Short Market Update: The markets closed almost flat today, SEBI to do away with the upfront commission and GST collections crossed Rs 1 Trillion mark.
Though the markets started off on a positive note, towards the end, they closed almost flat. The major sectorial contributors to this were the IT and FMCG sector stocks.
BSE Sensex closed lower by 10.38 points or 0.03% at Rs 34,431.97 and the NSE Nifty was down by 6.15 points or 0.06% at Rs 10.380.45. The BSE Mid Cap and Small Cap index rose by 160.48 points (1.10%) and 154.14 points (1.09%) and closed at Rs 14,773.07 and Rs 14,355.51 respectively.
Today’s noteworthy top gainers were Yes Bank, Hindalco and Axis Bank.
IT stocks were among the highest losers with Infosys, HCL Tech and Tech Mahindra.
SEBI to do away with the upfront commission
SEBI was asked by the Finance Ministry to implement the recommendations of Sumit Bose Committee. The recommendations include doing away with the practice of upfront commission, the introduction of reducing AUM based trail commission, leveling commission across T15 and B15 distributors and disclosing trail commission to investors at the time of sale.
October’s GST collections crossed the Rs 1 trillion mark, with over 6.7 million businesses filing GST returns.