Sensex, Nifty falls nearly 0.5% led by auto stocks
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Mumbai, Sept. 9 -- Indian markets on Monday fell nearly 0.5% led by drop in Auto stocks after states opposed cutting tax rates even as central government ready to reduction in GST rate from 28% to 18%. Investors also avoided taking long positions ahead of key macroeconomic data due later this week.
At 9.40 am, benchmark Sensex Index fell 0.49% to 36,800.72 while Nifty index was down 0.45% to 10,896.40.
Auto stocks fell after states opposing cut in tax rate ahead of GST council meeting. While the government is keen to go for a reduction in GST rate cut from 28% to 18% for the auto sector, the move's negative fallout in the form of huge loss in revenue collection and opposition from states has become a hurdle. Tata Motors fell 2.6%, Marut...
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