Indian stocks trim gains as Reliance, IT stocks slide

MUMBAI: India’s benchmarks gave up most of their early gains on Thursday, as Reliance Industries slid after higher tax rates on oil-related services and IT shares extended losses on US tariff concerns, offsetting the optimism from domestic tax cuts.

The NSE Nifty 50 ended 0.08 percent higher at 24,734.3 and the BSE Sensex added 0.19 percent to 80,718.01. They had risen as much as 1.1 percent earlier in the session. On Wednesday, the Goods and Services Taxes (GST) Council approved a shift to a two-rate structure from the existing four and cut levies on everyday items, aimed at reviving domestic demand and cushioning the blow from steep US tariffs.