Nifty rallies 94 points, investors cheer GST rollout

Mumbai: The NSE Nifty scaled past the key 9,600-level again to settle at 9,615, buoyed by a rally in consumer goods and auto scrips on expectations of rise in sales post the GST rollout.

The market sentiment was wholly driven by the country's biggest tax reform till date -- the Goods and Services Tax -- which came into force from July 1.

The gains were supported by a sharp jump in index heavyweight ITC. Bank and metal sector stocks advanced. The NSE 50-share Nifty index opened higher at 9,587.95 and hit 9,624.00 before ending at 9,615.00, up 94.10 points, or 0.99 per cent.

It saw an intra-day movement of about 80.45 points. Overseas, European stocks edged higher entering into the new month on a solid footing after markets posted gains for the first half of the year.

Most Asian stocks gained. US stocks closed mixed on Friday. Sector-wise, FMCG climbed (3.87 per cent), metal (1.84 per cent), realty (1.39 per cent), auto (1.33 per cent) and PSU bank (0.53 per cent).

Major index gainers were Infratel 6.19 per cent followed by ITC 5.82 per cent, Hindalco 2.99 per cent, Eicher Motor 2.69 per cent and VEDL 2.11 per cent. HCL Tech fell by 1.50 per cent, while other notable losers were NTPC 1.38 per cent, Kotak Bank 0.72 per cent, Cipla 0.67 per cent and Sun Pharma 0.67 per cent.

A total of 1,193 scrips advanced, 482 declined and 89 remained unchanged. Total securities that hit their price bands were 128. Turnover in the cash segment declined to Rs 21,682.77 crore, from Rs 23,335.97 crore last Friday.

A total of 12,270.59 lakh shares changed hands in 7,761,778 trades. The market capitalisation of listed firms stood at Rs 12,557,806 crore.