Sensex holds up ahead of GST Council decision
Stocks got back to consolidation mode
in a see-saw session today 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,
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
During the day, the benchmark swung almost 350 points
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
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
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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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