Sensex hits 80,700 as GST Council meeting looms
The Indian stock market jumped on Tuesday, with the Sensex up 340 points at 80,704 and the Nifty hitting 24,740.
This rally comes just before the big GST Council meeting on September 3-4, where tax cuts on nearly 175 everyday products—think shampoos and electronics—are expected.
FMCG stocks on the rise
Investors are feeling upbeat, especially in sectors like FMCG.
Stocks such as Dabur and Emami got a boost (up 3% and nearly 2%), since lower taxes could mean more affordable goods for everyone—and possibly higher demand.
Reliance Industries sees positive broker calls
Reliance Industries also saw its shares rise over 2%, thanks to positive broker calls and optimism about future growth.
Plus, India's economy showed better-than-expected Q1 GDP growth, which is helping keep market spirits high even with some global political tensions in the background.