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Sensex Update: The Modi government’s ‘GST reform masterstroke’ and the trust of international agencies have given a new height to the Indian stock market.
Sensex Update: There was a tremendous jump in India’s stock market on Monday morning. Investors showed confidence in the sky after Prime Minister Narendra Modi announced the announcement of implementing GST reform before Diwali and the S&P’s S&P’s sovereign credit rating rating. As a result, both Sensex and Nifty recorded a record -breaking lead.
Historical boom in Sensex-Nifty
The 30 -share BSE Sensex reached 81,619.59 by jumping 1,021.93 points in morning trading. At the same time, a 50 -share NSE Nifty also reached a new level of 24,953.50 with a faster of 322.2 points. This bounce was seen breaking the long -made lethargy in the market.
Auto and consumer sector became the ‘kingmaker’ of the market
The biggest advantage of speed was Auto, Consumer Discrimination and Durables sector. Maruti, Bajaj Finance, Mahindra & Mahindra, UltraTech Cement, Trent and Bajaj Finserv were at the forefront. However, L&T, ITC, HCL technologies and infosys appeared under pressure.
Modi’s reform agenda and political message
Prime Minister Modi said on Sunday that the draft of GST reforms has been sent to the states and the government wants them to be implemented before Diwali. In a speech given from the Red Fort on August 15, Modi indicated that new reforms will provide relief to sectors like auto and cement coming in 28% tax slab. This step will not only give direct benefits to the industry but also to consumers.
Market experts’ opinion
CIS V.K. of Geojit Investments Limited Vijaykumar said, ‘There are very positive signs for the market at this time. Both GST reforms by PM and S&P rating upgrade are both historical decisions. This will see new energy in the auto and insurance sector.
Global landscape and FII Movement
- Among the Asian markets, Nikkei of Japan, SSE of Shanghai and Hangseng of Hong Kong were on the green mark, while South Korea’s Kospi slipped into the red mark.
- The US markets closed on most of the decline on Friday.
- The price of Brent crude was slightly dropped at $ 65.82 per barrel.
- Foreign investors sold Rs 1,926.76 crore on Thursday.
The Modi government’s ‘GST reform masterstroke’ and the trust of international agencies have given a new height to the Indian stock market. This boom of Sensex and Nifty shows that in the coming months, the market can bring golden opportunities for investors. Along with economic reforms, this boom can also prove to be political capital for the Modi government.
Also read: PM Modi’s big announcement! GST before Diwali, great improvement, everyday items will be cheaper
