Sensex soars, Bank Nifty hits fresh high

Benchmark index BSE Sensex opened on a positive note on Monday with 24 out of 30 shares trading in green.

In the 17th meeting of the GST council that was held on Sunday, it was decided that for the first two months, tax will be payable based on a simple return (form GSTR-3B) containing summary of outward supplies which will be submitted before 20th of the succeeding month.

BSE 30-share index hit a high of 31,362.15, before closing at a new record high of 31,311.57, up 255.17 points, or 0.82 per cent.

The wider Nifty of the National Stock Exchange (NSE) rose by 69.50 points or 0.72 per cent to close at 9,657.55 points.

However, the BSE market breadth was bearish - with 1,467 declines and 1,218 advances.

Broader markets looked mixed as the mid-cap index rose 0.07 per cent, while small-cap index was down 0.08 per cent. "On the other hand, RBI's insistence that the banks start the bankruptcy proceedings which will improve bank's asset quality & strengthen the balance sheet, led the index to climb by 1 per cent", said Vinod Nair, Head of Research, Geojit Financial Services Ltd. China's Shanghai Composite was too up by 0.44 per cent.

However, pharma and realty stocks came under some selling pressure.

Major Sensex gainers on Monday were: Tata Steel, up 3.43 per cent at Rs 519.30; Adani Ports, up 3.05 per cent at Rs 373.70; Axis Bank, up 1.94 per cent at Rs 519.90; Power Grid, up 1.67 per cent at Rs 213; and Larsen and Toubro, up 1.59 per cent at Rs 1,754.25. Infosys fell over 1 per cent to close at Rs 929.85 on the Nifty.

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