Extending gains for the third straight session, the benchmark indices rose nearly 1% as consumer goods makers such as ITC surged on hopes the newly implemented Goods and Services Tax (GST) would reduce retail prices and boost sales.
the S&P BSE Sensex was trading at 31,206, up 285 points, while the broader Nifty50 was ruling at 9,605, up 85 points.
In the broader market, the S&P BSE Midcap and the S&P Smallcap indices rallied 0.9% and 1%, respectively.
Market breadth depicted strength. There were more than two gainers against every loser on BSE. 1,712 shares rose and 658 shares fell. A total of 135 shares were unchanged.
The Nifty FMCG index climbed as much as 5.6% to an all-time high with Hindustan Unilever gaining over 1% to Rs 1,099 on the NSE.
Cigarette maker ITC was among the top gainers, rising as much as 9.62% to a record high of Rs 354.80. It drove the Nifty index higher, contributing nearly 45 net points to the index.
Carmaker Maruti Suzuki India gained as much as 1.8% after posting a 7.6% jump in June vehicle sales on Saturday, while commercial vehicles maker Ashok Leyland climbed to its highest in a year after reporting an 11% rise in June total sales.
Shares of fertiliser makers surged after GST rate for fertilisers was slashed to 5% on Friday. Shiva Global Agro Industries surged as much as 17.8% to Rs 88 on the BSE. Chambal Fertilisers and Chemicals was up as much as 4% while Nagarjuna Fertilizer & Chemicals and Madras Fertilizers gained more than 3%.
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