Indian equity benchmarks traded on a firm note for most part of the day but ended the session mixed. The last hour of trade dragged the markets lower erasing almost all of their early gains.
The equity benchmarks traded in fine fettle in early deals, as traders took some support with report that India’s factory output expanded by a modest 1.2% in July, 2017, after contracting 0.17% in June, possibly on the back of some restocking by companies following the July 1 goods and services tax (GST) rollout and a marginal uptick in the core sector.
Investors took note of the joint report by ASSOCHAM-EY, which highlighted that if India has to maintain a sustained gross domestic product (GDP) growth of 9-10 per cent per annum, it is crucial that the manufacturing sector grows steadily at 14-15 per cent per annum over the next three decades.
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The report added that while the Goods and Services Tax (GST) has to a large extent addressed prevailing regulatory issues, states across India must individually look into bureaucratic obstacles along with other obstructive regulations and policies on priority, based on their own manufacturing goals.
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