The market opened on a positive note on Monday amid sustained buying in consumer stocks after the GST council slashed rates on 88 items ranging from paints to footwear to sanitary napkins.
The sentiments were also boosted by the Narendra Modi government comfortably defeating the opposition-backed no-confidence motion on late Friday.
The Sensex, though started on a flat note at 36,501.05, surged over 70 points to 36,566 in initial trade. The Nifty opened above the 11,000 mark and was up 28.30 points at 11038.50.
Almost all sectoral indices were trading in the green, except BSE energy and IT. FMCG and telecom were the biggest gainers.
In the broader markets, the BSE MidCap was up by 0.6 percent, while the Nifty MidCap was also trading in the positive zone.
UPL was trading higher by more than 8 percent after the company announced acquisition of Arysta on Friday. Asian Paints, ITC, ICICI Bank, SBI, UPL, South Indian Bank gained in early trade, while Wipro, HDFC Bank and Bajaj Auto fell.
In Asia, Japan’s Nikkei index was down by over 300 points or 1.35 percent, while Hong Kong’s Hang Seng was marginally higher. South Korea’s Kospi traded lower by almost half a percent.
First Published: Jul 23, 2018 10:17 AM IST
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