Sensex, Nifty close down 1% as GST debate gathers steam

The 30-share BSE Sensex closed over 1% down on Wednesday and the broader 50-share Nifty closed down 0.91% lower as the GST debate took off in the Rajya Sabha. 

Investors remained on the sidelines since the beginning of the trading session on Wednesday, practising caution as the GST Bill was tabled for consideration in the Upper House. 

At close, Sensex was down 284.20 points, at 27,697.51 while Nifty that cracked below the 8,600-mark earlier in the day, closed down, at 8,544.85, 78.05 points below the previous day's close. 

Finance Minister Arun Jaitley opened the debate on the GST that proposes to replace a slew of indirect taxes with a single tax on goods and services, by listing the benefits, and acknowledging it as UPA government's initiative. 

Jaitley paved the way for former Finance Minister to take the floor, who listed out the major pain points in the GST draft Bill for the Congress. Many other Members of Parliament will be speaking about the GST Bill in the Rajya Sabha on Wednesday, before they decide to pass the Bill or not. 

The top losers on the BSE were Bajaj Finance, down 8.61%, Just Dial, down 5.74%, Jubiliant Foodworks, 5.58% down; Voltas, down 5.20%.