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Markets end higher on GST relief, but post weekly loss

Press Trust of India  |  Mumbai 

Benchmarks and overcame a spell of fag-end volatility to close with moderate gains today as investor sentiment got a lift after the Council reduced rates on a wide range of mass use items.

The 30-share Sensex, after a hesitant start at 33,235.75, rebounded to the day's high of 33,380.42 in the late afternoon trade, but lost some ground to end at 33,314.56., up 63.63 points, or 0.19 per cent, from its previous close.

The broader Nifty, after moving between 10,254.10 and 10,344.95, finally concluded 12.80 points, or 0.12 per cent, higher at 10,321.75.

For the week, the fell by 371 points, or 1.10 per cent while the lost 130.75 points, or 1.25 per cent.

The Council today provided relief to several sectors by slashing rates on a host of consumer items -- from chewing gums to detergents -- to 18 per cent from current 28 per cent.

The all-powerful council pruned the list of items attracting the top 28 per cent rate to just 50 from 227 previously.

In effect, the council, in its 23rd meet today, cut rates on 177 goods.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 10 2017. 15:57 IST