Sensex Jumps Over 1,000 Points In Opening Trade, Nifty Above 24,950 On PM Modi's GST Announcement
The BSE Sensex surges by 1,022 points to open at 81,619.59, while the NSE Nifty jumped 319 points to trade at 24,951 in the opening trade.
The domestic equity markets witnessed a positive start on Monday, with benchmark indices opening on a gap-up note, tracking firm domestic signals and steady global trends. The BSE Sensex surged by 1,022 points to open at 81,619.59, while the NSE Nifty jumped 319 points to trade at 24,951 in the opening trade.
Automobile and consumer durable stocks saw the biggest gains after Prime Minister Narendra Modi's Independence Day announcement of a major overhaul in the Goods and Services Tax (GST) structure. According to reports, the Centre is considering scrapping the current 12% and 28% GST slabs, realigning most items into the 5% and 18% categories.
Among the 30 stocks of Sensex, 25 were trading in green. Among the top gainers were Maruti Suzuki (6.6% up), Bajaj Finance (4.5%), M&M (3.7%), UltraTech Cement (3.6%), and Trent (3.28%).
On the other hand, Larsen & Toubro (down by 0.6%), ITC (-0.49%), HCL Tech (-0.4%), Sun Pharma (-0.29%), and Infosys (0.1%) were the laggards.
V K Vijayakumar, chief investment strategist of Geojit Investments Limited, said, 'There are strong tailwinds for the market with potential to take it higher. Declarations by the prime minister on the next major reforms in GST by Diwali, is a big positive. The expectation is that most of the goods and services will be in the 5% and 18% tax slabs. Sectors like autos and cement which are presently in the 28% tax slabs are expected to benefit. TVS Motors, Hero, Eicher, M&M and Maruti are likely to respond positively to the news. Insurance companies are also expected to benefit from the GST revision."
S&P 500 upgrading India's sovereign credit rating is another major positive. But, the market ignored this announcement since the negative news flows are also strong. India-US trade talks are unlikely to happen before August 27th deadline. The 'Trump Sword' of 50% tariff dangling on India will restrain the market enthusiasm which can be triggered by the positive news mentioned earlier. The outcome of today's meeting at the White House for finding a solution to the Russia-Ukraine conflict will be keenly watched by the market, he added.
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