Economy

Markets rise on back of Asian cues, Nifty nears 10000-mark

Markets rise on back of Asian cues, Nifty nears 10000-mark”

Indian markets kicked off Monday's trading session on positive note with Sensex opening higher by almost 180 points amid good performance of global peers. At 9.33 a.m, the Sensex was trading up 177.32 points or 0.56% at 31,864.84 with 27 components gaining.

Auto stocks gained on stock exchanges as the increased GST cess on mid- sized, luxury and SUV cars will come into effect from Monday (September 11, 2017).

The GST Council on September 9 chose to hike cess on mid-sized cars by 2%, taking the effective GST rate to 45%. The pan-European Stoxx Europe 600 index rose 0.2 percent.

European markets fluctuated before closing slightly higher on Friday even as a rising euro put exporters under pressure and mining stocks sagged after the release of disappointing exports data from China. "Pharma space which saw declines on back of draft guidelines could also see recovery", added Motilal.

Major gainers in the 30-share index were GAIL (India) (4.65%), Tata Power Company (1.56%), Bharat Heavy Electricals (1.45%), Larsen & Toubro (1.37%), Dr Reddy'S Laboratories (1.31%), and Reliance Industries (1.04%).

Rupee up: The rupee closed at 63.79 a dollar on Friday, a level last seen on 8 August, up 0.41% from its Thursday's close of 64.05.

Brokers said that sentiments were high largely due to a firming trend in other Asian markets as concerns over North Korea eased and hurricane Irma's force waned.

Asian stocks are broadly higher after North Korea refrained from launching more missiles at the weekend.



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