Markets cheer GST regime: Sensex up 150 points, Nifty above 9,550

Benchmark indices opened higher as investors cheered the new tax regime. Sensex gained as much as 337 points at open while Nifty50 touched 9,600 after a week of subdued performances. Ahead of the GST Nifty declined in six of the previous eight trading sessions, with automobile and banking stocks, in particular, underperforming the market. Moody's on Sunday also said GST will be credit positive for India. Implementation of the goods and services tax (GST) will be positive for India's rating as it would lead to higher GDP growth and increased tax revenues, Moody's Investors Service said. At 9:30 am, the S&P BSE Sensex was trading at 31,077, up 156 points, while the broader Nifty50 was ruling at 9,554, up 34 points. Future & Option Trading Tips

In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap gained 0.3% and 0.4% respectively. "The 9,470-9,580 is likely to contain volatility for now, and an extended period of consolidation is likely in side this, before a directional upside emerges. Direct fall below 9,370 could not only bring 9,280-9,000 objectives, firmly in play, but will also soften the near term upside prospects," said Geojit Financial Services in a note. Financial Astrology Tips