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Sensex Hits Record High As GST Council Announces Rate Cuts On Over 100 Goods, Modi Government Wins Trust Vote
The Bombay Stock Exchange. (GettyImages)
Bombay Stock Exchange (BSE) Sensex touched a record high of 36,750 on Monday (23 July), after the GST Council lowered the taxes on several products and Narendra Modi government won the vote of no confidence on Friday (20 July), the Hindu Business Line has reported.
Presently (24 July, 11:15 am), Sensex was trading at 36,859, after rising by 140 points in the morning trade.
The 28th GST Council had decreased tax on several products such as footwear, refrigerators, washing machines, small screen TVs among others, which will come into effect from 27 July. Another factor for the increase could be Narendra Modi government successfully passing the vote of confidence on Friday (20 July).
Fast Moving Consumer Goods (FMCG) stocks such as HUL, ITC, Asian Paints performed very well at the back of the rate cuts. Vedanta, Adani Ports, Bharti Airtel and Maruti Suzuki were other stocks which saw decent gains and helped the index to gain momentum.
Banking stocks too witnessed decent gains after the lenders entered into an agreement to fasten the resolution of NPAs.
Nifty also stayed above the resistance level of 11,078, which possibly indicates a bullish momentum.
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