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Index on fire- Banking and Financial shares  up.

On Monday, the GOI said it will extend a surcharge on taxes on luxury goods, including cars and tobacco products, beyond 2022, under plans to help states repay loans raised to meet revenue shortfalls in the current fiscal year.

The next meeting of the GST Council is slated for October 12.

Earlier, the Supreme Court said the Centre’s affidavit on waiving “interest on interest” on loans up to Rs 2 crore was not satisfactory and asked for a do-over in a week. The affidavit “fails to deal with several issues raised by petitioners”, the top court said, listing the matter for next hearing on October 13.

Meanwhile, analysts awaited corporate earnings and details on the RBI’s upcoming bi-monthly review for cues.

The government named three nominees on the Reserve Bank of India’s key Monetary Policy Committee late on Monday, paving the way for the central bank to hold its bi-monthly committee meeting, which has been delayed once. The RBI said last week the dates of the rescheduled MPC meeting would be announced shortly which would perhaps announce far-fetching incentives to stimulate the sagging economy as a whole.

Tata Consultancy Services (TCS) was due to report its financial results for the July-September period on Wednesday.

Domestic stock markets registered sharp gains on Tuesday after the government named nominees to the central bank’s Monetary Policy Committee.

The S&P BSE Sensex index rose as much as 400.87 points – or 1.03 per cent – to 39,374.57 during the session, and the broader NSE Nifty 50 benchmark climbed to as high as 11,615.30, up 111.95 points – or 0.97 per cent – from its previous close, amid strong buying interest in banking and financial services shares. Both indices were on course to close higher for a third straight day, tracking Asian equities which climbed to a two-week peak.

At 10:01 am, the Sensex traded 332.17 points – or 0.85 per cent – higher at 39,305.87, while the Nifty was up 91.45 points – or 0.79 per cent – at 11,594.80.

Tata Motors, HDFC, Mahindra & Mahindra, Asian Paints and Adani Ports, trading between 2.14 per cent and 7.24 per cent higher, were the top gainers in the Nifty basket of 50 shares. On the other hand, Wipro, TCS and Grasim, down 0.95-1.84 per cent each, were the worst hit among 14 laggards in the index.

HDFC, HDFC Bank and ICICI Bank were the biggest boosts to Sensex.

By and large the news is on positive range and hence there would not be any big movement on bourses barring the news if any,from overseas like USA.

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