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Mumbai, India (BBN) – The BSE benchmark index Sensex ended higher at 30,570 in steady trade on Monday as FMCG counters buzzed following finalisation of GST rates for bulk of the items.
The BSE Sensex resumed higher at 30,638.88, and hit a high of 30,712.15 and low of 30,516.87, before closing the day at 30,570.97, up106.05 points or 0.35 per cent, reports The Hindu Business Line.
The broader 50-share NSE Nifty gained 10.35 points or 0.11 per cent at 9,438.25.
FMCG stocks hogged the limelight after the GST Council fixed rates for most of the items.
ITC Ltd was the biggest gainer on both the indices. On the BSE, the stock hit its 52-week high of Rs. 304.90 before ending at Rs. 303.65, up Rs. 17.75 or 6.21 per cent.
The government on Friday unveiled four rate bands under the Goods and Services Tax (GST) for services in line with those applying to goods, a big departure from the current single rate of 15 per cent applied on most services.
“Consumer stocks are gaining on the back of GST tax rates, which have been broadly in favour of FMCG stocks,” said Dharmesh Kant, head of Retail Research at Motilal Oswal Securities Ltd.
The NSE FMCG index gained as much as 3.6 per cent to a record high.
Renewable energy co Suzlon Energy Ltd surged as much as 8 per cent to its highest since January 6, 2016, after the company posted a March quarter consolidated net profit compared with loss a year earlier.
Tata Power, down as much as 2.5 per cent at its lowest since February, was among the top losers on the NSE index. The company reported a lower-than-expected March quarter consolidated net profit on Friday.