Sensex, Nifty Edge Higher, Metal Stocks Gain

Indian markets were higher on Monday but could not sustain early gains. Tracking higher global markets, the BSE Sensex gained much as 130 points to 27,509 in early trade, while the 50-share Nifty crossed the 8,250 mark.

Domestic sentiment also remained positive tracking the developments on the GST front. The government on Friday tabled the Constitutional Amendment Bill for GST in the Lok Sabha.

Metal stocks continued their rally for the fourth straight day, following a rebound in global commodity prices. The BSE Metal index gained over 1 per cent. Sesa Sterlite was the top gainer in Nifty, up around 3 per cent. JSPL gained over 2 per cent. Cairn India and Coal India were the other Nifty gainers, with nearly 1.5 per cent gains.

Index heavy weight ITC gained nearly 1.5 per cent, underpinning the Nifty. Traders believe implementation of GST will reduce the overall tax liability of the company. Godfrey Phillips India and VST Industries also gained between 0.5 and 1.5 per cent.

Zee Entertainment fell around 1.4 per cent to be the top loser in Nifty. ICICI bank, HCL Tech, and BPCL were the other losers in Nifty losing between 0.5 and 1.5 per cent.

The broader indices also remained positive. The BSE midcap index gained 0.5 per cent, while the BSE smallcap index was up 0.4 per cent.

Crompton Greaves was up over 2 per cent after it bagged an order from Belgian offshore wind farm operator Northwind to provide operation and maintenance services for a 216 MW wind farm.

As of 9.30 a.m., Sensex was up 28 points at 27,399 and the Nifty gained 6 points at 8,231.