Moneycontrol
Jan 11, 2017 01:50 PM IST IST | Source: Moneycontrol.com

Sensex, Nifty continue to rise; Infosys, TCS, Reliance drag

Coal India, Tata Steel, SBI, Lupin and ICICI Bank are top gainers while Bajaj Auto, Infosys, Cipla, TCS and Reliance are losers in the Sensex.


Moneycontrol Bureau

1:45 pm European markets:
Markets in Europe opened slightly higher as investors wait for the first address of President-elect Donald Trump.

The pan-European Stoxx 600 was 0.09 percent higher with most sectors trading positive.


Investors will look for any concrete policy moves ahead from Trump who is expected to outline the future of his own businesses at the press conference on Wednesday. Meanwhile, the German carmaker Volkswagen has reached a $4.3 billion draft settlement deal with U.S. authorities over the emission scandal.


1:30 pm FM on GST: Finance Minister Arun Jaitley today reiterated that the Centre is still aiming to roll out the Goods and Services Tax (GST) regime from April 1 if all pending issues are sorted out.

GST, which is to subsume most of central and state taxes like excise, service tax and VAT, needs to roll out by latest September 16, 2017, he said.

This because, under the Constitutional Amendment passed by Parliament for the GST implementation, some of the existing levies would expire after September 16.

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The Sensex is up 199.70 points or 0.7 percent at 27099.26, and the Nifty up 76.15 points or 0.9 percent at 8364.75. About 1650 shares have advanced, 903 shares declined, and 367 shares are unchanged.


Coal India, Tata Steel, SBI, Lupin and ICICI Bank are top gainers while Bajaj Auto, Infosys, Cipla, TCS and Reliance are losers in the Sensex.


India's fuel demand growth is expected to slow by as much as 40 percent in 2017 from last year as a government-induced cash shortage hurts businesses, industry and car sales. The dent in demand growth in the world's third-largest oil consumer is expected to be temporary, though, with India still taking up the third-biggest portion - behind China and United States - of 2017's rise in fuel use on a barrel-per-day basis, according to energy consultancy Wood Mackenzie.

India's fuel demand in 2016 grew at its fastest in at least 16 years as low oil prices boosted demand for gasoline and aviation fuels, but analysts say the nation's currency troubles will put the brakes on this year.

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