Sensex up over 200 points, Nifty above 9550; Maruti up 1.5%
Equity benchmarks started off the week on a strong note, with the Sensex surging nearly 300 points driven by ITC but immediately erased some gains due to correction in select banks and technology stocks.
The 30-share BSE Sensex was up 157.16 points at 31,078.77 and the 50-share NSE Nifty rose 38.30 points to 9,559.20.
ITC rallied 8 percent after the Central Board of Excise and Customs (CBEC), over the weekend, removed excise and additional excise duty on cigarettes, while the National Calamity Contingent continued to remain.
HUL, ICICI Bank and Infosys were other gainers while Wipro, HDFC, HCL Technologies, TCS and Reliance Industries were under pressure.
Nifty Midcap gained 0.35 percent on positive market breadth as about three shares advanced for every share falling on the NSE.
On the first trading session post the roll out of GST, benchmark indices were trading strong on the back of leads by index heavyweights such as ITC.
The government, over the weekend, scrapped excise and additional excise on cigarettes. As a result, cigarette manufacturer ITC gained over 9 percent in the opening trade.
Kotak Institutional Equities further said that there was no incremental negative for cigarette taxation. On competitive dynamics against bidis, the incremental position of cigarettes look better, Sanjeev Prasad of Kotak Institutional Equities told CNBC-TV18 in an interview.
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