Mumbai: Benchmarks Sensex and Nifty overcame a spell of fag-end volatility to close with moderate gains today as investor sentiment got a lift after the GST Council reduced tax rates on a wide range of mass use items.
The 30-share Sensex, after a hesitant start at 33,235.75, rebounded to the day's high of 33,380.42 in the late afternoon trade, but lost some ground to end at 33,314.56., up 63.63 points, or 0.19 percent, from its previous close.
The broader Nifty, after moving between 10,254.10 and 10,344.95, finally concluded 12.80 points, or 0.12 percent, higher at 10,321.75.
For the week, the Sensex fell by 371 points, or 1.10 percent while the NSE Nifty lost 130.75 points, or 1.25 percent.
The GST Council today provided relief to several sectors by slashing tax rates on a host of consumer items -- from chewing gums to detergents -- to 18 percent from current 28 percent.
The all-powerful council pruned the list of items attracting the top 28 percent tax rate to just 50 from 227 previously.
In effect, the council, in its 23rd meet today, cut rates on 177 goods.