Benchmark indices was trading higher as investors cheered the new tax regime. Sensex gained as much as 337 points at open while Nifty50 touched 9,600 after a week of subdued performances. Ahead of the GST Nifty declined in six of the previous eight trading sessions, with automobile and banking stocks, in particular, underperforming the market.
Moody's on Sunday also said GST will be credit positive for India. Implementation of the goods and services tax (GST) will be positive for India's rating as it would lead to higher GDP growth and increased tax revenues, Moody's Investors Service said.
the S&P BSE Sensex was trading at 31,146, up 224 points, while the broader Nifty50 was ruling at 9,588, up 67 points.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap gained 0.3% and 0.4% respectively.
"The 9,470-9,580 is likely to contain volatility for now, and an extended period of consolidation is likely in side this, before a directional upside emerges. Direct fall below 9,370 could not only bring 9,280-9,000 objectives, firmly in play, but will also soften the near term upside prospects," said Geojit Financial Services in a note.
Buzzing Stocks
ITC, HUL, Axis Bank, Dr Reddy's and ICICI Bank gained the most on BSE Sensex while Wipro, Tata Motors, ONGC and HDFC lost the most on the index.
ITC gained over 9% intraday on Monday after The Central Board of Excise and Customs (CBEC), over the weekend, removed excise and additional excise duty on cigarettes, while the National Calamity Contingent continued to remain.
Maruti Suzuki gained over 1% after it was the first to drop prices after the July 1 midnight adoption of GST. Maruti Suzuki's range of vehicles, prices declined between Rs 2,300 and Rs 23,400 a unit.
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