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Nifty ends above 10,300; SBI up 6% post Q2; GST council cuts rates

All that happened in today's trade

markets, stocks, sensex, nifty, bse, nse

The benchmark indices ended positive on Friday after index heavyweight SBI rallied 6% post its September quarter numbers. Gains were, however, capped as refiners such as Reliance Industries tumbled after oil prices gained overnight and Tata Motors slipped after the auto major said its British unit faced intensifying competition. 

Investors also took cues from the Goods & Services Tax (GST) Council meeting. The Council decided to trim the 28% slab to just 50 items, as against 227 items currently. High-end items, including automobiles, washing machine, refrigerator, sin goods like paan masala and cigar are among these 50 items. This is the biggest reduction seen since the GST implementation on July 1. 

Meanwhile, the Index of Industrial Production (IIP) will also be released on Friday; it remains a crucial component in measuring GDP — the Q2 numbers for which will be released by this month end.