Asian Paints was the top gainer after the paints major posted robust first quarter earnings.
The Nifty50 slipped 33 points to close the session at 8,509 after hitting an intra-day high of 8,587.
For supply rules, the location decides where goods or services will be taxed.
"To begin with, people could face some difficulties because any changeover has its own problems. But it will settle down and the country will benefit from the new indirect tax regime," Jaitley said at an event organised by ABP News.
Apart from Smriti, Ravi Shankar Prasad and Ananth Kumar took over as law and parliamentary affairs ministers respectively.
Demonetisation impact, earnings growth, central bank policies will get attention.
The Congress on Monday sought a discussion on the latest report of the CAG, listing alleged irregularities in Gujarat State Petroleum Corporation's KG basin gas project and forced three adjournments in Rajya Sabha in the pre-noon session demanding a response from Prime Minister Narendra Modi.
Banking shares saw a renewed buying interest on the hopes of a rate-cut by the central bank post the easing of macro-economic data.
Unabated uproar by Congress members in the Lok Sabha on Tuesday invited the wrath of Speaker Sumitra Mahajan who called their protests "murder of democracy" and "hijacking" the rights of 440 members by 40-50 others in the Opposition.
The Cabinet on Wednesday approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime.
Chairman of the committee S S Ahluwalia has sought an extension.
The broader market outperformed with the S&P BSE Midcap down 0.3%, while the S&P BSE Smallcap was little changed.
Sonia Gandhi's iftar was meant to be a powerful show of unity of Opposition parties to take on the Modi Sarkar, but that was not to be...
The outcome is beyond the market's expectation and will be a sentimental boost, say analysts.
Responding strongly to attacks on him by Congress chief Sonia Gandhi, Prime Minister Narendra Modi on Thursday implied that she wielded real power during the United Progressive Alliance rule as an "extra-constitutional" authority whereas his government was run only by constitutional means.
RBI Governor Raghuram Rajan on Friday sounded a word of caution about the new government's 'Make in India' campaign that assumes an export-led growth path of China and said instead it should be 'Make for India' that will produce for the internal market.
We should work in unison to boost growth: FM
The introduction of GST would constitute India's biggest reform.
FY16 saw the highest number of new product launches in a year from Maruti
During a media interaction, Mamata Banerjee voiced her discontent over the Centre's 'stepfatherly' attitude towards Bengal. Banerjee's detractors feel that the agenda that she conveyed to the media is nothing but an eyewash. According to them, 'Mamata and Modi are heading towards an alliance of convenience'. Indrani Roy reports from Kolkata on the agenda and politics of prime minister two-day visit to the state.
Macro and micro environment are becoming more challenging.
Last week, a Rajya Sabha committee had allocated five hours for discussion on GST.
'The domestic scenario is much better than earlier, demonstrated in the March quarter earnings.'
According to market experts, GST Bill, movement of the rupee and uncertain global cues amid expected rate cut by the US Fed will dictate the movement of the markets.
Gains were led by Tata Motors amid robust sales in June along with select financials.
Participants will watch out for the Brexit poll outcome in the late morning trades tomorrow.
The winter session of Parliament beginning on Thursday is expected to be a stormy affair, with the opposition set to raise the 'intolerance' issue.
The credibility of India in the eyes of foreign investors has also relatively gone up, with China's blunders in this crisis.
Metal stocks also had a good session, with JSW Steel zooming by 7%, and Tata Steel and Nalco gaining about 3% each.
The broader markets were also in top gear, with the BSE midcap index surging by 2.1% at 11,431 and the smallcap index gaining 1.4% at 11,735.
The rupee fell to a two-year low of 64.84 against the US dollar.
Rama Krishna Sangu, partner, Manohar Chowdhry & Associates, Chartered Accountants, and a member of the Indirect Tax Committee of ICAI, fielded readers' questions on GST on Rediff Chat.
The Sensex and the Nifty witnessed biggest one day loss in percentage terms since June 24
Answer writing is an extremely important skill and a CSE aspirant cannot skip practicing answers.
He addressed a seminar on India and Sweden in Stockholm.
In several areas, the Indian government has put out a model law.
The disagreement between the Centre and states continued over administrative powers.
Motilal Oswal of Motilal Oswal Financial Services tells Puneet Wadhwa why he thinks the current market levels will sustain.
Indian market has been plagued by negative sentiment and triggers
During the meeting that lasted one-and-a-half-hours, the prime minister asked his Cabinet colleagues to take up the "challenge" of reaching the message about the government's functioning to people through better connect with them.
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