Sensex rebounds 209 pts as GST Council freezes tax rates

Share

Indian share benchmark Sensex hit an all-time high while Nifty regained 9,500-level in intra-day trade on Friday after the Centre and states agreed to keep goods and services tax (GST) rates lower for most goods including daily consumer items, metals and manufacturing goods. The company ended a long-standing pension standoff in the United Kingdom.

Other than locking in profit by investors, political as well as economic uncertainties stemming from US President Donald Trump's recent executive decisions had their bearing on the market direction. "With currencies remaining volatile and with the monthly derivatives expiry approaching, investors chose to lock in gains on the last working day of the week".

With the initial rally proving to be short-lived, the Sensex pared most of its gains to end the session up 30.13 points or 0.10 percent at 30,464.92. SBI's standalone net profit, not including contributions from subsidiaries, jumped to Rs. 2,815 crore for the three months to March 31 from Rs. 1,264 crore a year earlier. Japan's Nikkei 225 is trading in red, down by 1.65 per cent, Hang Seng down by 0.30 per cent while South Korea's Kospi was also down by 0.56 per cent.

Cummins India - The company's gross sales of the for Q4FY17 stood at Rs 1,239 crore, which grew by 11% as compared to Rs 1,114 crore recorded in the same period previous year.

More news: US launches probe of Boeing dumping, subsidy claims vs Bombardier

GST Council decided that commonly used products like hair oil, soaps and toothpaste will be charged with a single national sales tax or GST of 18 per cent.

Major losers in the 30-share index were Asian Paints (2.35%), Tata Consultancy Services (1.68%), Maruti Suzuki India (1.46%), Housing Development Finance Corporation (1.40%), Dr Reddy'S Laboratories (1.25%), and G A I L (India) (1.23%).

Jet Airways and SpiceJet climbed 1-2 percent.

Dabur India rose 1.1% to 275.50 rupees and Godrej Consumer Products gained 1.5% at 1,808.70 rupees on Friday. Reliance Industries, India's biggest private company by revenue, fell 2.4%, while state-run Oil & Natural Gas Corp. declined 2.6%, hurt by the recent decline in global crude oil prices. The US Dow Jones Industrial Average ended 0.3% higher on Thursday.

Share