Expectations of positive Q1 results, lower GST rates buoy equity indices
Mumbai: Expectations of positive quarterly results along with lower goods and services tax rate on items of mass consumption pushed the key indices of the Indian equity market higher during the pre-noon trade session on Monday.
According to market observers, a slight appreciation in the Indian rupee and healthy buying in FMCG, consumer durables and capital goods also supported the indices’ upward movement.
Around 11.45 a.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 11,044.20 points — up by 34 points or 0.31 per cent — from its previous close.
The barometer 30-scrip Sensitive Index (Sensex), which opened at 36,501.05 points, traded at 36,572.47 points — higher by 76.10 points or 0.21 per cent — from its previous session’s close of 36,496.37 points.
Sensex has so far touched a high of 36,630.82 points and a low of 36,491.83 points during the intra-day trade.
On Friday — the previous trade session — both the indices made gains on the back of a recovery in rupee and continuing positive momentum in IT and Pharma stocks