Markets open higher on GST rate revision

New Delhi: Stock markets opened higher on Monday following rally in FMCG stocks on fresh rounds of rate revision in the Goods and Services Tax (GST) .

The GST Council on Saturday cut rates on over 100 items. The revised tax rates will come into effect from July 27.

The BSE Sensex was trading higher by 97.09 points, or 0.27 percent, at 36,593.46. All the sectoral indices, led by FMCG, consumer durables and power stocks were trading in the positive zone, rising up to 1.21 percent. The gauge had gained 145.14 points in the previous session.

The NSE Nifty too rose by 31.15 points, or 0.28 percent, to 11,041.35.

Top gainers ITC, Asian Paint, Adani Ports, Bharti Airtel, NTPC, ICICI Bank, Yes Bank, Sun Pharma, Indusind Bank, HUL, SBIN and Coal India, rising by upto 3.86 percent.

Meanwhile, the rupee surged by 19 paise to quote at 68.65 against the dollar at the forex market in early trade today.

MSCI`s broadest index of Asia-Pacific shares outside Japan falling 0.2 percent. Japan`s Nikkei stumbled 1.4 percent, Australian shares and South Korea`s KOSPI index fell 0.9 percent each.

Chinese shares also opened lower but quickly reversed their losses, with both the blue-chip index and Shanghai`s SSE Composite up a touch.

With Agency Inputs