Investors brace for GST: Markets stable after early loss; Sensex, Nifty in red
The landmark tax reform Goods and Services Tax (GST) is set for a midnight launch on June 30.business Updated: Jun 30, 2017 14:34 IST
Markets managed to apply brakes on their early losses on Friday, but the Sensex and the Nifty still moved in the red as investors braced for the final countdown to the GST launch.
The landmark tax reform Goods and Services Tax (GST) is set for a midnight launch on June 30.
Telecom, capital goods, realty and auto stocks wobbled amid sluggishness in global shares.
The 30-share Sensex resumed lower before trading at 30,813.05 at 1125 hours, down 44.47 points, or 0.14%.
The NSE 50-share Nifty also fell by 18 points, or 0.19%, at 9,486.10 at 1125 hours.
L&T went down 2.29%, Bharti Airtel 2.22%, ICICI Bank 1.26% and Tata Motors 1.23%.
The BSE mid-cap and small-cap indices declined by 0.04% and 0.08%, respectively.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,140.77 crore on Friday, as per provisional data.
Domestic institutional investors (DIIs) bought shares worth a net Rs 600.23 crore on Thursday.
Asian stocks declined despite marginal improvement in China’s manufacturing activity as select technology shares around the region got sold off.
US equities fell on Thursday.