Sensex, Nifty50 extend gains to 3rd straight session after PM Modi's 'Diwali gift' GST rate cut move

Domestic equity benchmarks jumped on Monday as the Narendra Modi 3.0 government proposed GST reforms sent consumption stocks soaring. All sectors saw strong buying interest in Monday's session as investors returned to trade after a long weekend owing to the Independence Day holiday on Friday. Globally, no negative news from a much-anticipated meeting between the American and Russian presidents in Alaska supported investor sentiment, even as there was no mention of an expected ceasefire in the ongoing war in Europe. 

Minutes before the closing bell, the Sensex was up 683.1 points, or 0.8 per cent, at 81,280.74 while the Nifty50 was up 243.9 points, or 1.0 per cent, at 24,875.2. 

Maruti Suzuki India, Hero MotoCorp, Bajaj Finance, Nestle India and Bajaj Auto -- trading between 4.6 per cent and 8.8 per cent higher -- rose the most among the 39 gainers in the Nifty50 basket. 

On the other hand, ITC, Eternal, L&T, Tech Mahindra and NTPC -- trading between 1.0 per cent and 1.3 per cent lower -- were the top losers in the 50-blue-chip basket. 

Among index movers, Maruti Suzuki, Bajaj Finance, Mahindra & Mahindra and HDFC Bank were the top contributors to the gains in both main gauges, whereas selling presure in ITC, L&T and Infosys played spoilsport.