Reliance leads rise in India`s stock benchmarks ahead of tax council meet%

Sep 2, 2025, 11:49 GMT+7
(Reuters) - India's equity benchmarks rose on Tuesday, in a broad-based rally led by Reliance Industries, while investors looked ahead to a key Goods and Services Tax (GST) Council meeting later this week.
The NSE Nifty 50rose 0.41% to 24,726.35 and the BSE Sensexgained 0.41% to 80,691.20 as of 10:17 a.m. IST.
The moves build on gains from Monday, when the benchmark indexes climbed 0.8%, with sentiment buoyed by better-than-expected GDP data and expectations of GST rate cuts.
The GST council, scheduled to meet on September 3-4, is planning to cut consumption tax by at least 10 percentage points on nearly 175 products ranging from shampoos and hybrid cars to consumer electronics, measures that could boost consumption.
All 16 major sectors logged gains. The broader small-capsand mid-capsrose 0.7% each.
Reliance Industriesrose 2.2% after Morgan Stanley raised its price target, saying the company stands to benefit most from China's drive to curb excess capacity and price wars in energy and solar supply chains.
Reliance led both the energyand oil and gas indexes about 1.2% higher.
"The domestic macro backdrop and demand environment remain constructive, though 50% U.S. tariffs could cap gains," said Siddhartha Khemka, head of research for wealth management at Motilal Oswal Financial Services.
"Still, expectations of a U.S. rate cut in September, optimism over GST reforms and festive demand are lending resilience to markets despite tariff concerns," he added.
Sugar stocks such as Balrampur Chini, Triveni Engineering, Shree Renukaand Dalmia Bharat Sugarsurged between 4% and 13% after the government allowed unrestricted ethanol production from sugarcane byproducts from 2025/26.
Phoenix Millsjumped 4% after Motilal Oswal upgraded the stock to "buy," citing growth prospects from new mall launches.
Puravankaragained 3% after its unit secured a 27 billion rupees ($309 million) order for redevelopment of a housing society

Sumber : Reuters