ITC pushes Nifty and Sensex to green zone in closing hours
FMCG heavyweight, ITC Limited has single-handedly moved Nifty and Sensex to the positive territory in the closing hours of trade on Friday. Upward movement of ITC has continued in the closing hour. The stock has touched its all-time high of Rs 323.8 per share, higher by 3.98%. The stock’s traded volume stood at 1,78,69,817 shares and traded value of Rs 568.17 crore as of 1446 hours on Friday.
FMCG sector will get the biggest boost after the GST implementation in the country. The current tax rate for the FMCG industry including all taxes is around 22-24%. However, after GST implementation the sector would attract 18% tax rate for most of the products.
Nifty was trading at 9,513 level up by 10 points and Sensex was trading higher by 45 points at 30,902 level as of 1443 hours on Friday. TCS, Sun Pharma and Kotak Bank are also contributing to their gains.
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Via:: Stock – India Infoline