Indian markets rejoiced at the far- reaching tax reform GST, sending the benchmark Sensex higher by over 300 points -- its biggest single-day surge in a month -- on emergence of a big rally in FMCG and auto counters. The across-the-board buying helped the BSE flagship index close at a fresh one-week high of 31,221.62 and took the broader Nifty to finish 94 points higher at 9,615. Overall business sentiment was buoyed by expectations that the implementation of the Goods and Services Tax (GST) will provide the much needed stimulant to the country's economic growth by transforming the earlier multi-pronged indirect taxation into a 'one nation one tax' system. This is mostly because taxation for cigarettes under the GST is around 5-6% lower than the previous tax structure. The total turnover on BSE amounted to Rs 3,189.86 crore, higher than turnover of Rs 3,079.94 crore registered during the previous trading session.

Source: dna July 03, 2017 12:33 UTC