Equity markets cheer GST launch, FMCG stocks soar (Second Lead)

A trader works at a stock brokerage in the western Indian city of Ahmedabad. REUTERS

A trader works at a stock brokerage in the western Indian city of Ahmedabad. REUTERS

The gains were supported by a sharp jump in index heavyweight ITC.

The shares of ITC have returned over 47% in the last six months as calculated on the record high, beating the 36.49% rise in the Nifty FMCG index.

Today, after a series of large deals in ITC shares on both the exchanges, the company crossed Rs 4 trillion in market capitalisation, as investors continued to buy the stock after the government notified that cigarettes will be exempted of additional excise duty under the goods and services tax (GST) regime.

The 30-share BSE Sensex was up 300.01 points or 0.97 percent at 31,221.62 and the 50-share NSE Nifty gained 94.10 points or 0.99 percent at 9,615.

The Sensex has so far touched a high of 31,258.33 points and a low of 31,017.11 during intra-day trade.

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Market breadth was in the favour of gainers, with about 3 stocks advancing to every 1 stock that declined.

After a series of subdued sessions, domestic equity benchmarks broke the shackles of the bears and saw a spectacular run on Monday, the first session in the GST era, with FMCG and auto stocks leading the rally. "The sentiment was also helped after the biggest tax reform, the GST, came into force from July 1", Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS. United States stocks closed mixed on Friday.

Sector-wise, all the 19 sub-indices of the BSE ended in the green.

On the other hand, NTPC (1.17%), Cipla (0.60%), Sun Pharmaceutical Industries (0.54%), Tata Motors (0.43%), Dr Reddy'S Laboratories (0.32%), and Tata Power Company (0.31%) were the major losers in the Sensex.

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