Markets get a GST push, but suffer weekly loss

Source: The Hitavada      Date: 11 Nov 2017 09:57:59


Nov 10,


MARKETS managed to beat a spell of fluctuations towards the fag end on Friday and closed with modest gains, giving a guarded response to the GST Council’s decision to reduce tax rate on a host of daily-use items.After some dithering, the 30-share Sensex scaled the day’s high of 33,380.42 after the GST Council slashed tax rates, but closed at 33,314.56, a moderate gain of 63.63 points, or 0.19 per cent.

The gauge had inched up 32.12 points yesterday. The NSE 50-share index Nifty finished higher by 12.80 points, or 0.12 per cent, at 10,321.75.For the week, the Sensex recorded a fall of 371 points, or 1.10 per cent, and the NSE Nifty 130.75 points, or 1.25 per cent. The country’s largest lender, SBI, surged 6.20 per cent to Rs 333.20 -- the maximum jump in the Sensex kitty -- after the company today posted a strong quarterly earnings. L&T followed with a gain of 3.90 per cent after the company's construction won big job orders.