Indian benchmark indices were trading higher and looked set for fourth straight day of gains. Global markets were trading mixed and moved in a tight range. The S&P BSE Sensex was trading higher by around 100 points, inching closer towards the 39,000 points mark. The Nifty crossed the 11,500 points mark and was trading with gains of 58 points.
Two-wheeler manufacturers were seeing their stocks trade higher with HeroMoto Corp and Bajaj Auto among the top gainers from the Nifty. Finance Minister Nirmala Sitharaman indicated that the GST council may cut rates on two-wheelers.
Two-wheelers are neither a luxury nor sin goods and so merit a GST rate revision, Finance Minister Nirmala Sitharaman said at an industry interaction on August 24.
Among the early Nifty losers were Britannia, Bharti Airtel, HDFC Life and Asian Paints.
The Nifty Midcap index gained 0.50% while the Smallcap index is outperforming, trading with gains of 0.70%. Both midcap and smallcap index have opened higher for the seventh straight day.