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News Topical, Digital Desk : The news of GST reform saw a great enthusiasm in the Indian stock market in the first session of the trading week. After a full day's work on Monday, Sensex and Nifty closed with a good gain. Buying was seen in Nifty midcap and smallcap stocks. All auto and consumer related stocks rose. Apart from this, real estate, metal, FMCG indices closed on a rise. However, pressure was seen on IT, pharma and energy stocks.
All frontline indexes saw gains of more than 1%. Nifty managed to cross 25,000 intraday. Defensive stocks showed weakness even in a strong session. IT index slipped down by about 1%.
At what level did the market close? After working for the entire session on Monday, the Sensex closed at 81,274, up 676 points. Nifty closed at 24,877, up 246 points. Nifty Bank index closed at 55,735 with a gain of 393 points. At the same time, the Nifty Midcap index closed at 57,113 with a gain of 609 points.
Which stocks showed action Auto, FMCG and cement stocks saw a gain of 3-9%. Eicher Motors, M&M, Bajaj Auto, Hero MotoCorp closed with a gain of 3-9% on hopes of GST cut. Steel stocks rose after DGTR imposed safeguard duty for three. Nifty metal index closed with a gain of 2%. HUL, Trent and Nestle were the top gainers from FMCG. Ashok Leyland closed with a gain of nearly 8% on a positive brokerage note after strong results in the first quarter. These stocks closed with a gain of 8% due to GST reduction on AC, Fridge and Washing Machine. Vodafone Idea closed with a gain of nearly 6% after reducing its losses. Astral and Supreme Industries closed with a gain of 2-3%. Glenmark Pharm closed down 3% after disappointment in the first quarter. Petro products may come under the purview of GST, due to which the shares of oil marketing companies saw a decline of 1-2%.
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