Sensex rises 103 points, RCom slumps
The benchmark BSE Sensex gained 103 points in early trade, extending gains for the third day on Monday as the government unveiled its new GST rates on Friday evening.
The NSE Nifty was up 11.25 points at 10,333 points.
On Friday, the GST Council had slashed the list of items in the top 28 per cent GST slab to 50 from 228 with the effect clearly seen in the markets on Monday.
As many as 178 items of daily use were shifted from the top tax bracket of 28 per cent to 18 per cent, while a uniform 5 per cent tax was prescribed for all restaurants, except five-star hotels.
M&M, Axis Bank, Hindustan Unilever, TCS, SBI and NTPC, rose by up to 2.10 per cent in early trade.
However, Anil Ambani-controlled Reliance Communications Ltd's(RCom) shares slumped for the fourth day today after the company posted fourth straight quarterly loss.
RCom shares fell as much as 12.1 per cent in morning trade.