Stock Market LIVE: Nifty Above 24,900, Sensex Surges Over 900 Points; Hero Moto, Maruti Suzuki Top Gainers

At pre-open, the Nifty 50 was trading 1.37% higher at 24,955 while the Sensex also gained over 900 points at 81,529 at preopen.

The Indian markets, despite the no deal from Trump-Putin meeting is focused on the domestic positive cues. PM Modi had hinted at a GST Reform, set to boost consumption, is cheering the markets this Monday morning.

Jefferies

• Maintained Hold rating; raised price target to Rs 120 from Rs 115

• Demand subdued but margins healthy

• Profitability focus appreciated, but valuation at 5.5x FY26 PB limits upside unless truck demand improves

BofA

• Maintained Buy rating with price target of Rs 146

• Margins resilient; truck cycle fundamentals improving

• Early signs of recovery in truck demand visible

• Finance arm gets RBI approval, a step towards listing

Earlier, the Centre had proposed a two-slab GST structure that could bring widespread relief to consumers and streamline indirect taxation in a move that could be the most significant overhaul of the Goods and Services Tax regime since its rollout in 2017.

The Centre is considering a major overhaul in the GST structure for automobiles, proposing a new categorisation based on engine capacity rather than vehicle type.

This could pave the way for lower tax rates on small cars and the elimination of the current, often confusing, definition of SUVs under GST, sources told NDTV Profit.

The overall sentiment of the NSE Nifty 50 is likely to favour bullish trades as long as the index holds above 24,337, according to Rupak De, senior technical analyst at LKP Securities.

"On the higher side, resistance is placed at 24,660 and 24,850, while a fall below 24,337 could trigger a resumption of the bearish trend," he said.

For short-term traders, 24,500 will act as a key support zone. As long as the market trades above this level, the bullish sentiment is likely to continue, according to Amol Athawale, vice president of technical research at Kotak Securities.

• Nifty August Futures down by 0.17% to 24,685 at a premium of 54 points.

• Nifty August futures open interest down by 0.66%

• Nifty Options Aug. 21 Expiry: Maximum Call open interest at 25500 and Maximum Put open interest at 22600

• Securities in Ban Period: PGEL, PNB Housing, RBL Bank, Titagarh.