Markets end on positive note after GST rollout, Sensex closes 300 points up, Nifty settles at 9,615
Moody’s Investor Service had said on Sunday that the new tax rates would have a positive impact on India’s rating.
The Bombay Stock Exchange on Monday surged about 300 points and ended at 31,221.62. following the July 1 rollout of the Goods and Services Tax. Meanwhile, the National Stock Exchange Nifty was 94 points higher and settled at 9,615. Moody’s Investor Service had said on Sunday that the GST would have a positive impact on India’s rating as it would lead to higher GDP growth and increased tax revenues.
In the opening trade, the BSE had surged 337 points to touch a high of 31,258.33. Nifty also rose by 91.85 points to 9,612.75.
Shares of Maruti Suzuki India was up nearly 2% to Rs 7,359 per piece after it posted a 7.6% jump in its vehicle sales in the month of June. Ashok Leyland also climbed to its highest in the last one year following a 11% rise in its total sales in June.
After the GST Council slashed rates for fertilisers to 5% from 12% on Friday, the shares of Shiva Global Agro Industries surged more than 17%. Chambla Fertilisers and Chemicals also traded about 4% higher.
Among the BSE sectoral indices, the FMCG index gained the most, followed by metal, realty and consumer durables. ITC (+5.70%), Hero Motorcorp (+2.17%) and Maruti Suzuki (+1.96%) were the top gainers on the 30-share index. While, NTPC (-1.23%), Kotak Mahindra (-0.72) and Cipla (-0.60%) were the biggest losers.
The FMCG index was also the top gainer among sectoral indices on Nifty. Other indices also ended in green. Bharti Infratel (+6.26%), ITC (+5.92%) and Hindalco (3.14%) were the top gainers on Nifty, and HCL Tech, NTPC and Sun Pharma were the biggest losers.
Meanwhile, the rupee weakened closed at 65.0525 against the US dollar. In the early session, the rupee was trading 10 paise down at 64.68.
Asian markets started the new month on a solid footing, as well. On the Wall Street, the S&P 500 scored its biggest gain for the first half of the year since 2013, while the Nasdaq Composite’s first-half gain was its best in eight years.