Sensex rebounds 209 points as GST Council freezes tax rates

Sensex rebounds 209 points as GST Council freezes tax rates

The key indices, which opened on a higher note following a rebound in global cues and the Goods and Services Tax (GST) Council's fitment of 1,211 goods in the tax slabs, were pulled lower during afternoon trade. Both the indices recorded their second straight weekly gains by rising 276.77 points, or 0.91 per cent, and 27 points, or 0.28 per cent, respectively.

Among other gainers, Bank of Baroda Ltd rose as much as 4.5 percent after the public sector lender reported a net profit of 1.55 billion rupees ($23.92 million) for the March quarter, compared with a net loss in the year-ago period. Domestic institutional investors (DIIs) bought shares worth a net Rs. 897.96 crore.

On Thursday, Asian indices were showing a negative trend. Gross non-performing assets as a percentage of total advances are likely to come in at 7.1 per cent compared with 7.2 per cent in the previous quarter. On BSE, the ITC counter has clocked a volume of almost 1.96 million shares so far in the session, more than 3 times the average daily volume the counter had witnessed in the past two weeks.

However, Asian Paints fell 2.43 per cent, Gail India 1.48 per cent, M&M 1.35 per cent, HDFC 1.16 per cent, TCS 1.08 per cent, Power Grid 1.06 per cent, Hero Motoco 0.96 per cent and Dr Reddy's 0.83 per cent.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) fell below its important psychological level of 9,500 points to provisionally close at 9,420.90 points - down 104.85 points or 1.10 per cent. The government on Thursday finalised Goods and Services Tax rates for substantial items clearing a major hurdle towards July 1 rollout of much awaited nationwide Goods and Services Tax.

The Dow Jones Industrial Average rose 56.09 points, or 0.27 percent, to end at 20,663.02, the S&P 500 gained 8.69 points, or 0.37 percent, to finish at 2,365.72 and the Nasdaq Composite added 43.89 points, or 0.73 percent, to close at 6,055.13.

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