Nifty breaches 8450, GST push fails to calm nerves; metals bleed
The Sensex is down 81.65 points or 0.3 percent at 27348.63 and the Nifty is down 36.20 points or 0.4 percent at 8448.75. About 509 shares have advanced, 1919 shares declined, and 83 shares are unchanged. Metals and pharma stocks are bleeding.
ITC, HUL, ONGC, NTPC and Axis Bank are top gainers while Sun Pharma, Dr Reddy's Labs, Lupin, Coal India and SBI are losers in the Sensex.
Equity benchmarks continued to fall amid consolidation and mixed Asian cues. FMCG stocks rallied after GST panel fixed rates yesterday while pharma stocks were under pressure on reports of US probe in drug pricing.
Asia markets traded mixed, with Japanese shares leading losses and the Australian benchmark index slipping to a four-month low, as investors flocked to safe-haven assets amid worries about the US election.
The GST council has finalised a four-tier GST tax structure of 5, 12, 18 and 28 percent. Essential items are to be taxed at 5 percent while white goods like TV and refrigerators may see some tax relief. The GST panel has also approved cess on tobacco, luxury products and sin items. This cess will not be additional and won’t add to states or consumers burden. Taxation on gold will be decided upon the revenue flexibility.
Investors have been unnerved in recent days by signs that the US presidential race between Democrat Hillary Clinton and Republican Donald Trump was tightening just days before Tuesday's vote.