Stocks got back to consolidation mode

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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,

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.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)