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       Sensex extends gains, up 103 pts despite weak IIP data
 
         Posted on :14:38:00 Nov 13, 2017
   
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       Last edited on:14:38:00 Nov 13, 2017
         Tags: Sensex extends gains, up 103 pts despite weak
 

MUMBAI: The benchmark BSE Sensex extended gains for the third straight day by jumping 103 points Monday on continuous buying by investors despite disappointing macroeconomic data.

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

It also trimmed the list of items in the top 28 per cent tax rate category to just 50.

A better trend at other Asian markets brightened mood.

The 30-share barometer, which had gained 95.75 points in the previous two straight sessions, was trading higher by 102.74 points, or 0.30 per cent, at 33,417.30. IT, technology, consumer durables, bank and auto stocks led the gains, rising by up to 0.75 per cent.

On similar lines, the NSE Nifty was up by 11.25 points, or 0.10 per cent, at 10,333 points.

Traders said sentiment remained upbeat despite industrial production grew at a slower pace of 3.8 per cent in September, mainly due to subdued performance of the manufacturing sector coupled with contraction in output of consumer durables.

Factory output measured in terms of the Index of Industrial Production (IIP) rose 5 per cent in September 2016 and 4.5 per cent in August this year, data released by the Central Statistics Office (CSO) showed on Friday.

Major gainers that supported the upmove were M&M, Axis Bank, Hindustan Unilever, TCS, SBI and NTPC, rising by up to 2.10 per cent.

A firm trend at other Asian markets ahead of the release of Chinese economic data later in the week buoyed sentiment.

Globally, Hong Kong's Hang Seng was up 0.23 per cent, Shanghai's Composite rose 0.34 per cent and Japan's Nikkei fell 0.68 per cent.

The US Dow Jones Industrial Average ended 0.17 per cent lower on Friday.

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       BUSINESS
Next Article: GTS: Thomas Isaac feels more problems are yet to come
 
 
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Govt mulls tax-free gratuity of up to Rs. 20 lakh: Report  
Inflation will dip in January, claims SBI  
Commerce Secretary urges policy framework to address export financing woes  
ED arrests former Andhra Bank director  
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IT Dept reports significant hike in prosecutions against tax evaders  
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Sensex regains 51 pts in early trade ahead of earnings  
Foreign airlines can own up to 49% stake in Air India  
Financial bids for all 12 large NPA accounts by month-end: SBI  
Grundfos unveils mobile application for customer service  
Indian ports set to double their profit: Gadkari  
Nearly 1,000 flights to be hit by airspace closure for R Day  
US dollar ends cheaper against rupee  
US freezes over $1 bn military aid to Pak over terror inaction  
Nifty rises 54 pts on positive global cues  
Air India ties up with three banks for loans for three B777 planes  
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Rupee skids from 2-1/2 year high, down 5 paise  
 
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