Mumbai: The Indian stock market opened on a buoyant note today as sweeping GST reforms and tax relief measures sent investor confidence soaring. The BSE Sensex shot up by over 600 points in early trade, while the Nifty scaled fresh heights, touching 24,910.
Market sentiment was lifted by the government’s decision to introduce major tax cuts across essential goods, consumer products, and insurance, a move expected to fuel spending momentum ahead of the festive season. Analysts noted that the reforms could act as a catalyst for long-term growth by easing household expenditure and stimulating corporate demand.
The surge was spearheaded by Mahindra & Mahindra, which climbed more than 7 percent, emerging as the day’s top performer. Blue-chip stocks such as Hindustan Unilever, Maruti Suzuki, and ITC also recorded healthy gains of up to 4 percent. Sectorally, the Nifty Auto index jumped 2.4 percent, with FMCG, realty, consumer durables, pharma, and private banks also registering robust advances.
Not all frontline stocks shared in the rally. NTPC and Reliance Industries saw mild declines, reflecting selective investor profit-booking even amid the broader bullish trend. However, their fall did little to dampen the overall upbeat mood in Dalal Street.
Market experts believe the tax concessions are strategically timed, offering relief to consumers at a point when demand typically spikes during the festive quarter. “The reforms are being viewed as pro-growth, pro-consumer, and supportive of corporate earnings in the near term,” said one market strategist.
As the trading day unfolds, all eyes remain on whether the reform-driven surge will sustain momentum, or whether global headwinds will temper the euphoria. For now, though, investors are celebrating what appears to be a festive gift delivered early.