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Markets make GST bet, Sensex soars 285 points

Mumbai: Stocks hit the upper end of the trajectory today as the Sensex jumped 285 points with a solid show from FMCG, metal and realty indices. In the process, the 30-share Sensex and the 50-share Nifty hit almost a one-week high level.

Investors made a big bet on the biggest tax reform in independent India, the Goods and Services Tax, which came into force from July 1. The Sensex resumed higher at 31,156.04 and read 31,206.30 at 1137 hours, a gain of 284.69 points, or 0.92 per cent.

The NSE Nifty moved higher by 84.15 points, or 0.88 per cent, to 9,605.05 at 1137 hours. Index heavyweight and cigarette maker ITC jumped 6.08 per cent after taxation clarity on cigarettes.

The Central Board of Excise and Customs (CBEC) reportedly removed excise and additional excise duty on cigarettes while the National Calamity Contingent continued to stay in force.

It was followed by M&M 1.60 per cent, Maruti 1.50 per cent and Tata Steel 1.04 per cent. Asian stocks were mixed, tracking US markets. Foreign portfolio investors (FPIs) sold shares worth a net Rs 160.48 crore last Friday, as per provisional data.

Domestic institutional investors (DIIs) bought shares worth a net Rs 1,195.71 crore last Friday.

PTI