The Indian stock market saw one of its best sessions in recent months, as the bulls, after storming the ring on positive lead from Asian markets, turned aggressive as the session progressed, lapping up stocks from across various sectors.
Hopes about GST roll-out from next financial year, a stronger rupee, positive European markets and a rebound in crude oil prices helped keep the undertone upbeat right through the session.
The three-day meeting of the GST Council that got underway today, will decide on the tax rate and sort out issues like the compensation formula for rollout of the new indirect tax regime.
The BSE benchmark Sensex ended up 520.91 points or 1.89% at 28,050.88, slightly off the day's high of 28,064.39. The Nifty50 of the National Stock Exchange, which rose to 8685.10, ended at Rs 8677.90, gaining 157.50 points or 1.85%.
In the forex market, the rupee rose to 66.67 against the U.S. dollar, its highest in a week. Around late afternoon, the rupee was trading at 66.78 a dollar, up 0.16% from its previous close of 66.89.
Bank, information technology, metal, automobile, FMCG, healthcare and realty stocks rallied sharply. Shares from logistics, consumer durables, power and FMCG sectors too posted strong gains. PSU stocks are in focus as the Union Cabinet is set to make an announcement on stake sale in about twenty companies on Wednesday. Several stocks from midcap and smallcap segments recorded handsome gains.
Among Sensex stocks, only ONGC (down 0.7%) and Asian Paints (down 0.4%) closed in negative territory.
Adani Ports, the biggest gainer in the Sensex, ended 6.3% up. ICICI Bank gained 4.6%. HDFC, Tata Steel, Larsen & Toubro, Axis Bank, Lupin, ITC and Wipro gained 2% - 4%.
Reliance Industries, Bharti Airtel, Infosys, Tata Consultancy Services, HDFC Bank, State Bank of India, Mahindra & Mahindra, Bajaj Auto, Tata Motors, Sun Pharmaceutical Industries and Cipla moved up 1% - 2%.
Tech Mahindra, HCL Technologies, Yes Bank, Bank of Baroda, BHEL, Aurobindo Pharma, Zee Entertainment Enterprises and Eicher Motors gained 2% - 4%. Ambuja Cements gained nearly 2%. Tata Power, Kotak Bank, Bosch, Tata Motor DVR and Hindalco also closed notably higher.
Mastek and Dewan Housing rose sharply on strong quarterly results. Indian Hume Pipe Company shares soared after the company said that its board will meet on October 26 to consider a bonus proposal. Aarti Industries, Speciality Restaurants, Suven Life Sciences, Shriram EPC and Om Metals Infraprojects also moved up on stock specific news.
The market breadth was pretty strong. Out of 3037 stocks traded on BSE, 1905 stocks moved up. 926 stocks declined and 206 stocks ended flat. In BSE 'A' Group, as many as 257 stocks closed higher, while 41 stocks declined and 2
stocks ended unchanged.