Published: Sat, May 20, 2017
Culture | By Kelly Harrison

Sensex rebounds 209 points as GST Council freezes tax rates

Sensex rebounds 209 points as GST Council freezes tax rates

The benchmark Sensex rose to a fresh lifetime high of 30,712 in late morning trade on Friday.

The 30-scrip Sensitive Index (Sensex) was trading 208.82 points or 0.69 per cent higher during the early session.

The NSE index Nifty also slipped from record and slumped by 77 points, or 0.80 per cent, to 9,448.75.

FMCG stocks hogged the limelight after the GST Council fixed rates for most of the items. Sensex up 45 points at 30,480 and Nifty up 6 points at 9,435.

For the week, China's Shanghai Composite index advanced 0.2% while Japan's Nikkei 225 index fell 1.5%.

Back home, foreign institutional investors sold shares worth Rs 361 crore on Thursday while domestic institutional investors bought shares worth Rs 898 crore on Thursday, according to the data available on the National Stock Exchange.

Nasdaq closed in red, down by 2.64 per cent while FTSE 100 was down by 0.25 per cent at the closing on Wednesday.

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State Bank of India, the country's biggest lender by assets, rose 1.7% to 308.15 rupees on Friday and added about 4% for the week, after posting a 123% increase in on-year in net profit for the quarter ended Mar.31.

On Thursday, Asian indices were showing a negative trend.

The overall market breadth was extremely bearish as 1,786 shares ended lower while 962 closed higher on the BSE.

Other gainers that supported the recovery were ITC Ltd, Hindustan Unilever, ICICI Bank, Tata Motors, Axis Bank, Tata Steel, Hero MotoCorp, Lupin, ONGC, Bajaj Auto, Adani Ports and Reliance Industries, rising by up to 4.44 per cent.

Coal India rallied 2.6%, followed by NTPC and PowerGrid as the GST rate on the hydrocarbon was pegged at 5% as compared with the current tax burden 11.69%, which will make electricity cheaper.

The S&P BSE mid-cap index fell 0.72 percent while the small-cap index declined 0.88 percent. The reconstitution in BSE indices will be effective from June 19, Asia Index said.

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