Sensex up as government looks for compromise on GST reform

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Mumbai, Nov 27 (ANI): Indian shares edged up on Friday as hopes the government would look for a compromise with opposition leaders to pass a key reform on a goods and services tax (GST) lifted sentiment. The gains came after Prime Minister Narendra Modi’s office said he was due to meet opposition Congress party leader Sonia Gandhi on Friday evening to discuss the GST reform and other bills to be debated in the winter session of parliament. The broader Nifty was up 0.41 percent, on track for a gain of 0.81 percent for the week. The benchmark BSE Sensex rose 0.44 percent, heading for a gain of 0.77 percent for the week. Market analysts say the markets are very cautious. The gains also came ahead of the Reserve Bank of India’s policy review on Tuesday (December 01) where the central bank is expected to hold its policy interest rate at 6.75 percent. Gains were led by financial stocks with investors buying beaten-down bank stocks. Bank Nifty, a sub-index of the NSE, has lost about 0.37 percent this month. The GST would create a common market in Asia’s third-largest economy and, the government estimates, add 2 percentage points to economic output. Yet horse trading has threatened to wreck efforts to simplify taxes: BJP-ruled states have called for an extra state levy and a GST rate of

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