India shares post second week of gains on earnings, new tax rates

Wendy Jensen
May 20, 2017

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.

Key Indian equity market indices opened in the green on Friday following Goods and Services Tax (GST) Council's fitment of 1,211 goods in the tax slabs.

The 50-share NSE Nifty, too, maintained its bull run and touched a new peak of 9517.20.

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Minutes into trading, it was quoting at 30, 529.70 points, down by 129.07 points, or 0.42 per cent.

BSE Bankex closed down by 1.25 per cent, BSE Capital Goods index closed down by 2.09 per cent, BSE Metal index closed down by 2.76 per cent, BSE Oil & Gas closed down by 1.52 per cent, BSE Power index closed down by 2.14 per cent while the BSE Realty index closed down by 3.12 per cent. Domestic institutional investors (DIIs) bought shares worth a net Rs. 897.96 crore. The market breadth continued to remain negative as 1,789 stocks closed lower, 957 finished higher while 165 ruled steady. The Nifty50 of the National Stock Exchange is down 30.75 points or 0.33% at 9398.70, well off the day's high of 9505.75. 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.

Overseas, Asian stocks were mixed as investors were cautious due to uncertainties surrounding US President Donald Trump after reports that he tried to influence a federal investigation.

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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.

Shares of India's biggest bank State Bank of India will be in focus today as it will report its March quarter and full year earnings later in the day.

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