Equity benchmarks traded moderately lower in afternoon trade as investors maintained cautious stance ahead of implementation of Goods & Services Tax from midnight.
The 30-share BSE Sensex was down 47.39 points at 30,810.13 and the 50-share NSE Nifty fell 16 points to 9,488.10.
With cautious tone, Bank of America Merrill Lynch said the impact of GST on listed company volumes and earnings may extend beyond the June quarter.
However, a combination of a seasonal pickup in sales (festive season in October; re-stocking post GST; better consumer appetite (monsoons, farm loan waivers); and the base of demonetisation quarter means companies can report strong YoY growth numbers in December.
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