Sensex, Nifty Rally As Automakers Surge On Modi's Big GST Reform Push
(RTTNews) - Indian shares opened on a buoyant note on Monday after S&P Global Ratings upgraded India's sovereign ratings and Prime Minister Narendra Modi promised next generational GST reforms by Diwali, which will bring down the tax burden on consumers as well as MSMEs.
While the Trump-Putin Alaska summit ended without a deal, U.S. Secretary of State Marco Rubio said that a temporary ceasefire agreement between Ukraine and Russia is "not off the table."
The benchmark BSE Sensex was up 1,145 points, or 1.4 percent, at 81,743 in early trade while the broader NSE Nifty index was up 383 points, or 1.6 percent, at 25,014.
Automakers rose across the board amid expectations that the government will reduce GST on cars and two-wheelers from 28 percent to 18 percent.
Bajaj Auto jumped 4.6 percent, Hero Moto Corp soared 7.7 percent, Maruti Suzuki India rallied 7.4 percent, Tata Motors climbed 2.1 percent, Ashok Leyland gained 6.6 percent and Mahindra & Mahindra surged 4 percent.
Among other prominent gainers, Hindustan Unilever, Trent, Bajaj FinServ, UltraTech Cement and Bajaj Finance advanced 3-6 percent.
Zee Entertainment Enterprises rose about 1 percent after announcing a combined investment of up to Rs. 90 crore in two of its subsidiaries.
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