 2018 9:04 AM       

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       Sensex extends gains, up 103 pts despite weak IIP data
 
         Posted on :14:38:00 Nov 13, 2017
   
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       Last edited on:14:38:00 Nov 13, 2017
         Tags: Sensex extends gains, up 103 pts despite weak
 

MUMBAI: The benchmark BSE Sensex extended gains for the third straight day by jumping 103 points Monday on continuous buying by investors despite disappointing macroeconomic data.

The GST Council on Friday provided some relief to several sectors by slashing tax rates on a host of consumer items -- from chewing gums to detergents -- to 18 per cent from the current 28 per cent.

It also trimmed the list of items in the top 28 per cent tax rate category to just 50.

A better trend at other Asian markets brightened mood.

The 30-share barometer, which had gained 95.75 points in the previous two straight sessions, was trading higher by 102.74 points, or 0.30 per cent, at 33,417.30. IT, technology, consumer durables, bank and auto stocks led the gains, rising by up to 0.75 per cent.

On similar lines, the NSE Nifty was up by 11.25 points, or 0.10 per cent, at 10,333 points.

Traders said sentiment remained upbeat despite industrial production grew at a slower pace of 3.8 per cent in September, mainly due to subdued performance of the manufacturing sector coupled with contraction in output of consumer durables.

Factory output measured in terms of the Index of Industrial Production (IIP) rose 5 per cent in September 2016 and 4.5 per cent in August this year, data released by the Central Statistics Office (CSO) showed on Friday.

Major gainers that supported the upmove were M&M, Axis Bank, Hindustan Unilever, TCS, SBI and NTPC, rising by up to 2.10 per cent.

A firm trend at other Asian markets ahead of the release of Chinese economic data later in the week buoyed sentiment.

Globally, Hong Kong's Hang Seng was up 0.23 per cent, Shanghai's Composite rose 0.34 per cent and Japan's Nikkei fell 0.68 per cent.

The US Dow Jones Industrial Average ended 0.17 per cent lower on Friday.

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       BUSINESS
Next Article: GTS: Thomas Isaac feels more problems are yet to come
 
 
BUSINESS HEADLINES
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Retailers accused of levying GST over MRP  
Citizens urge reduction of GST on sanitary napkins  
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SBI launches Global NRI Center to enhance customer experience  
Nifty drops 93 points, ends below 10,500  
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US dollar ends higher against rupee  
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TCS launches Enterprise Data Lake on Amazon Web  
Budget 2018: Arun Jaitley's education reforms pave way for quality education  
Sensex rises over 200 points, Nifty near 10600  
Sensex extends rally, rises 173 pts on positive macro data  
PM woos investors at Oman-India business meeting  
No change in foodgrain prices  
Punjab National Bank detects $1.77 billion worth of fraudulent transactions, CBI probe ordered  
Chorus of dissent against budget grows: Chidambaram  
TCS among top three employers in N America 2018  
RBI rolls out new stressed assets framework to tackle bad loan problem  
Sensex recovers 260 points, Nifty above 10,500-mark  
 
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