Markets Trade Flat Ahead of GST Council Meet; Sensex, Nifty Marginally Up

Sensex rises nearly 100 points Nifty trading flat Bharti Airtel falls over 5

Sensex recovers 53 pts in opening trade on Asian cues

Auto, IT, pharma, metal and oil & gas stocks were experiencing selling pressure. This is its weakest closing level since October 31, when it had ended at 33,213.13.

At 0640 GMT, the S&P BSE Sensex rose 0.1 percent at 33,251 while the broader NSE Nifty gained 0.06 percent to 10,309.

Oil prices climbed 3.5 per cent overnight to quote above Dollars 64 a barrel, the highest since early July 2015, as Saudi Arabia's crown prince cemented his power with an anti-graft crackdown which sparked fears of fresh geopolitical tensions and disruption in crude supplies.

Sector-wise, the BSE metal index suffered the most by falling 1.55 per cent, followed by energy (1.50 per cent), telecom (1.49 per cent), oil & gas (1.30 per cent), PSU (1.21 per cent), realty (0.99 per cent), consumer durables (0.88 per cent), power (0.72 per cent), auto (0.67 per cent), bankex (0.52 per cent) and infrastructure (0.38 per cent).

"The biggest area of concern right now is crude oil (prices)".

On the other hand, Tata Motors (4.01%), Reliance Industries (2.00%), Asian Paints (1.57%), Sun Pharmaceutical Industries (1.42%), Kotak Mahindra Bank (1.27%), and Tata Consultancy Services (1.12%) were the major losers in the Sensex.

GST rates reduced to 18% from 28 % in 178 items
As expected earlier, the all-powerful council agreed to slash GST rates on restaurant bills from 18 per cent to 5 per cent. The Congress had demanded a cap of 18 per cent for all taxes under the Goods and Services Tax regime.

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Christopher Plummer to replace Kevin Spacey in Getty film
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"Other than that, corporate results have been a positive story so far".

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.05 per cent having hit its highest since November 2007 on Tuesday. The home currency was down 0.23% from its Thursday's close of 64.94.

The Dow Jones Industrial Average ended up 0.04 per cent at 23,557.23 after spending most of the day in negative territory.

The Nifty50 closed the day's trade at 10,308.95 points, higher by 5.80 points, or 0.06 per cent, while the BSE Sensex closed at 33,250.93 points - up 32.12 points or 0.10 per cent.

On Wall Street, the S&P 500 lost 0.38 per cent while the Nasdaq Composite dropped 0.58 per cent.

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