Sensex soars 1,100 pts, Nifty tops 25,000; Hero Moto, Maruti, Bajaj Finance lead

Indian stock markets soared on Monday, bolstered by twin positives. First, Prime Minister Narendra Modi has said the government will bring next-generation GST reforms to rationalise rates meaningfully by Diwali 2025. Second, S&P Global Ratings’ has upgraded India’s sovereign credit rating from ‘BBB-‘ to ‘BBB’ with a stable outlook.

The BSE Sensex index zoomed 1,142 points or 1.42 per cent to trade at 81,740 levels, while the Nifty50 reclaimed the 25,000-mark for the first time since July 25 to quote at 25,019, higher by 388 points or 1.58 per cent.

Hero MotoCorp was the top Nifty gainer (up 8 per cent), followed by Maruti Suzuki, Bajaj Finance, Bajaj Auto, Ultratech Cement, M&M, Nestle India, HUL, Bajaj Finserv, SBI LIfe, HDFC Life, Trent, IndusInd Bank, and Tata Consumer Products.

HCL Tech, ITC, L&T, Dr Reddy’s Labs, Sun Pharma, Wipro, Infosys, and ONGC were, however, the top laggards.

In the broader markets, the Nifty MidCap and the Nifty SmallCap indices added 1 per cent each.

The Nifty Bank and the Nifty Financial Services indices gained 1.18 per cent and 1.67 per cent, respectively, as S&P Global upgraded the long-term issuer credit ratings of State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Union Bank of India, Indian Bank, Bajaj Finance, Tata Capital, and L&T Finance.

The Nifty Auto index, meanwhile, soared over 4 per cent led by Hero MotoCorp (up 8 per cent), Maruti Suzuki (6 per cent), and TVS Motor (5 per cent). The Nifty Consumer Durables index, meanwhile, added 3.3 per cent.

That said, fear gauge, India VIX, also jumped over 4 per cent.

IPO Corner

In the mainboard IPO segment, the basis of allotment of shares for Regaal Resources IPO will be finalised today. In the SME space, the issue of Studio LSD will open for public subscription. ANB Metal Cast and Medistep Healthcare will make their debut on the NSE SME platform. Star Imaging and Path Lab will list on BSE SME platform.