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

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SI Reporter  |  New Delhi 

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, ...

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

Vinod Nair, Head of Research, Geojit Financial Services    The outcome from GST council will decide the trajectory of some sectors like Consumer durables, Auto ancillaries, Infra and building products. Whereas, weaknesses in global market and rising oil prices may push investors to turn conservative on the board market.

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

Sectoral trend  Source: NSE

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

Sensex heatmap at close Source: BSE  

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

Markets at close   The S&P BSE Sensex ended at 33,314, up 63 points, while the broader Nifty50 was ruling at 10,321, up 12 points.

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

Top five gainers on Nifty Source: NSE

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

Markets check    At 3:05 pm, the S&P Sensex was trading at 33,231, down 19 points, while the broader Nifty50 was ruling at 10,294, down 14 points. 

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

177 items to become cheaper as GST Council decides to trim 28% slab    In the first half of the meeting taking place in Guwahati, the Council decided to trim the 28 per cent 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. READ FULL REPORT

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

Mahindra & Mahindra Q2 profit beats estimates   Mahindra & Mahindra reported a 25 per cent jump in quarterly profit, beating street estimates. Net profit for the quarter ended September 30 rose to Rs 1,332 crore ($204.73 million) from Rs 1,067 crore in the year-ago quarter. READ FULL REPORT

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

Buzzing stock   M&M Board approves 1:1 bonus issue. The stock trades over 2% higher at Rs 1394. 

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

SBI gains 7% post Q2 State Bank of India (SBI) has moved higher by 7% to Rs 338, bouncing back 8.5% from intra-day low on the BSE, after the bank’s assets quality in September quarter (Q2FY18) improves on sequential basis. The stock hit a low of Rs 310 in intra-day trade. READ MORE

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

GST Council Meet update Only 50 items remain in the 28% slab: Chewing Gum, Chocolates, Detergent, granite, marble now in 18% slab

First Published: Fri, November 10 2017. 15:38 IST
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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

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, ...

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