Sensex climbs 371 points on GST reform bid

Rising for the fourth consecutive day, benchmark stock indices Sensex and Nifty closed higher on Tuesday following gains in oil major Reliance Industries and Tata Motors amid prevailing optimism over sweeping GST reforms and easing geopolitical worries.

Photograph: Francis Mascarenhas/Reuters

The 30-share BSE Sensex jumped by 370.64 points or 0.46 per cent to settle at 81,644.39.

During the day, it spurted by 482.13 points or 0.59 per cent to 81,755.88.

The 50-share NSE Nifty climbed 103.70 points or 0.42 per cent to 24,980.65.

Optimism prevailed in the market, buoyed by plans for big bang reforms in the GST regime by Diwali and easing geopolitical worries, analysts said.

Among Sensex firms, Tata Motors rose the most by 3.5 per cent while Adani Ports gained 3.16 per cent.

Reliance Industries rose by 2.82 per cent. Eternal, Tech Mahindra, Kotak Mahindra Bank, Hindustan Unilever and Maruti were also among the gainers.

However, Bajaj Finserv, Power Grid, Mahindra & Mahindra and HCL Tech were among the laggards.

“The national market continued the renewed momentum, buoyed by expectations of GST rationalisation and a recent upgrade in India’s credit rating.

“Additional optimism came from signs of easing geopolitical tensions between Russia and Ukraine, shifting the near-term outlook from consolidation to a more constructive stance,” Vinod Nair, Head of Research, Geojit Investments, said.

The BSE midcap and smallcap indices jumped 0.97 per cent each.

All BSE sectoral indices ended higher. Oil & Gas climbed 1.49 per cent, followed by energy (1.48 per cent), auto (1.45 per cent), consumer discretionary (1.25 per cent), services (1.12 per cent) and telecommunication (1.04 per cent).

As many as 2,630 advanced while 1,437 declined and 165 remained unchanged on the BSE.

In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite and Hong Kong’s Hang Seng settled lower.

Global oil benchmark Brent crude declined 0.93 per cent to Rs 65.98 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 550.85 crore on Monday, according to exchange data.