SENSEX up 100 pts; NIFTY50 tests 24,300; ITC down 2.5%, Swiggy surges up to 10% ahead of Q2 earnings

At 09:30 AM, the S&P BSE SENSEX was trading at 80,344.24 levels, up 96 points, or 0.12%, while the broader NIFTY50 index was trading at 24,305.40 levels, up 29 points, or 0.12%.

Shares of ITC slipped over 2.5% on the NSE amid reports that the group of ministers (GoM) set up by the GST Council has proposed a new "special rate" of 35% for tobacco and aerated beverages.

At present, all types of tobacco products attract a GST rate of 28%, except for tobacco leaves, which are taxed at 5% under the reverse charge mechanism. This means the recipient, rather than the supplier, is responsible for remitting the GST to the government.

Swiggy shares jumped as much as 9.77% to ₹541.95 apiece on the NSE ahead of its Q2 results declaration.

Broader Market

The BSE MidCap index was trading at 46,841.35 levels, up 286 points, or 0.61%, while the BSE SmallCap index was trading 566 points, or 1.02%, higher at 56,228.68. 

Sector Watch

Services stocks were the biggest sectoral gainers on the BSE in the early trade. The BSE Services is designed to provide investors with a benchmark reflecting companies included in BSE AllCap that are classified as members of the services sector. It was launched on September 19, 2022.

The BSE Services index was trading at 1,452.61 levels, up 19 points, or 1.32%. 

On the other hand, FMCG stocks were the top losers. The BSE Fast Moving Consumer Goods index was trading at 21,007.81, down 0.90%. 

Foreign institutional investors (FIIs) offloaded equities worth ₹238.28 crore on Monday, while domestic institutional investors (DIIs) bought shares worth ₹3,588.66 crore, according to exchange data.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading higher.

US markets ended mostly in positive territory on Monday.