Markets cheer GST rollout; Sensex vaults 300 points
GST
Dated:- 3-7-2017
Mumbai, Jul 3 (PTI) Indian markets rejoiced at the far- reaching tax reform GST, sending the benchmark Sensex higher by over 300 points its biggest single-day surge in a month on emergence of a big rally in FMCG and auto counters.
The across-the-board buying helped the BSE flagship index close at a fresh one-week high of 31,221.62 and took the broader Nifty to finish 94 points higher at 9,615.
Overall business sentiment was buoyed by expectations that the implementation of the Goods and Services Tax (GST) will provide the much needed stimulant to the country's economic growth by transforming the earlier multi-pronged indirect taxation into a '
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as it will lead to higher GDP growth and increased tax revenue.
Robust capital inflows from foreign institutional investors (FIIs) and positive global cues further supported the momentum.
Shares of the fast moving consumer goods (FMCG) firms led the rally, followed by telecom, metal, realty and auto counters.
Cigarette maker ITC was the top gainer in Sensex, rising 5.70 per cent to end at a 52-week high. This is mostly because taxation for cigarettes under the GST is around 5-6 per cent lower than the previous tax structure.
The 30-share Sensex resumed with a gap-up at 31,156.04 and touched a high of 31,258.33 and a low of 31,017.11 before concluding at 31,221.62, showing a smart rise of 300.01 points or 0.97 per cent.
Similarly, the
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1.29 per cent, Asian Paints 1.27 per cent, M&M 1.21 per cent, ONGC 1.11 per cent, Tata Motor DVR 1.01 per cent and Tata Steel 0.93 per cent.
Among the laggards, NTPC fell by 1.17 per cent, Kotak Bank 0.72 per cent, Cipla 0.60 per cent, Sun Pharma 0.54 per cent and Lupin 0.50 per cent.
Sector-wise, MCG jumped 3.40 per cent, followed by telecom 1.86 per cent, metal 1.85 per cent, realty 1.48 per cent, auto 1.33 per cent, industrials 0.87 per cent and teck 0.86 per cent.
The S&P BSE Mid-Cap index rose 1.13 per cent and Small- Cap index gained 1.05 per cent. Both these indices outperformed the Sensex.
The market breadth remained positive as 1,788 stocks ended higher, 871 closed lower while 175 ruled steady.
The total turnover on BSE amoun
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