Market Roundup: Auto stocks lift up equity indices as govt hints at reduced GST rates

Mumbai: Equity benchmark indices gained momentum during the second half of the trading session on Wednesday and closed higher with auto and private banking stocks in focus. The BSE S&P Sensex closed 230 points or 0.59 per cent higher at 39,074 while the Nifty 50 gained by 77 points or 0.67 per cent at 11,550. Among stocks, shares of two-wheeler manufacturers saw good traction after Finance Minister Nirmala Sitharaman hinted at a reduction in Goods and Services Tax (GST) rate from 28 per cent. She said on Tuesday that the GST Council will consider lowering taxes on two-wheeler as they are neither a luxury item nor a sin good.