Sensex, Nifty Snap Four-Day Rally Dragged By Banks
Closing Bell: Sensex Ends 106 Points Lower, Nifty Settles Below 10,850
Indian equity benchmarks snapped their four-day winning streak mirroring losses in global markets led by declines in private sector lenders.
The S&P BSE Sensex fell 0.29 percent or 106 points to 36,106 and NSE Nifty 50 Index declined 0.31 percent or 34 points to 10,822.
Seven of 11 sector gauges compiled by National Stock Exchange ended lower led by the Nifty Private Bank Index's 0.9 percent decline. On the flipside, Nifty Pharma Index was top gainer, up 0.3 percent.
Mid- and small-cap shares outperformed larger peers as the Nifty Midcap 100 and Nifty Smallcap 100 Indexes rose 0.4 percent.
Threshold Hiked For GST Composition Scheme: Arun Jaitley
Finance Minister Arun Jaitley was briefing media after GST Council meet.
Key highlights from media briefing:
- Exemption limit for tax payers under Composition Scheme raised to Rs 1.50 crore beginning April 2019.
- Composition Scheme received better response from taxpayers in the second year.
- Composition rate for services set at 6 percent.
- Exemption limit for GST doubled to Rs 40 lakh.
- There will be two types of exemption limits Of GST one of Rs 40 lakhs and Rs 20 lakhs.
- States which opt for Rs 20 lakh as exemption limit will have the choice to change their exemption limit to Rs 40 lakh.
- Rs 40 lakh will be exemption limit for all states and Rs 20 lakhs for north east and hill states with a caveat that they can opt for higher threshold.
- Council allows Kerala to impose 1 percent cess for two years on intra state sales.
- Seven member group of ministers has been constituted for GST on real estate issues
SBI Is Said To Select Arrangers For Institutional Share Sale
State Bank of India has chosen underwriters including Bank of America, CLSA and HSBC to arrange an institutional share placement, people with knowledge of the matter said.
- The Indian lender also selected Kotak Mahindra and SBI Capital Markets to work on the deal, according to the people, who asked not to be identified because the information is private.
- A representative for SBI didn’t immediately respond to a request for comment.
- SBI approved raising up to Rs 20,000 crore via equity in FY19.
VA Tech Wabag Surges Most In Over Three Years On Heavy Volumes
Shares of the Chennai-based sewage treatment plant maker rose as much as 16 percent, the most since November 2015, to Rs 324 on heavy volumes.
Trading volume was more than five times its 20-day average, according to data compiled by Bloomberg.
As many as 4.30 lakh shares changed hands on the BSE compared with an average of 41,000 shares traded daily in the past two weeks, according to information on BSE's website.
Stock Rally Takes Break As Bonds Rise, Oil Drops
The new-year rally in global equities stalled on Thursday as investors paused to draw breath following the recent rebound and as they awaited concrete details on U.S.- China trade negotiations. Treasuries led a broad advance in bonds as oil fell.