Equity benchmarks- Sensex and Nifty gained almost 1 per cent each on Monday, in the first trading session after GST (Goods and Services Tax) roll out. The 30-share BSE Sensex gained 300.01 points (0.97 per cent) to close at 31,221.62 while the broader 50-share NSE Nifty gained 94.10 points (0.99 per cent) to finish at 9,615.
The surge allayed concerns of investors who were wary of initial hiccups in the GST regime. The market indices had in fact slipped quite consistently over the last two weeks. However, analysts still fear some amount of volatility in the market.
On Monday, the fillip in the markets was led by ITC whose shares rose by 9.62 per cent in intra day trade after the Central Board of Excise and Customs (CBEC), over the weekend, removed excise and additional excise duty on cigarettes. Only national calamity duty continues under the GST regime for cigarettes, CBEC clarified.The ITC stock in Monday’s trade hit a 52-week high of Rs 354.80.
Bharti Infratel, Maruti Suzuki, Tata Steel and Yes Bank were the other major gainers while HCL Tech, NTPC and Kotak Mahindra were the major losers.