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Global cues, upcoming GST rollout cheer equity markets (Lead)

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Mumbai: Positive global cues and healthy buying in index heavyweights such as Tata Consultancy Services, Tata Steel and Reliance Industries pushed the Indian equity markets higher during the mid-afternoon trade session on Monday.

Investors’ sentiments were also buoyant after the GST Council on Sunday unanimously agreed on July 1 rollout of the Goods and Services Tax (GST) regime and decided on a two-slab structure for taxing lottery tickets.

Around 1 p.m., the wider Nifty of the National Stock Exchange (NSE) rose by 39.80 points or 0.42 per cent to trade at 9,627.85 points.

The 30-scrip Sensitive index (Sensex) of the BSE, which opened at 31,168.98 points, traded at 31,220.24 points — up 163.84 points or 0.53 per cent from its previous close at 31,056.40 points.

The Sensex has so far touched a high of 31,247.69 points and a low of 31,163.35 during intra-day trade.

However, the BSE market breadth was bearish — with 1,286 declines and 1,191 advances.

“Equity benchmarks started off the week on a positive note after seeing consolidation in previous two weeks, backed by positive Asian cues. European market was in positive mood after French President Emmanuel Macron’s party won a parliamentary majority at the weekend,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“The mid-cap and small-cap indices traded marginally positive. Top gainers in the NSE are Infratel, Adani Ports and RIL, while top losers are Cipla, Coal India and ONGC.”

On Friday, the benchmark indices slipped lower to close on a flat note on the back of continued outflow of funds and heavy selling pressure in healthcare and IT stocks.

The NSE Nifty inched higher by 10 points or 0.10 per cent to close at 9,588.05 points, while the Sensex closed at 31,056.40 points — down 19.33 points or 0.06 per cent.

IANS

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