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Sensex, Nifty Seen Up Ahead Of GST Council Meeting

Indian shares may follow global peers higher on Friday amid optimism over U.S. tax reform plan. The dollar retained overnight gains and Treasury yields inched higher as new data as well as upbeat comments from Federal Reserve officials reinforced investor optimism in the world's largest economy.

Asian stocks are broadly higher this morning, even as overall gains remained muted ahead of the U.S. September nonfarm payrolls report, due out later in the day. Gold held steady while oil traded flat after recent steep losses, aided by expectations that Saudi Arabia and Russia would extend production cuts.

U.S. stocks rose solidly to reach fresh record closing highs for the fourth day running overnight after Congress passed a $4.1 trillion budget resolution and data on jobless claims, factory orders and trade balance pointed to underlying strength in the economy.

The Dow rose half a percent, the Nasdaq Composite advanced 0.8 percent and the S&P 500 added 0.6 percent.

European markets closed mostly higher on Thursday as investors monitored political events in Spain and the minutes of the European Central Bank's last policy meeting showed policymakers discussed various scenarios to extend asset purchases into next year. The pan-European Stoxx Europe 600 index closed up 0.2 percent.

Closer home, benchmark indexes Sensex and the Nifty gave up early gains to end a tad lower on Thursday, snapping a four-day winning streak. The rupee fell by 13 paise to close at 65.14 per dollar amid unabated selling by foreign portfolio investors.

The GST Council meets today and it is expected that the Centre will push through a raft of relief measures for small and medium enterprises.

Meanwhile, the Gujarat and Maharashtra governments have given indications of a possible reduction in the Value Added Tax rates for petrol and diesel in order to further ease the consumers' plight in the face of rising fuel prices.

In corporate news, Mahindra & Mahindra said that the price bid by rival Tata Motors for the government electric vehicle order "is hard to comprehend."

Future Retail has agreed to acquire Shoppers Stop's loss-making retail chain HyperCity for Rs 655 crore.

Media reports suggest that Tech Mahindra has filed insolvency petitions against three Reliance Anil Dhirubhai Ambani Group (ADAG) firms.

IDFC and Shriram Group have extended an agreement for a potential merger till November 8.

Wipro's digital unit has acquired San Francisco-based design consultancy Cooper for an undisclosed sum.

by RTT Staff Writer

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