New Delhi, Aug. 18 -- Benchmark indices edged higher on Monday as the proposed goods and services tax (GST) revamp lifted hopes of boosting domestic consumption. Adding to the momentumwere India's sovereign ratings upgrade and a temporary relief for countries importing Russian oil.
The Nifty 50 index ended Monday at 24,876.95 points, up 1% or 245.65 points, its highest gain since 23 May. The Sensex closed 0.83% higher at 81,273.75 points.
Chirag Mehta, chief investment officer at Quantum Mutual Fund, said that while the GST rationalization announced on 15 August could drive up consumption, in the near term reduced collections could strain government finances. However, the expectation is that stronger demand will eventually make India's ...
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