MUMBAI: The passage of the goods and services tax Bill in the Rajya Sabha failed to lift the market sentiment on Thursday as most of the positives were already factored in the current prices and stock market dealers pointed out that the market participants are now concerned about the final tax rate and challenges in the implementation of the bill.
After opening the day on a positive note, the Sensex and Nifty soon slipped into the negative territory and closed the session on a flat note. While the Sensex closed the day at 27,714.37, up 16.86 points, the Nifty ended the day at 8,551.10, up 6.25 points. “The market have largely factored the re-rating of stock valuations in anticipation of the passage of the GST Bill. The ambiguity on the tax rate and the process required for the actual implementation of the bill triggered profit booking at higher levels,” said Vinod Nair, Geojit BNP Paribas.
