Mumbai: Stock markets rose sharply Monday, with Sensex closing higher by 676 points and Nifty climbing 1 per cent on heavy buying in auto and consumer durables stocks, buoyed by plans for big bang reforms in the GST regime by Diwali.
The 30-share BSE Sensex jumped 676.09 points or 0.84 per cent to settle at 81,273.75. During the day, it zoomed by 1,168.11 points or 1.44 per cent to 81,765.77.
The 50-share NSE Nifty climbed 245.65 points or 1 per cent to end at 24,876.95. Intra-day, it surged 390.7 points or 1.58 per cent to 25,022.
Global rating agency S&P upgrading India’s sovereign credit rating also boosted the sentiment, analysts said.
Among Sensex firms, Maruti zoomed the most by 8.94 per cent. Bajaj Finance, UltraTech Cement, Bajaj Finserv, Mahindra & Mahindra, Hindustan Unilever and Trent were among other major gainers from the pack.
However, ITC, Eternal, Tech Mahindra and Larsen & Toubro declined.
Auto stocks were in high demand, with Hyundai Motor India jumping 8.45 per cent. The BSE auto index jumped 4.26 per cent to 56,233.33.
The Centre has proposed a 2-tier GST structure of 5 per cent and 18 per cent, besides a 40 per cent special rate on a select few items to the GoM on GST rate rationalisation.
The proposal, which entails removing the current 12 and 28 per cent tax slabs, will be discussed at the two-day meeting of the state ministerial panel August 20 and 21 in the national capital, according to sources.
Prime Minister Narendra Modi had announced the proposal to reform the GST law in his Independence Day speech August 15 from the ramparts of the Red Fort.
In Asian markets, Japan’s Nikkei 225 index and Shanghai’s SSE Composite index settled in positive territory while South Korea’s Kospi and Hong Kong’s Hang Seng ended lower.
European markets were trading in negative territory.
The US markets ended mostly lower Friday.
Global oil benchmark Brent crude climbed 0.62 per cent up to USD 66.25 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,926.76 crore on Thursday, according to exchange data.
On Thursday, the Sensex climbed 57.75 points or 0.07 per cent to settle at 80,597.66. The Nifty rose by 11.95 points or 0.05 per cent to 24,631.30.
Equity markets were closed Friday for Independence Day.
PTI