Equity markets opened sharply higher on Thursday, lifted by optimism surrounding the GST Council’s latest reform measures. The Sensex jumped 888.96 points to 81,456.67 in early trade, while the Nifty 50 advanced 265.7 points to 24,980.75.
Banking, automobile and FMCG stocks spearheaded the rally, with analysts attributing the surge to expectations of stronger demand and improved growth momentum.
On Wednesday, the GST Council decided to streamline the tax framework into a simplified two-tier structure of 5% and 18%, effective from September 22. Announcing the move, Union Finance Minister Nirmala Sitharaman said the revised rates include significant cuts on essential commodities, vehicles, consumer durables and agricultural inputs.
Market participants believe the reform could provide a substantial boost to consumption and support broader economic expansion.
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