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Sensex rebounds 209 pts as GST Council freezes tax rates

Press Trust of India  |  Mumbai 

Markets made a somersault of sorts today as the benchmark rebounded 209 points to 30,643 on the Council's finalisation of rates for bulk of the items except six categories.

A firming trend at other Asian markets tracking rebound on the on positive data supported the indices to recoup most of yesterday's lost ground.

The recovered 208.82 points, or 0.69 per cent, to 30,643.61. The gauge had declined by 223.98 points yesterday.

Similarly, the broader 50-issue rose by 57.45 points, or 0.61 per cent, to quote at 9,486.90.

Foodgrains and common-use products like hair oil, soaps and toothpaste will cost less from July 1 when is due to be rolled out.

Coal rallied 2.62 per cent, followed by and PowerGrid. The goods and services (GST) on coal has been brought down to 5 per cent form the current incidence of 11.69 per cent, making electricity generation cheaper.

The largest lender rose 1.98 per cent to Rs 308.95 ahead of its earnings to be announced later in the day.

Other gainers that supported the recovery were ITC Ltd, Hindustan Unilever, ICICI Bank, Tata Motors, Axis Bank, Tata Steel, Hero MotoCorp, Lupin, ONGC, Bajaj Auto, Adani Ports and Reliance Industries, rising by up to 4.44 per cent.

In the Asian region, Hong Kong's Hang Seng rose 0.30 per cent, Shanghai Composite rose 0.12 per cent and Japan's Nikkei gained 0.19 per cent in early deals today.

The US Dow Jones Industrial Average ended 0.27 per cent higher yesterday.

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

First Published: Fri, May 19 2017. 10:32 IST