Benchmark indices Sensex and Nifty surged in early trade on Monday, buoyed by plans for big bang reforms in the GST regime by Diwali and S&P upgrading India's sovereign credit rating.
Auto, consumer discretionary and consumer durables stocks propelled the rally in the equity market. The 30-share BSE Sensex jumped 1,021.93 points to 81,619.59 in early trade. The 50-share NSE Nifty surged 322.2 points to 24,953.50. From the Sensex firms, Maruti, Bajaj Finance, Mahindra & Mahindra, UltraTech Cement, Trent and Bajaj Finserv were among the major gainers. However, Larsen & Toubro, ITC, HCL Technologies and Infosys were the laggards.
"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 are a big positive. S&P upgrading India's sovereign credit rating is another major positive," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
Prime Minister Narendra Modi on Sunday said the Centre has circulated the draft of the next-generation GST reforms among states and sought their cooperation to implement the proposal before Diwali. Modi had announced the proposal to reform the GST law in his Independence Day speech on August 15 from the ramparts of the Red Fort. -- PTI
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