Benchmark equities surged on Thursday, Sept 4, after Finance Minister Nirmala Sitharaman unveiled a sweeping overhaul of the Goods and Services Tax (GST). The S&P BSE Sensex rose nearly 600 points in early trade, while the NSE Nifty50 crossed 25,900, as investors cheered the reforms that collapsed the tax structure into four slabs—0%, 5%, 18% and a new 40% for luxury and sin goods. By scrapping the earlier 12% and 28% rates, GST 2.0 promises to simplify compliance and make essentials cheaper. Market participants believe this could set the stage for a consumption revival, with direct benefits for autos, fast-moving consumer goods, cement, housing and financials. Auto and FMCG shares led the rally. Maruti Suzuki, Mahindra & Mahindra, Hindustan Unilever and ITC gained sharply on expectations that lower GST on small cars, two-wheelers, packaged food and personal care products would spur demand. Real estate and financials followed suit, buoyed by hopes of stronger consumption feeding into credit growth and housing activity. Market experts see the reform as more than a rate cut. Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The revolutionary GST reform has come better than expected, benefitting a wide spectrum of sectors. The ultimate beneficiary is the Indian consumer who will benefit from lower prices. The potential big boost to consumption in an economy that is already in growth momentum will be big and may surprise on the upside.” He added that the changes could spark a “virtuous cycle,” with cheaper goods driving demand, higher demand lifting corporate earnings, and stronger earnings attracting more investment.
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