The Indian stock market continued to rally ahead on Tuesday. The BSE Sensex began the session at 81,395.72, jumping more than 100 points, while the NSE Nifty50 started trading at 24,893, clocking a gain of about 16 points, as of 9:15 AM.
On the 30-share Sensex, Reliance, Bharti Airtel, NTPC, Adani Ports, and Titan stood among the gainers, while the laggards included BEL, M&M, Sun Pharma, Maruti, and HCL Tech.
In the broader markets, indices remained nearly flat, with the Nifty Microcap 250 inching up 0.17 per cent. Sectorally, the Oil & Gas index climbed 0.59 per cent, as the Pharma and Auto indices slipped 0.26 per cent and 0.25 per cent respectively.
During the pre-open session, the Sensex jumped nearly 50 points and crossed 81,300, while the Nifty inched up about 15 points and tested 24,900, as of 9:08 AM. The GIFT Nifty also indicated an optimistic trading day ahead by rising 0.09 per cent today morning.
GST Revamp Hopes Fuelled Monday’s Rally
Markets enjoyed a robust opening to the week yesterday, buoyed by optimism around the government’s proposed Goods and Services Tax (GST) reforms and an upgrade in India’s sovereign credit rating.
The benchmark BSE Sensex climbed 676.09 points, or 0.84 per cent, to close at 81,273.75. The NSE Nifty advanced 245.65 points, or 1 per cent, to end at 24,876.95.
Auto shares dominated the rally after reports that the government may soon rationalise the GST structure. “The proposed rationalisation of GST is a sentiment booster for the domestic market. Additionally, the recent conclusion of the US and Russia summit, without any escalation in geopolitical tensions, has helped ease investor anxiety,” said Vinod Nair, Head of Research, Geojit Investments.
Prime Minister Narendra Modi, in his Independence Day address, had announced plans to overhaul the GST framework before Diwali. The Centre has proposed a two-rate structure of 5 per cent and 18 per cent, along with a 40 per cent special slab for select items.
